Santander Direct ISA

alex24

Today I went into my local Santander branch to open the new direct ISA and transfer my funds from my current Santander flexible ISA as the rate had dropped. My question is; How long does it take for the new account to show on my online banking with the funds transferred? It's still showing the funds in the old account and no sign of the new direct ISA in my list of accounts. I presumed the account would be setup instantly? Is this not the case? Thanks

ses6jwg

your account number and sort code remain the same. they simply upgrade your existing account to the new rate. this happens overnight and you should see an interest payment go on tomorrow

alex24

Hi. Thanks for your response. How will I actually know my account has been upgraded though? There's nowhere that says what product I have or the interest rate that's being paid.

riko_uk

I am thinking of doing exactly the same thing with my Santander flexible ISA. Can I ask how long it took you to apply? Trying to work out if I can squeeze it into my lunch hour. Also did you find out how to see if your account had been upgraded to the new rate yet?

thanks

alex24

It took about ten minutes maximum. Pretty straight forward. The only way I can see that my account has been upgraded is there's an interest payment of about £1.93 gone into my account like ses6jwg said there would be. I'm guessing they'll send some information through the post confirming the change of product.

riko_uk

Thanks. Just back from my branch. took a bit longer as I had a few questions but its all done now. I'll keep an eye out for the interest payment. Initially I was told that once the account was upgraded I could no longer pay into it even though I still have all of this years allowance. I was told the only way to get the rate would be to open another Direct ISA and pay in this years allowance and Santander would merge the accounts. When I queried if I would then need to open a 3rd account this April she went to check and have now been told I can still use my old account as it has just been upgraded to the new rate.