Santander ISA Confusion

okydoky

I opened a 2year Major ISA in March 2012 with the proceeds of my 2011/2012 ISA, and contributed my 2012/13 into this in April, 2012.
I now have another 2 year postal ISA with Santander which runs to 31.05.2012 and then the rate drops to 0.5%.
I thought I could simply open another Major 2 Year ISA with them to accommodate this "transfer in" but they say this cannot be done - anyone know why not?
Seems I will need to transfer proceeds to another provider who will happily take the money as a transfer in - am I missing something, or are Santander??
Thoughts anyone?

nearlyretired2004

I have some certs which reach their 1 year anniversary on 20th May.

I understand that if cash in after 1 year they get RPI for the year plus any complete months....

Having just checked reporting dates, it appears RPI is reported about 1 month in arrears (April 17ths report was March 20011- March 2012)

Next report due is on 22nd May which will be April to April

So is this April => April RPI the one I can expect even though cashing in in May?

If I cash in on 20th or 21st May will the RPI already be known and just not yet 'reported'

Grateful if anyone knows how this works - or am I just being dim again!?!!?

molerat

okydoky wrote: »

I opened a 2year Major ISA in March 2012 with the proceeds of my 2011/2012 ISA, and contributed my 2012/13 into this in April, 2012.
I now have another 2 year postal ISA with Santander which runs to 31.05.2012 and then the rate drops to 0.5%.
I thought I could simply open another Major 2 Year ISA with them to accommodate this "transfer in" but they say this cannot be done - anyone know why not?
Seems I will need to transfer proceeds to another provider who will happily take the money as a transfer in - am I missing something, or are Santander??
Thoughts anyone?

I can see no problem with opening another account. Nowhere does it say "1 only". I had a problem with them at the end of last FY. They would not allow me to open an account, purely with transfer in, as I had already opened one with them and contributed in that year. Went into branch and did it no problem. Seems like some poor training at HO.

okydoky

molerat wrote: »

I can see no problem with opening another account. Nowhere does it say "1 only". I had a problem with them at the end of last FY. They would not allow me to open an account, purely with transfer in, as I had already opened one with them and contributed in that year. Went into branch and did it no problem. Seems like some poor training at HO.

Thanks molerat, glad you agree with my interpretation. Have already visited branch as well but they still say this cannot be done.

I will revisit with renewed resolve now that I have your support!!:T

keiran

It may be that part of the terms and conditions of this ISA is that the transfer in forms have to be with Santander within 14 days of opening the original account

molerat

keiran wrote: »

It may be that part of the terms and conditions of this ISA is that the transfer in forms have to be with Santander within 14 days of opening the original account

But the rules say the forms need to be with them, not the money.

Be able to make your initial deposit/transfer in request within 14 days of account opening. We will then do the rest.

Cash ISA transfer in applications must be received within 14 days of openin

innovate

keiran wrote: »

It may be that part of the terms and conditions of this ISA is that the transfer in forms have to be with Santander within 14 days of opening the original account

don't think that's the issue here - the OP would like to open a 2nd Major ISA, for the sole purpose of transferring an old ISA into it.

Santander might have some sort of systems restrictions that mean they can't cope with more than one ISA of the same type for the same person. Though this would be a bit silly because this could mean they'd effectively force some customers to get their money transferred out of Santander.

It would be worth though asking them whether they could make an exception and credit the amount into the already existing Major ISA, even though this wouldn't be strictly in line with their T&Cs. But it would be a win-win, and it's completely legal, too, so they might want to play ball?

t0rt0ise

It would be a bit pointless them having a clause that says you have to transfer in within 14 days if in fact you could simply miss the deadline and open another ISA. It makes sense then that it's one ISA only.

badger09

t0rt0ise wrote: »

It would be a bit pointless them having a clause that says you have to transfer in within 14 days if in fact you could simply miss the deadline and open another ISA. It makes sense then that it's one ISA only.

Not necessarily

What they said was that transfer applications or initial deposits had to be made within 14 days of account opening.

If Santander did not hit whatever target they had set for an influx of ISA funds, why not allow applications for additional accounts to be opened, (subject to the statutory ISA rules of course ) to accommodate people with ISAs maturing in say May or June?

pqrdef

nearlyretired2004 wrote: »

So is this April => April RPI the one I can expect even though cashing in in May?

On the anniversary date, your cert is increased by the RPI figure announced in the previous calendar month - that will be the March-March figure, announced mid-April, 3.57%. Plus the 0.25% first-year bonus making 3.82%.

That's what you get if you cash in within a month of the anniversary. After June 20 you may get a bit more depending on how much RPI goes up between the March and April figures.

The launch date of last year's issue was 12 May, one year ago today, so the calculator on the website now shows the anniversary value if you enter 12 May 2011 as purchase date.

pqrdef

okydoky wrote: »

I now have another 2 year postal ISA with Santander which runs to 31.05.2012 and then the rate drops to 0.5%.

My guess is, you'll get a letter this week to say your ISA's interest rate is about to plummet, and would you like to transfer it to a Major ISA.