Transferring ISA?

Phil_05_UK

Hi there,

I have an ISA with Llloyds TSB and i haven't transffered any money in for this financial year yet. Interest rate is now showing as 1% Gross.

Can i transfer everything in my Lloyds ISA into a new ISA with Santander as well as add more money to the new ISA for this financial year?

Also, do you transfer your ISA to a different bank every year to get the first year bonus rate?

Regards

Phil

DragonQ

Phil_05_UK wrote: »

Can i transfer everything in my Lloyds ISA into a new ISA with Santander as well as add more money to the new ISA for this financial year?

Yes, if the Santander ISA allows transfers in. Make sure you fill out an ISA transfer form on the Santander website and send it to them - DO NOT DO THE TRANSFER YOURSELF!

Phil_05_UK wrote: »

Also, do you transfer your ISA to a different bank every year to get the first year bonus rate?

I do, yes.

MoneySaverLog

Phil_05_UK wrote: »

Can i transfer everything in my Lloyds ISA into a new ISA with Santander

Yes, so long as the current ISA is not a fixed term and you have time remaining which in your case as the rate has dropped is unlikely. Although personally I would not choose Santander.

Phil_05_UK wrote: »

as well as add more money to the new ISA for this financial year?

Yes indeed you got a new Cash ISA Allowance on the 6th April this year and can add another £5,640

Phil_05_UK wrote: »

Also, do you transfer your ISA to a different bank every year to get the first year bonus rate?

Yes and no, you can transfer within your current bank if you like and get the better rates if they are available. All cash ISAs will drop the rate after the term expires, so ditch and switch.

Phil_05_UK

MoneySaverLog wrote: »

Although personally I would not choose Santander.

What's wrong with Santander?

I am looking for the best ISA which allows transfers and lets you have instant access, incase i need it for a deposit on a house.

Gromitt

Phil_05_UK wrote: »

What's wrong with Santander?

I am looking for the best ISA which allows transfers and lets you have instant access, incase i need it for a deposit on a house.

Whats right with Santander? I wouldn't trust them with £100, let alone £5640. Check these forums for a number of horries stories, then check the stats to see them at the bottom every time. Ask them to close your ISA and they are quite likely to pay off someones CC for you instead, they really are that incompetent.

MoneySaverLog

Phil_05_UK wrote: »

What's wrong with Santander?

Been Santandered before, never going back to them again, ever.

DragonQ

Santander consistently feature at the bottom of customer satisfaction surveys amongst banks. I've only ever had an ISA with them and they seem very nice and helpful on the phone but it seems that their staff and/or systems are just incompetent in dealing with certain things.

As long as my ISA transfer to them goes smoothly then I won't have to deal with them for another year so all is good.

nnppaa

Santander have better systems than other banks (from experience recently) and more than improving customer service (from experience)... as well as some of the best rates.

So yes you can open a Santander ISA and transfer all in by completing a transfer form online or in branch, and add to it too

innovate

Santander aren't any worse or better than other banks, really. They just have some very attractive ISAs right now. So have Nationwide, and some other banks have pretty good ISAs too - e.g. the Lloyds 2 year one at 3.7% AER which you can pay into throughout the term. Which one is best for you depends on your circumstances, but essentially the headline deals are all much of a muchness.

The "Santander bashing" that's going on at MSE is largely unjustified, IMO. Yes, Santander drop appalling clankers but so do other banks if you don't watch out for yourself. Also, those bashers rarely offer any constructive advice/alternative, have you noticed?

If you take the Santander ISAs in isolation (which you can, because there are no linked pre-requisites to holding other Santander products), you will be hard pressed to find a genuine serious issue with it (that is the fault of Santander). Yes, you can find a couple of better interest rates in the market right now - - if these suit you better and you can meet the pre-reqs, go for them (I did, for my 2012-2013 ISA. But still went for the Santander 2-year fix for my old ISA money, too). But there's a huge number of worse deals out there, and there might not be compelling reason to go for those.

Also, just because Santander have been rubbish in the past doesn't make them rubbish always. As any outfit that has been good in the past doesn't always stay good. E.g Lloyds Vantage current accounts and ISAs used to be great. But they aren't near the top these days. The Lloyds Branch staff and CS are not one bit better than Santander's in my experience - - they are all humans, all of them make mistakes - but most times all of them do actually give you a very good service.

PS. wish Santander would change their name to something that is easier / faster to type, lol. And wish Lloyds wouldn't subject people to their ads and ad-signature-tune music in their branches! Must say, I have the highest respect for Lloyds staff who endure that tune all day long and don't go loopy. At least, when you go into a Santander branch, you just have to silently endure the staring eyes of Rory McIlroy, Jenson Button and Lewis Hamilton. No nauseating music that repeats several hundred times whilst you queue, just staring eyes that you can avoid. Mind you, the boys look extremely fit, and I would very happily trade that Jenson Button chap anytime for whatever ISA or savings rate, and most definitely for a black horse..................

SavingSteve

innovate wrote: »

The "Santander bashing" that's going on at MSE is largely unjustified, IMO. Yes, Santander drop appalling clankers but so do other banks if you don't watch out for yourself. Also, those bashers rarely offer any constructive advice/alternative, have you noticed?

Totally agree. Been with them for a while, had multiple products and yes have had the odd run in with customer service, but then have had the same with every other financial institution I've ever dealt with in some shape or form!