Santander 3.5% additional deposit timeframe

Adammmmm

I like many others are looking to jump from Halifax to Santander to chase the better rate now that my term is coming to an end, however i was just taking at the full details for the Santander 3.5% ISA and noticed trhe following information:

"Plus, additional deposits are allowed between 6 -14 Apr 2012, so you'll also be able to deposit the 2012/2013 allowance of £5,640 if you have the extra cash."

Does this meant that we would only have 8 days to pay-in the full £5,640 for the 2012/2013 year?

I don't think my Halifax ISA term ends until the 14th, which means I'm a bit stuck if that is the case :S

Any thoughts folks?

KTF

Any payments for the next tax year have to be in by April 14.

mbailey

You seem to be mixing up transfering previous years and "new" money.

The Santander account allows "new" money for the 2012/13 tax year between 6-14th April.

For "transfered" money you need to make sure Sandander receive your transfer form with in 14 days of opening the account.

Adammmmm

Wow thank you for the replys I really do appreciate it so much!

Ok, so my situation is that my existing 1 year fixed term ISA with Halifax doesn't end until 15/04/2012.

I do have 'New' money which I could use to open a new ISA with Santander before the April 14th cut-off point.

So my question is, would I be able to open a new account with Santander using £5,640 of 'New' money for the 2012/2013 year, and then on April 16th once my existing fixed term Halifax ISA has matured, transfer the rest of my ISA savings from Halifax to Santander?

I'm unsure as to whether you are able to transfer money into a new ISA from an old ISA at any point during the term, or whether you can only transfer-in during the opening of the new account

Thanks again so much for all of your help!
You guys rock!

Eponym

I'm glad I read this. I was considering opening the Santander but hadn't really done any research yet and had no idea that you couldn't make additional deposits throughout the ISA year. I don't have the money to put it all in by then so back to the drawing board for me!

keeleyh

I have a question about this santander account too (hopefully it can be answered here).
I am completing the transfer cash isa form now (I cannot post links but it's on the santander page under cash isa, transfering a cash isa is eacy) and I am wondering what to do for questions a,b,c,d. I have a halifax isa that I opened this tax year and added money too throughout the year, and I want to move that into the santander fixed 3.5%. Do I answer no,yes,no, tick full amount? And will that let me deposit into the 12/13 year between the 6th and 10th of April too for a full santander isa of £11600?

Thanks guys, I know I can call them and I will tomorrow if no ones quite sure.

mbailey

Adammmmm wrote: »

I'm unsure as to whether you are able to transfer money into a new ISA from an old ISA at any point during the term, or whether you can only transfer-in during the opening of the new account

It depends on the ISA account, but for the Santander fixed rate ones you can't.

The Santander fixed rate accounts state the following:
- Be able to make your deposit/transfer in request within 14 days of account opening.
- For accounts opened in the 2011/12 tax year, additional deposits are allowed between 6 April 2012 and 14 April 2012 - which means you can also deposit your 2012/2013 cash ISA allowance.

So unfortunately you can't continue to add to this account.

For the Santander Direct ISA (3.3%) you can pay into it when you want, but obviously a lower rate.

mbailey

keeleyh wrote: »

I have a question about this santander account too (hopefully it can be answered here).
I am completing the transfer cash isa form now (I cannot post links but it's on the santander page under cash isa, transfering a cash isa is eacy) and I am wondering what to do for questions a,b,c,d. I have a halifax isa that I opened this tax year and added money too throughout the year, and I want to move that into the santander fixed 3.5%. Do I answer no,yes,no, tick full amount? And will that let me deposit into the 12/13 year between the 6th and 10th of April too for a full santander isa of £11600?

Thanks guys, I know I can call them and I will tomorrow if no ones quite sure.

This is how I would answer the questions:

a) Yes - close current ISA account (ie Halifax). You have to transfer the whole balance, so no reason to keep it open.
b) Yes
c) Yes - (This just means you can pay in upto the £5340 this tax year if you haven't already paid in this amount into your halifax account.)
d) Yes - as you opened this tax year, you need to transfer the whole amount.

Adammmmm

mbailey wrote: »

It depends on the ISA account, but for the Santander fixed rate ones you can't.

The Santander fixed rate accounts state the following:
- Be able to make your deposit/transfer in request within 14 days of account opening.
- For accounts opened in the 2011/12 tax year, additional deposits are allowed between 6 April 2012 and 14 April 2012 - which means you can also deposit your 2012/2013 cash ISA allowance.

So unfortunately you can't continue to add to this account.

For the Santander Direct ISA (3.3%) you can pay into it when you want, but obviously a lower rate.

Ahh ok, I was thinking that I could maybe open the Santander account on 14th April using £5,640 of 'New' money, and then transfer the funds from my existing ISA on 16th April once my term with Halifax is complete, as this would still be within 14 days of opening the account with Santander?

Sods law that my Halifax term ends exactly one day after the Santander offer ends hehe

mbailey

Adammmmm wrote: »

Ahh ok, I was thinking that I could maybe open the Santander account on 14th April using £5,640 of 'New' money, and then transfer the funds from my existing ISA on 16th April once my term with Halifax is complete, as this would still be within 14 days of opening the account with Santander?

Sods law that my Halifax term ends exactly one day after the Santander offer ends hehe

That would be still possible BUT only if Sandander still have the account open and haven't closed it for new business.

As I read it you have 14 days for the initial deposit and the transfer form to be received from opening the account, so in theory if you open on 14th April it will be ok, BUT as I say this will only work if Sandander haven't closed the account for new business by then.

The problem is no one knows how long Sandander will leave the account open for. If they close the current deal they will no doubt offer a new one, but again no one knows if it will be better or worse than the existing one!

CharlieBilly

Can anyone tell me with Satander 3.3% cash isa (direct isa 9)

Am I right in thinking that I can still put money in for year after April 6th 2012 I am not limited to a very small time frame like the 4% 2 year fixed is?

The 3.3% is only paid after a year and if I take it out before then I get 2.8%

I am doing a transfer from Halifax

Thanks

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851469036&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2