Santander ISA help?

chippy_250

I was trying to apply for the Santander direct ISA 3.3% (issue 9) but I was confused with the online application form.

It asked me:

How are you saving for this tax year?

1. Send in a cheque from an account in my name
2. Move money from my Santander savings or current account.
3. No new savings

All I want to do is start the new ISA. I don't currently have a cash ISA or any accounts with Santander so I suppose option 2 is not applicable. I also don't have a cheque book so I can't do number 1 either. That leaves me with option 3 but what does that even mean?


Can someone tell me if I'm able to:

1. Create this Santander ISA by transferring money from another bank account (not ISA).
2. Manage the account purely online.
3. Add more money to the account throughout the year.

nic_santorini

chippy_250 wrote: »

I was trying to apply for the Santander direct ISA 3.3% (issue 9) but I was confused with the online application form.

It asked me:

How are you saving for this tax year?

1. Send in a cheque from an account in my name
2. Move money from my Santander savings or current account.
3. No new savings

All I want to do is start the new ISA. I don't currently have a cash ISA or any accounts with Santander so I suppose option 2 is not applicable. I also don't have a cheque book so I can't do number 1 either. That leaves me with option 3 but what does that even mean?

It means how are you going to save this year - send a cheque in to kick start it or one off payment or move money as stated in number 2, if you have not got 1 or 2, then the answer is 3 - save as you go type of thing.

Can someone tell me if I'm able to:

1. Create this Santander ISA by transferring money from another bank account (not ISA).
2. Manage the account purely online.
3. Add more money to the account throughout the year.

1. yes
2. yes
3. yes

hope that helps

Ultrasonic

Note that the account has a minimum opening balance of £2500, so if you're not transferring an old ISA then the 'no new savings' option can't be used.

Regarding the no cheque problem, see this thread:

https://forums.moneysavingexpert.com/discussion/3981271

The most relevent post is:

wannabedebtfreeby30 wrote: »

It was more hassle having to go into branch than doing it online but ultimately I got my ISA! Just had to present my passport and driving license to prove who I was and fill out a form - very quick and easy. The nice lady at Santander gave me my sort code and account number and I can now just transfer it from my basic account to my ISA account using internet banking. Awesome.

Ultrasonic

nic_santorini wrote:

if you have not got 1 or 2, then the answer is 3 - save as you go type of thing.

I think the 'no new savings' option is intended to be used if people are transferring in an old ISA, but are not using the Santander ISA for this financial year. This allows for an investor having this year's cash ISA with a different provider. It is not a 'save as you go' option.

Gordon_the_Moron

As a Santander current account and ISA customer, and the owner of a chequebook I've not got this problem but I think I can help.

Firstly the no new money option is purely for people transferring in but not using this year's allowance, not you.

I'd have thought the easiest ways to open the account would be one of the following:

1. Go to a branch with ID, national insurance number and cash, open the account in cash (they will need all 3 of these or they cannot do it!)

2. Open this account
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237848019094&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

Put the money into that, then use option 2 from your first post!

pqrdef

Looks like this was put in to suit the notorious Santander money-laundering paranoids, who would no doubt like to think that you can't pay in any money at all unless they know exactly where it's come from.

Which is silly, because the FSA isn't going to get the knives out over a maximum subscription of £5640 even if it's all in used fifties.

Ultrasonic

Gordon_the_Moron wrote: »

1. Go to a branch with ID, national insurance number and cash, open the account in cash (they will need all 3 of these or they cannot do it!)

2. Open this account
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237848019094&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

I don't think step 2. is necessary (see my post above). Once the account is set up the OP could transfer the money directly from their current bank account. That was wannabedebtfreeby30's experience anyway.

chippy_250

OK but am is still actually able to set this ISA up online? Or because of my circumstances I would have to go to a branch to do it.

Ultrasonic

chippy_250 wrote: »

OK but am is still actually able to set this ISA up online? Or because of my circumstances I would have to go to a branch to do it.

I'm not certain whether you might be able to start the application online - just phone Santander to check (it's a free phone number). You're definitely going to have to go into a branch at some point to complete the process though.

Ultrasonic

I should perhaps add that the phone number I was thinking of was the one the website gives to open a Direct ISA over the phone (08005872764), other numbers listed on the site are 0845 numbers, which may be free or charged for depending on your phone contract.