Transfer money out of Santander ISA

Horizon81

I need to move a decent chunk of money out of an Santander ISA and into an account with a different bank. I've been able to transfer funds from the other bank account to the ISA no problem but it doesn't look as straightforward for money coming the other way.

Does anyone have any experience of this?

Mikeyorks

Are you moving it to another ISA? In which case you go to the 'different bank' and open an ISA / arrange they do the transfer by completing a transfer form.

If moving it out of the ISA and into a standard account you either transfer it to another Santander account - then set up a payee to the different bank. Or go ito a Branch and ask them to do it.

Horizon81

No it's not to another ISA, just a current account. I don't have a current account with Santander so can't transfer it to that, then to the other place.

It's an online only ISA so I'm not meant to be able to go into the branch, however it seems crazy to have to set up a current account with them just so I can get it across to another bank. Is it bad to have multiple current accounts? Do they credit check you when opening a new current account?

Looks like I'll have to go in but I won't be surprised if they tell me where to go cos it's an online only account.

Mikeyorks

Shouldn't be an issue. This is one of their 'internet' accounts :-

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237851469036&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

From the left column :

Make internal money movements via internet banking. External money movements can be made via branches or phone.

So you should be able to do it in the way most convenient (bearing in mind this is Santander!)

Horizon81

Great stuff Mike, cheers. I was actually reading their small print and it says they legally have 30 days to do it, though it's usually done within a week. not much use if you're in a rush. I bet they charge for it, its a tenner for a bankers draft or 25 for CHAPS transfer.

Mikeyorks

The 30 days is for an ISA to ISA transfer. Shouldn't take above a couple of days to get it to your other Bank as a non-ISA transfer.

Most don't charge for a Draft on an account which can't support a cheque book. But (via phone) they should be able to do it via faster payments foc. Not sure if Branches can do 'faster payment' over the counter.

Will leave you to pursue. Best of luck.

Horizon81

Well I phoned them and they gave me 2 options.

1. They could send out a cheque, which would take 7-10 days to arrive. Apparently as soon as they write the cheque the money comes out of your account straight away, which I didn't like the sound of. What if the cheque gets lost in the post? Other cheques don't work like this but apparently ISA ones do.

2. They can transfer it electronically, BUT not all in one go. They wouldn't disclose limits at all but said you have to transfer a 'small amount' to the other account first, then wait 7 days, then get back in touch to transfer the 'big' amount, though I have no idea what the limit is. Why do they insist on this weird practice?!

Mikeyorks

Horizon81 wrote: »

Well I phoned them and they gave me 2 options.

1. Other cheques don't work like this but apparently ISA ones do.

2. Why do they insist on this weird practice?!

1. They're sending you the equivalent of a Bank Draft. Those do work in that the bank issue a cheque drawn on their own account .... therefore syphon your funds immediately. No matter the type of account you have.

2. Because they're now having to send it Faster Payment. If it goes to the wrong account - very difficult to get it back. Hence a relatively innocuous sum to start ...... followed by the larger amount once the data they're using is proven. They're essentially - and sensibly - doing it the way you should if you set up a new payee on your account. IE send a test £1 first.

Nine_Lives

I don't know if you've sorted your issue...

But as you say you don't have a santander current account...

If you can't be bothered with the faff of switching & staying 13 weeks to bag £100, then you could go via this link http://www.quidco.com/santander-preferred-current-account/ deposit £1000 per month & bag yourself a free £45.

Once your £45 is paid to your quidco & you've transferred the money from your ISA, shut down the preferred CA if you like.

Horizon81

Mikeyorks wrote: »

1. They're sending you the equivalent of a Bank Draft. Those do work in that the bank issue a cheque drawn on their own account .... therefore syphon your funds immediately. No matter the type of account you have.

2. Because they're now having to send it Faster Payment. If it goes to the wrong account - very difficult to get it back. Hence a relatively innocuous sum to start ...... followed by the larger amount once the data they're using is proven. They're essentially - and sensibly - doing it the way you should if you set up a new payee on your account. IE send a test £1 first.

1. Supposing this bankers draft gets lost in the post. Am I screwed then?

2. Seems a very cautious approach. Are their call centre staff unable to take a sort code and account number without error?! And FPS goes through within a few hours. Why have to wait 7 days for the next transaction?

Mikeyorks

Horizon81 wrote: »

1. Supposing this bankers draft gets lost in the post. Am I screwed then?

2. Seems a very cautious approach. Are their call centre staff unable to take a sort code and account number without error?! And FPS goes through within a few hours. Why have to wait 7 days for the next transaction?

1. No - they just put a STOP on it. But stuff doesn't usually get lost in the post - despite the often adverse publicity. I worked in a business with a £40M postal budget - and Royal Mail I always found very impressive. It's only their relations with their staff that are rubbish.

2. If you read all the threads on Budgeting and Bank Accounts from people who've sent a FP with the wrong details ...... it's you they're checking on! Can't answer the 7 days - it does seem cautious. Presumably you can ring them on receipt of the Test payment and they will initiate the balance sooner