Santander Cash ISA - What to do now?!

innovate

Keep your powder dry until you have seen all the offers that no doubt will emerge between now and start of the new tax year.

Mikeyorks

ems46 wrote: »

. At the minute I'm thinking about the fixed rate 3.3% AER from Aldermore

In which case you can - and should - transfer it immediately. It may not be around at 6th April. Bear in mind this is a standard fixed rate product - therefore your opening deposit (or from the transfer) is all you can make :

Aldermore wrote:

Once you've made your opening deposit you won't be able to make any more deposits

If it's still around at 6/4 and you have the £5640 as a lump sum - you just open another one with them.

ems46

Oooh maybe I won't be going with that ISA then because I was hoping to transfer my current ISA amount and then top up during the new tax year, back to the drawing board...

I hear there's new Santander ISAs being announced on Monday so maybe one of them will be more suitable.

Thanks!

Chickabee

I also have one of santanders isa's that i opened on 6/4/11.
I had one for the previous year as well and when it matured i remember that Santander were a complete joke as they wouldn't allow me to redesignate it to a higher paying one or transfer it internally to any of their other isa's so i had to transfer it out to Halifax.
I just hope this time round when my isa matures that it won't be the same old story. Hopefully they don't have some stupid clause on this new isa they are launching on Monday to say that it won't accept internal transfers- but to be honest knowing Santander it would not surprise me!

ems46

Aww nightmare, I've heard bad reports about Santander's service but touch wood I've had no problems with them so far.

Hopefully we'll be able to take advantage of their new ISAs without any hassle!

firstinflight

I don't know much about ISAs, but I do know I like tinned Mackerel!

MoneySaverLog

I'd transfer your current Santander ISA to Lloyds TSB, they do a 2 year fixed rate ISA at the moment offering 3.7% on balances over £10,000. 3.4% for balances from £3,000. I've done something similar with my AA ISA.

It differs in what normally happens with fixed rate ISA's in that instead of only being able to make one deposit into it, you can add to it at anytime throughout the 2 years at the fixed rate. So if a new product was to come out with a lower rate, you'd still get the higher rate. Also when your balance goes over £10K you'll get the higher rate. :-)

Contact Lloyds and ask to do a transfer though, they accept transfers in, rather than draw the money out cause by doing that you wont be able to put it back in until next tax year and you'll lose your allowance for this year.

ems46

Wow that's a great deal from Lloyds, thanks for telling me about that MoneySaverLog, those rates are a great incentive to lock the money away for two years and a great excuse not to spend it!

tipsychick

ems46, you might want to hold fire until Monday:

https://forums.moneysavingexpert.com/discussion/3827735