Santander 2year fixed isa @ 4%

evenasus

badger09 wrote: »

You do realise you won't be able to change your mind later and transfer the other ISA, don't you (14 day time limit)?

Ah! - Oh well, never mind. I thought it was just the...

What you need to do:
To apply
• Be able to make your initial deposit/transfer in request within 14 days of account opening.

I should have read further down the page...

Transferring from other cash ISAs
• Cash ISA transfer in applications must be received within 14 days of opening.

As you say, Nationwide is a safe haven until something else comes along. Who knows, someone may offer 5% in the next few weeks.

In my dreams. :rotfl:

Vortigern

SueDerbyshire wrote: »

Hi,

I have opened a Santander 2yr fixed ISA online for my husband, received an email to explain how to obtain a transfer form online, which I did and returned it. However, I have a couple of questions:

Firstly, I am transferring money from a Halifax ISA into this account, am I right in thinking this will be done automatically, I mean, he won't need to send a chq or transfer money?

Yes, you are right, he won't need to do anything. Santander will handle it.

Also, once the transfer has gone through, am I right in thinking that I will be able to transfer my husbands next years 12/13 allowance into it after April 6th, if so, how do I complete this, do I need to send them a cheque, He doesn't have any other accounts with them?

Yes, right again. You need to get the new cash in before 14th April. You'll have a sortcode/account number for the ISA and can pay in by faster payment from another bank, or by cheque over the counter at Santander

The reason I ask this, my husband has a chq account but I don't and I am wanting to also open an account with Santander, however, I don't have a cheque book and unsure how to deposit into the account. Will they accept a cheque in my husbands name, even though the account will be in my name?

Not sure whether you're asking about opening an ISA, or a cheque account, but I don't know the answer either way.

SueDerbyshire

Vortigern wrote: »

Yes, you are right, he won't need to do anything. Santander will handle it.

Yes, right again. You need to get the new cash in before 14th April. You'll have a sortcode/account number for the ISA and can pay in by faster payment from another bank, or by cheque over the counter at Santander

Not sure whether you're asking about opening an ISA, or a cheque account, but I don't know the answer either way.

Sorry, you are right, that was confusing. What I was trying to say is, I also have an ISA that I want to transfer in from Halifax, I don't currently have an account with a cheque book, so what I wanted to know was, how would I deposit money into my new ISA on April 6th? I understand I can transfer money in no problem but wasn't sure how to fund it after that. But you have answered my question and I can do it via bank transfer.

Thanks for you help.

Sue

funkyhitman

Vortigern wrote: »

You need to get the new cash in before 14th April. You'll have a sortcode/account number for the ISA and can pay in by faster payment from another bank

Hi, I assume it doesn't have to be faster payment and could just be a standard bank transfer by sending a payment from my online bank account? Or is everything faster payment these days? Thanks.

KTF

As far as I am aware its the amount you are transferring and the bank that decides if it a faster payment or BACS payment.

Faster is better as you gain a few days more interest but I have also opened one of the Santander e-savings accounts so I can put next years allowance in that a week or so before and (hopefully) do an instant transfer into the ISA on April 6 to maximise the interest and avoid the Easter weekend.

Cypherite

I'm a bit confused. I currently have an ISA with Halifax where I get 3% gross PA it says. If I move to this Santander account now, will I therefore get the 3.50%/4% depending on which account type I choose? Or will Halifax pay me 3% on the amount it's at when I transfer out? And then nothing more from Santander?

Last year Halifax paid interest on 5th April.

blueberrypie

Cypherite wrote: »

I'm a bit confused. I currently have an ISA with Halifax where I get 3% gross PA it says. If I move to this Santander account now, will I therefore get the 3.50%/4% depending on which account type I choose? Or will Halifax pay me 3% on the amount it's at when I transfer out? And then nothing more from Santander?

Last year Halifax paid interest on 5th April.

The 3% is per year. So if you have money in the account for 9 months, you'll get 9/12 of 3%. The interest is added annually, but calculated on a daily basis.

If you move your funds from Halifax now, Halifax will pay you interest up to the day the account is closed (which happens automatically when you transfer all the funds away from it).

Santander will then start paying you interest - again, calculated daily - on whatever funds are in your account with them.

So, for example, if you had £5k in an account with Halifax at 3% for 7 months, you'd get 7/12 of 3% of £5k (which is about £87.50). If you then transferred it to Santander at 3.5% (the interest would be transferred too) and Santander paid interest three months after the transfer took place, you'd get 3/12 of 3.5% of £5,087.50 (which is about £44.52)

Cypherite

Thank you for the explanation! It all makes sense now and I can't see there being any real loss by moving now.

Edit: Is interest paid yearly on the 2 year fixed? (Guess so? Found the below post)

Siobhan789 wrote: »

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

luci

Can you have more than one Santander 2 year fixed 4% ISA?

I was thinking of transferring an existing Santander Flexible ISA and then opening another one with new money after 5 April.

I have read that you can open one now by transferring and also add new money until 14 April, but I would prefer to keep them separate.

Siobhan789

luci wrote: »

Can you have more than one Santander 2 year fixed 4% ISA?

I was thinking of transferring an existing Santander Flexible ISA and then opening another one with new money after 5 April.

I have read that you can open one now by transferring and also add new money until 14 April, but I would prefer to keep them separate.

yeah you can