Santander Direct ISA - Can initial deposit be transfer

broonie30

Hello all,

Any help on a couple of questions is hugely appreciated.

Firstly, I'm thinking of opening Santander's Direct ISA 9 and want to know if transfering an old cash isa into the account counts towards the required £2500 initial deposit?

Does anybody also know if this account can also be opened by existing customers? I can't find anything on their website that says otherwise. I have an ISA with them already and it would be great if I can open this new one and transfer in from my existing santander ISA.

Thanks in advance everyone!

Polly05

I was just coming on here to ask the same question!
I've just realised my old ISA is only paying 0.5% interest, so was looking to transfer it into a new santander isa.
its not from this tax year tho, its an old on, i've already used this years allowance. so would i be able to open this isa online, then just transfer my money from an old isa and then just leave it?
thanks!

badger09

broonie30 wrote: »

Hello all,

Any help on a couple of questions is hugely appreciated.

Firstly, I'm thinking of opening Santander's Direct ISA 9 and want to know if transfering an old cash isa into the account counts towards the required £2500 initial deposit?

Yes it does. You just have to ensure you get the transfer request form back to them within 14 days of opening the new account

Does anybody also know if this account can also be opened by existing customers? I can't find anything on their website that says otherwise. I have an ISA with them already and it would be great if I can open this new one and transfer in from my existing santander ISA.

Yes again. You can transfer your existing Santander ISA as long as its not a fixed rate one

Thanks in advance everyone!

You're very welcome

badger09

Polly05 wrote: »

I was just coming on here to ask the same question!
I've just realised my old ISA is only paying 0.5% interest, so was looking to transfer it into a new santander isa.
its not from this tax year tho, its an old on, i've already used this years allowance. so would i be able to open this isa online, then just transfer my money from an old isa and then just leave it?
thanks!

Yup

See my reply to broonie30

SG27

Yes to both questions. Im a Santander customer, savings and current account. I opened a direct Isa on Monday and transferred my Halifax isa to fund it.

Polly05

thanks!
does it matter when I do it? before april 5th or after? if i move it before, will i lose the interest on the original account and miss out on the new account?
thanks again!

le_loup

Interest will be added for the number of days the money was in the account and paid over with the rest.

red98

Slightly different question, related to opening the same ISA as the OP though.

I have two ISAs I want to transfer to this one, both with different providers, but neither has more than the minimum £2500. Both together will be more than the £2500 though.

Obviously the two transfers will not go through at the same time, so can I open this account and then transfer them separately or will this not be allowed because I wouldn't reach the minimum deposit until both transfers were completed?

le_loup

Such an esoteric question will need an answer from the provider. We could speculate. But I guess that won't be good enough.

RoxRoxBling

red98 wrote: »

Slightly different question, related to opening the same ISA as the OP though.

I have two ISAs I want to transfer to this one, both with different providers, but neither has more than the minimum £2500. Both together will be more than the £2500 though.

Obviously the two transfers will not go through at the same time, so can I open this account and then transfer them separately or will this not be allowed because I wouldn't reach the minimum deposit until both transfers were completed?

Yes. You will have to complete two isa transfer forms with santander. It will be ok as long as both forms reach santander within 14 days of you opening the account.

From personal experience transferring an isa account took 2 months for the money to reach my new isa account.

RoxRoxBling

Does anybody know if this account comes with a card?