Santander 2year fixed isa @ 4%

innovate

beansy wrote: »

We transferred our previous years ISAs on Wed to the Santander 2 yr 4% and are going to open this year's with Nationwide as I have the Santander e-save account which pays a good rate and I don't want to chance going over the FSCS limit. Nice problem to have I know but as I bank with Nationwide and the rate is higher anyway, I don't see this as a problem.

Done much the same as you have - - though for some people sticking it all into Santander might work out to be the better option.

If you aren't near the FSCS limit, can pay in the full £5,640 before the deadline (which seems to have vanished from their website?), and have a 123 current account with cashback on certain DDs and which pays interest on your balance (none of which you get from a Flexaccount), Santander may just work out a rather better deal than doing the Nationwide 4.25% one.

Nationwide would probably list their "free" travel insurance as a benefit - which may or may not be of value to people (I have allowed about £40 benefit in my calcs since I can use it instead of a separate insurance).

Bottom line, in terms of overall money to make, it's probably 6 in one and half a dozen in the other for most people, though.

chadders1966

Will it be OK to open this account now and just transfer previous years ISAs in - ie. no new money for 2012/13? I would prefer to put this years allowance in Nationwide, but am not sure if my plan would technically be seen as having two accounts.

KTF

Yes, you can open and do a transfer in without adding any new money.

hermante

innovate wrote: »

Done much the same as you have - - though for some people sticking it all into Santander might work out to be the better option.

If you aren't near the FSCS limit, can pay in the full £5,640 before the deadline (which seems to have vanished from their website?), and have a 123 current account with cashback on certain DDs and which pays interest on your balance (none of which you get from a Flexaccount), Santander may just work out a rather better deal than doing the Nationwide 4.25% one.

Nationwide would probably list their "free" travel insurance as a benefit - which may or may not be of value to people (I have allowed about £40 benefit in my calcs since I can use it instead of a separate insurance).

Bottom line, in terms of overall money to make, it's probably 6 in one and half a dozen in the other for most people, though.

Well, since not all DDs have cashback can't you just use the 123 current ac for those which do, and flex ac for everything else + NW ISA? If you keep an average balance of under £350 in the flex ac then the extra ISA interest is more than the 123 interest you would lose (assuming 3% rate)

The_Watcher

Apologies as I've not read every post on this thread!

As I've got my bank account and last year's (loyalty) ISA with Santander, can I open this new ISA online? I presume the phone lines won't be open until Tuesday because of Easter.

Thanks in advance.

badger09

The_Watcher wrote: »

Apologies as I've not read every post on this thread!

As I've got my bank account and last year's (loyalty) ISA with Santander, can I open this new ISA online? I presume the phone lines won't be open until Tuesday because of Easter.

Thanks in advance.

You can open this account online but can't do the transfer. (Follow links from Apply Now on the product page).

You can xfer your existing Santander ISA by visiting a branch or phone 0845 600 0181. You could also try 0800 681 6691 number.

Easiest way is to phone. I did my transfer by phone on 7th March and the new account appeared online on 8th

WeaponX

Sorry to hijack this thread a few questions:

1. I've opened a Santander 2 year fixed cash ISA which I want to transfer my old ISA into. For this year's cash ISA allowance am I allowed to open another cash ISA with another provider? As in the small print it states "I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA;"

2. I have all my savings in a cash ISA, I want to diversify and look into the stocks and shares ISA. Can I take some of my money in my cash ISA and place it into a stocks and shares ISA without being penalised i.e. lose my tax free status on my savings?

Thanks in advance.

magyar

badger09 wrote: »

You can open this account online but can't do the transfer. (Follow links from Apply Now on the product page).

You can xfer your existing Santander ISA by visiting a branch or phone 0845 600 0181. You could also try 0800 681 6691 number.

Easiest way is to phone. I did my transfer by phone on 7th March and the new account appeared online on 8th

One thing just to add to this: if you have an existing loyalty ISA and just want to get the new rates, if you call Santander they can simply update the existing one to whichever product you want rather than you having to open up a new account and transfer the money in.

psychic_teabag

WeaponX wrote: »

Sorry to hijack this thread a few questions:

they are sufficiently different that you probably should have created your own thread

1. I've opened a Santander 2 year fixed cash ISA which I want to transfer my old ISA into. For this year's cash ISA allowance am I allowed to open another cash ISA with another provider? As in the small print it states "I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA;"

Yes. subscribe means pay new money into. (Never quite sure why they framed the rules using an obscure term, causing confusion.) Your transfer does not count as a subscription since it is not new money.

Unless you added some new money when you opened the ISA ..?

2. I have all my savings in a cash ISA, I want to diversify and look into the stocks and shares ISA. Can I take some of my money in my cash ISA and place it into a stocks and shares ISA without being penalised i.e. lose my tax free status on my savings?

Yes, you can transfer from cash ISA to S&S ISA. The money does not leave the ISA world and so it does not count as a new subscription. But you probably haven't used any of your S&S allowance anyway - are you planning on putting more than 5k into S&S ISA over the year ?

But if you transfer your old ISAs to fixed-term, you would then suffer a penalty to move it.

I'd suggest you post some details of the numbers involved - preferably in a new thread - and the people on here can suggest the best strategy for getting from where you are now to where you want to be.

dave_ave

I opened the 4% 2 year ISA in March and transferred a Halifax ISA and changed my old Santander ISA for the new rate. Did it all on the phone and everything went tickety boo. The pleasant woman on the phone said I had a window of 2 weeks at the start of the 2012/3 year to add my ISA allowance.

Fast forward to Wednesday night and I went onto First Direct Internet banking to transfer £5,640 into the ISA. Great, but this morning it was returned - not so great. Santander say I have to complete a declaration in branch and to take some ID. I go into my local branch and sign a declaration. Young chap behind counter says the bar on deposits is lifted and I can add funds. Earlier today I transfer £5,640 and guess what? Money has been returned yet again!

Why do they make it so complicated? Another call to Santander I think!