My Santander ISA

Comyface

Hi everyone, had a search but can't find the answer to my question.

I opened a cash ISA with Abbey Nat, as they were then, in 1999. My statements now say 'Easy ISA'. Will they re-designate it to a 'Flexible ISA' for me so I can get the higher interest? There's only ~£150 in it at present, but I'm now in a position to start saving a bit more in it so want to maximise my interest.

I'm going to call them tomorrow, but forewarned is forearmed IYSWIM!

TIA

rb10

No, they won't.

If you anticipate using your whole allowance for the current tax year (i.e. will pay in £5,340 between now and 5th April), then the best way around it is to transfer to another ISA (see https://forums.moneysavingexpert.com/discussion/401374 and look for ISAs that accept transfers in).

Otherwise, you'll have to close the Easy ISA and open a new account.

Regardless of which option you choose, remember that the high rate won't last for ever. Usually they'll only last for a year, at which point you'll have to transfer the ISA elsewhere. But provided you do this in the correct way (by filling in an ISA transfer form from the bank that you are transferring to) then this transfer doesn't count towards you annual ISA allowance.