Sanatander 3.3% Easy Access ISA coming Monday

KTF

Thats the rules of the account. You can always open another ISA for the 12/13 allowance as/when you have the funds.

Sacha

Okay, thanks. Just seemed like a strange rule to me, first time I've come across it. Suppose it's still worth transferring everything else into then opening a new one elsewhere then? I mean, the interest paid will be on the entire balance, won't it? If I open it, transfer in, then don't add funds, I'd get the 3.3% on whatever I transferred in in the first place, then I'm free to fund a totally new ISA elsewhere?

Really wish I understood financial products better!

KTF

Yes, you will get 3.3% on the amount to transfer in. If you top it up within the deadline then you will get 3.3% on the total in the account.

If you transfer in only you will get 3.3% then you can open another ISA in 2012 with whoever you like and fund that.

Rockula

Sacha wrote: »

Am I reading things right, that you only have between 6th-14th April 2012 to deposit the full allowance for 2012/13?

As far as I can see from the terms on their website, those dates for depositing the 2012/13 allowance only apply to the fixed term Santander ISAs on offer, not the Direct ISA at 3.3% which you are considering. So I reckon as long as you can make the initial minimum deposit (or transfer) of £2500, you'll be fine to top up throughout the year.

Eponym

Rockula wrote: »

As far as I can see from the terms on their website, those dates for depositing the 2012/13 allowance only apply to the fixed term Santander ISAs on offer, not the Direct ISA at 3.3% which you are considering. So I reckon as long as you can make the initial minimum deposit (or transfer) of £2500, you'll be fine to top up throught the year.

That's my understanding too, but I haven't looked at it in depth.

Sacha

Oh, I think you're right actually. Can't see anything in the Direct ISA's blurb about that restriction after all, it was just from reading some threads on here that I thought that was the case. Wah, guess it pays to read the small print before asking stupid questions! Sorry, but thanks.

Old_No7

Rockula wrote: »

As far as I can see from the terms on their website, those dates for depositing the 2012/13 allowance only apply to the fixed term Santander ISAs on offer, not the Direct ISA at 3.3% which you are considering. So I reckon as long as you can make the initial minimum deposit (or transfer) of £2500, you'll be fine to top up throughout the year.

That's also my understanding. I recently upgraded my current ISA to the 1 year fixed rate ISA but won't be able to put all of my 12/13 allowance in by the 14th April. My plan is to open a direct ISA, transfer in the £2500 and then top it up throughout the year.

There are so many similar products out there, each with their own different T&Cs it's not surprising people get confused.