Sanatander 3.3% Easy Access ISA coming Monday

adindas

rb10 wrote: »

But be aware that it pays a low rate of interest for the first 2-6 weeks:

For the benefit of all, I will need to clary this based on the information that I have got from Natwest custromer adviser by calling them a few minutes ago.

This is what she said:
"If you have £30,000+ You will earn interest 3.5% straight away as soon as they receive the transfer request form" so it is similar to ISA promise.

So not 2-6 week after. But it might happen customer support gave wrong information as they are not familiar with the new product.

We will get more convince if someone else tries to call them again and if the answer is consistent than we could take it that this info is true.

I will try to call them again next time and will see what other customer adveser will say

spikyone

innovate wrote: »

You can only put new money into one cash ISA, and into one S&S ISA, each tax year.

You could open a Santander ISA (or other ISA which allows transfers in) and transfer your Halifax ISA into it, but you must not pay any more money into this year's Santander ISA then.

So if you want to top up this year's allowance, pay it into your Halifax ISA, before you ask Santander to transfer your Halifax ISA.

The part I've highlighted in bold is incorrect. Transferring your current year's ISA to another provider also transfers any remaining allowance that you have. What happens is that your tax-free wrapper is passed from one bank to another, it is not the same as creating a new tax-free wrapper.

An example: you've paid in £3k to your Halifax ISA, you transfer all of that to Santander, you can still pay in £2340 to the 'Santander' ISA (though it's worthwhile stating that you should only do this after the transfer has completed, otherwise it is likely to cause problems).
This is why you have to transfer your current year's ISA as a single lump rather than partial transfers, which are allowable (if a little pointless, usually) for previous years' allowances.

SG27

Has anyone successfully transferred yet? I opened the account and did the transfer form in the branch last Monday and the money disappeared from my Halifax isa Saturday and that Isa was closed tuesday. But my Santander isa balance is still £0! I was thinking with faster payments and such it should be pretty quick once halifax release the funds.

dave_dph

SG27 wrote: »

Has anyone successfully transferred yet? I opened the account and did the transfer form in the branch last Monday and the money disappeared from my Halifax isa Saturday and that Isa was closed tuesday. But my Santander isa balance is still £0! I was thinking with faster payments and such it should be pretty quick once halifax release the funds.

I would say that the delay is with Halifax. I opened the online ISA with Nationwide and arranged to transfer in from both Santander and Halifax. Nationwide received my transfer forms on the 1st March. On the 6th March my Santander ISA had been closed and the balance was showing in my Nationwide ISA. The Halifax ISA was closed on the 7th March, the funds have only appeared in my Nationwide ISA today, one full week later.

My money is on the Halifax holding onto the cheque!

innovate

Siobhan789 wrote: »

Isa transfer takes upto 15days so if Santander get the funds on a mon u get interest from tues.

Think we might be experiencing a bit of Santander left-hand-right-hand here.

I was told by the Santander ISA folks that they will pay interest from the day they receive the transfer form. He therefore recommend I hand-carry the form into a Branch and make sure I see them putting their date stamp on it.

I wonder which information is correct.

Tempted to believe the ISA chappy, since I have seen Lloyds doing it that way. Though who knows.....

I'll eventually find out how they do it when I request my transfer (after my existing ISA has matured).

Siobhan789

innovate wrote: »

Think we might be experiencing a bit of Santander left-hand-right-hand here.

I was told by the Santander ISA folks that they will pay interest from the day they receive the transfer form. He therefore recommend I hand-carry the form into a Branch and make sure I see them putting their date stamp on it.

I wonder which information is correct.

Tempted to believe the ISA chappy, since I have seen Lloyds doing it that way. Though who knows.....

I'll eventually find out how they do it when I request my transfer (after my existing ISA has matured).

My apologies I checked today u are right

Ive not had to deal with the isa transfers in soo long as they tend to just call the isa help desk and its only usually this time of year people ask that question to the sales team instead of customer service

Eponym

Does anybody know if transfers in count towards the £2500 minimum opening deposit, or does that have to be 2012/2013 money?

DreamerV

Eponym wrote: »

Does anybody know if transfersin coun towards the £2500 minimum opening deposit, or does that have to be 2012/2013 money?

I was told transfers count towards opening deposit by the staff there.

We3

DreamerV wrote: »

I was told transfers count towards opening deposit by the staff there.

I just called them and asked them this very question. The person I spoke to said that a deposit counts as the opening deposit, even though it may take 15 days to appear. She sounded far from convincing though, I must say.

Sacha

Am I reading things right, that you only have between 6th-14th April 2012 to deposit the full allowance for 2012/13? If so, why is that? There's no way I have over £5k ready to go in in the next few weeks, then save nothing more until after 6th April 2013!

Or am I getting the totally wrong end of the stick?