Santander expiring bonus rate too soon

agrinnall

I opened a Santander Direct ISA with a transfer from my M&S ISA in June 2010. They have sent me a letter today to say that my bonus rate expires on 6 May 2011. I've checked the rate information for Issue 6 and it states that the rate is payable for 12 months. As far as I'm concerned that means I should be getting 2.75% until 12 months after the date of the transfer, which is 2 June 2011. I'll call them to query it but has anyone else had this? The notification for the end of bonus rate for the Flexible ISA I opened with new money last year had the correct anniversary date on it (now moved to Nationwide, which is what I'll do with the Direct ISA too, but I'd prefer to wait until closer to the end of the 12 months).

Baldur

agrinnall wrote: »

I opened a Santander Direct ISA with a transfer from my M&S ISA in June 2010. They have sent me a letter today to say that my bonus rate expires on 6 May 2011. I've checked the rate information for Issue 6 and it states that the rate is payable for 12 months. As far as I'm concerned that means I should be getting 2.75% until 12 months after the date of the transfer, which is 2 June 2011. I'll call them to query it but has anyone else had this? The notification for the end of bonus rate for the Flexible ISA I opened with new money last year had the correct anniversary date on it (now moved to Nationwide, which is what I'll do with the Direct ISA too, but I'd prefer to wait until closer to the end of the 12 months).

Contact Santander and get them to confirm the date that you opened the account - the current Direct ISA specifies 12 months from the account opening date, rather than 12 months from the date that the transfer completed, which could be much later - http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851469036&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

After 12 months from opening your account will automatically change to a variable tiered rate depending on the amount of money you have in your account (whatever the AER excluding bonus is at the time). All rates above are variable

agrinnall

Baldur wrote: »

Contact Santander and get them to confirm the date that you opened the account - the current Direct ISA specifies 12 months from the account opening date, rather than 12 months from the date that the transfer completed, which could be much later

Yes, I did wonder if that's what it might be. Bit annoying if it is as there is then no way an account opened as a transfer in would ever get the full 12 months bonus rate, pretty poor when many organisations are now backdating interest on a transfer to the date it was initiated, but that's Santander for you I guess .