Santander 2year fixed isa @ 4%

Siobhan789

franklee wrote: »

Hi,

I recently opened a Santander 2 Year Fixed Rate Major ISA at 4.00% funding it by transferring in old ISAs from previous tax years.

As yet I haven't opened an ISA for this tax year but am hoping to have the cash to do so in a couple of weeks time.

My question is, can I add cash to my Major ISA in a couple of weeks time for the tax year ending April 2012 or do Santander require cash for this tax year to be paid in when the account was opened? Alternatively can I open a second Major ISA for the cash instead?

When I asked about this in my local branch the staff explained about the two weeks opportunity to pay cash in between the 6th and the 14th April 2012 but that's no good for me as I want to use this years ISA allowance. They implied I can't do it as new cash for this year has to be paid in on account opening but the terms don't exclude it as far as I can see.

Thanks for any help to answer this.

You can pay in this year's allowance if u wish but must be within 14 days of account opening & u can have more than one if u wish

Siobhan789

akashi wrote: »

Does anyone know when interest is paid? Is it annually or when it matures on 01/05/2014?

Thanks.

1st may annually so u will get it in may 2012 2013 & 2014

franklee

Siobhan789 wrote: »

You can pay in this year's allowance if u wish but must be within 14 days of account opening & u can have more than one if u wish

Thanks. However as I opened it in a branch I'm begninning to think I am too late to pay in this year's allowance. In the Specific Terms and Conditions it says:

"Deposits

Funds must be deposited at account opening, unless opened on the telephone or online, where the deposit must be made within 14 days of account opening.
For accounts opened in the 2011/2012 tax year, additional deposits are allowed between 6 April 2012 and 14 April 2012.
No subsequent additional deposits allowed.

Cash ISA transfers

Cash ISA transfers in are allowed on the condition that the cash ISA transfer in application form is received within 14 days of account opening."

The confusion arises as the terms are silent on how deposits and transfers into the same account interact.

funkyhitman wrote: »

I just phoned up Santander to convert my current Flexible ISA to the 2 year fixed Major ISA and was told that I could not deposit my 2012/13 tax allowance from 6th April because converting an existing Santander ISA is not considered 'opening' an ISA.

In the above terms the transfers section does not say additional deposits are allowed between 6 April 2012 and 14 April 2012. OTOH is doesn't say they aren't!!!

I hadn't realised Santander are treating deposits of new money for this tax year and transfers so differently.

Well it's managed to confuse me!

funkyhitman

savetilibleed wrote: »

I can't see how converting your flexible ISA to Major ISA is any different to transferring in from outside, when you are permitted that short period to make 2012/13 contributions.
Maybe worth phoning again maybe at at different time of day, to get clarity on it, and maybe get it in writing too.

Siobhan789 wrote: »

:rotfl:

Omg god noooo he is wrong u can upgrade and still deposit between the 6th & 14th April, that guy is totally wrong
Please do try again if they give u any of that again tell them to read their product overview which we read to the customer about the account so everyone gets the same & correct information.

Thanks to both of you. I rang up again just now and was told the guy yesterday was wrong so I have now transferred from my Santander Flexible ISA to the Major ISA in a matter of minutes (I didn't have to listen to recorded messages for 20 minutes like some people have mentioned!) and it should be all set up today.:beer:

savetilibleed

funkyhitman wrote: »

Thanks to both of you. I rang up again just now and was told the guy yesterday was wrong so I have now transferred from my Santander Flexible ISA to the Major ISA in a matter of minutes (I didn't have to listen to recorded messages for 20 minutes like some people have mentioned!) and it should be all set up today.:beer:

Glad you have it sorted out now!
Oh gawd the dreaded recorded messages! Glad you got it sorted. As I have had Online Banking (not any current account though) with Santander/Abbey for years I was able to see the Major ISA online only a little later than the phone call to set it up. Now it's just a wait in case someone cokes up the transfer :rotfl:.

xtra_time

I am filling the transfer form out and answered yes to

(a) Do you want to close your current Cash ISA and transfer all the
balance, including the accrued interest?
(b) Have you paid money into your Cash ISA in the current tax year?
(A tax year is from 6 April to 5 April in the following year.)

But then it says
If you answered Yes to question (a), please ignore questions (c) and (d).
If you answered Yes to question (b), please complete questions (c) and (d)

It wont let me complete C even though i said yes to b is that ok?

Siobhan789

xtra_time wrote: »

I am filling the transfer form out and answered yes to

(a) Do you want to close your current Cash ISA and transfer all the
balance, including the accrued interest?
(b) Have you paid money into your Cash ISA in the current tax year?
(A tax year is from 6 April to 5 April in the following year.)

But then it says
If you answered Yes to question (a), please ignore questions (c) and (d).
If you answered Yes to question (b), please complete questions (c) and (d)

It wont let me complete C even though i said yes to b is that ok?

Sorry was is c & d say

xtra_time

Siobhan789 wrote: »

Sorry was is c & d say

C asks if you want to transfer currect tax year as part of transfer and D asks how much i want to transfer.

I guess seeing as i am closing it and transfering everything i dont need to answer them but if you answer yes to both a and b it tells you to do opposite things lol

PParka

xtra_time wrote: »

I am filling the transfer form out and answered yes to

(a) Do you want to close your current Cash ISA and transfer all the
balance, including the accrued interest?
(b) Have you paid money into your Cash ISA in the current tax year?
(A tax year is from 6 April to 5 April in the following year.)

But then it says
If you answered Yes to question (a), please ignore questions (c) and (d).
If you answered Yes to question (b), please complete questions (c) and (d)

It wont let me complete C even though i said yes to b is that ok?

It's badly worded. You can ignore (c) and (d) if you answered yes to (a) and (b)

Maybe it should have said:
If you answered Yes to question (a), please ignore questions (c) and (d).
If you answered No to question (a) and Yes to question (b), please complete questions (c) and (d)

evenasus

Just to add to the confusion re which address to return the ISA transfer forms to...
I received a letter today telling me how to fund my Major ISA.

The address on the letterhead ... 301 Vincent Street Glasgow G2 5NB

The enclosed envelope, for if I was to send a cheque... Freepost BEL3563 Belfast BT1 3BR

You've got to smile.