santander 2 year fixed rate isa 14 day deadline.

drjunk

Hi. I have been misinformed by calling santander in the past, and was wanting to make sure I was hearing right.
I've just opened a 2 year 4% fixed isa account with santander, and was planning to put in a regular monthly payment of £100. When I called them today they told me that I only have 14 days from when the account was opened to pay in whatever i want to put in for this year. After the 14 days no more money can be put in to the isa. Is this true?

badger09

drjunk wrote: »

Hi. I have been misinformed by calling santander in the past, and was wanting to make sure I was hearing right.
I've just opened a 2 year 4% fixed isa account with santander, and was planning to put in a regular monthly payment of £100. When I called them today they told me that I only have 14 days from when the account was opened to pay in whatever i want to put in for this year. After the 14 days no more money can be put in to the isa. Is this true?

Yes this is correct and it is very clearly stated on the product page on Santander website.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237908316644&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

This is not unusual with Fixed Rate, Fixed Term accounts, in fact, I'd say it was the norm. Most allow only one initial deposit, or have a very short time frame for making deposits, though I know Lloyds 2 Year Fixed Rate allows additonal payments.

Have you actually paid anything in yet or sent off a transfer form?

drjunk

No. I have not paid anything into the isa. Can I just cancel and open another that is more flexible?

evenasus

You can cancel it or just ignore it and it will be closed eventually.

badger09

drjunk wrote: »

No. I have not paid anything into the isa. Can I just cancel and open another that is more flexible?

Yes, cancel or just ignore.

You might be better looking at a Regular Saver Cash ISA if you want to pay in £100 a month, as they have better rates than normal Instant Access, but do come with other terms & conditions which you should read before committing yourself

Have a look at the first page of this thread - you need to scroll down for Regular Savers .

https://forums.moneysavingexpert.com/discussion/401374