Transfer to Santander Direct ISA, M&S Cash ISA or Virgin Easy Access Cash E-ISA?

RobLondon1984

My AA ISA has matured on June 9 2012 and is currently earning 1.7% interest. I am in the process of deciding which bank I am transferring my ISA to.

I have decided on three

Santander Direct ISA- 3.30%
M and S Money Advantage Cash ISA - 3%
Virgin Easy Access Cash E-ISA - 2.85%

Does anyone have one of the above account? What do you think of the service? Would you recommend it?

I would like an online account, so have ruled out M and S, as it's an post/telephone account. I don't want to waste money posting an withdrawal/deposit form, which could take a few days or waste money calling M and S for an withdrawal/deposit. However, on the M and S website, it states that you can top up/deposit money online on the Advantage Cash ISA. Can anyone confirm whether it's an online account as well?

I had problems with Santander, as I tried to opened an ISA a few years ago, and they took ages to give me the correct paper work, they also didn't send me the information I needed to open an ISA. In the end, I didn't open an ISA with Santander and went with Manchester ISA instead.

However, it has been a while since I last applied to Santander, so I am not sure if there service has improved since then?

choccyface2006

I would still go with the Santander ISA despite your previous problems with them.

I opened their Direct ISA issue 9 a few months ago, I did this online and because I am already on a bussiness account it was extreamley straight forward and my account information and transfer forms arrived via email within a few days.

I did however encounter poblems transferring my ISA from Nationwide, Santander were at fault, admitted that and compensated me for it.

Now that my ISA is with them it is very easy to transfer money from my other accounts at Natwest. I have just done a transfer this morning (by faster payments) and it appeared instantly in my Santander Isa (literally seconds later)

Now it is all set up I am very happy with it.

However if you have any delays then document them and complain online, there is a complaint form which I spent just a few minutes filling in.

But for the compensation I got and the interest rates, its worth it.

Sarah

RobLondon1984

choccyface2006 wrote: »

I would still go with the Santander ISA despite your previous problems with them.

I opened their Direct ISA issue 9 a few months ago, I did this online and because I am already on a bussiness account it was extreamley straight forward and my account information and transfer forms arrived via email within a few days.

I did however encounter poblems transferring my ISA from Nationwide, Santander were at fault, admitted that and compensated me for it.

Now that my ISA is with them it is very easy to transfer money from my other accounts at Natwest. I have just done a transfer this morning (by faster payments) and it appeared instantly in my Santander Isa (literally seconds later)

Now it is all set up I am very happy with it.

However if you have any delays then document them and complain online, there is a complaint form which I spent just a few minutes filling in.

But for the compensation I got and the interest rates, its worth it.

Sarah

How long did it take to transfer your ISA from Nationwide to Santander? I think most banks states between 15-16 days. I hope it doesn't take longer, as you won't earn any interest in that period.

choccyface2006

It took 41 days but they did make good the lost interest and compensated me £140 too.

McKneff

RobLondon1984 wrote: »

How long did it take to transfer your ISA from Nationwide to Santander? I think most banks states between 15-16 days. I hope it doesn't take longer, as you won't earn any interest in that period.

As far as I'm aware, the bank that the Isa is going into covers any change over period for interest. So you shouldnt lose out.

Personally I wouldnt touch Sandtander with a barge poll.
They have such a bad name for incompetency on here.

Ive had bad experiences with them too.

innovate

McKneff wrote: »

Personally I wouldnt touch Sandtander with a barge poll. They have such a bad name for incompetency on here.

There are at least as many people on here who are happy (as happy as you can be with any bank) as there are unhappy ones. IMO, all banks have good and bad points, none of them is consistently worse or consistently better.

I transferred my ISA to them from Lloyds earlier this year - - took 11 days in total.

As mentioned, the new ISA provider needs to pay you interest from business day 16 after the receipt of the transfer form. If you search this board, you will find plenty of more detail about this.

verntern

I have transferred my cash ISA out of Santander into the M&S variable rate cash ISA. Appreciated that the OP doesn't want a postal account. I based my M&S decision on the following reasons:
1. Santander UK is reassured as being 'independent' of Banco Santander of Spain. Maybe so, but the rapid deterioration of the Spanish economy triggered my transfer.
2. M&S Financial Services are linked with HSBC, to my mind a solid bank.
3. My previous dealings with M&S Financial Services have always been excellent. Knowledgable and very helpful customer services.
4. M&S variable cash ISA is 3% with no 12 month 'bonus'. Easy to keep tabs on the rate online and transfer out if necessary. Agreed it has to be done by post but to me peace of mind for an efficient organisation handling my savings.

The_Enforcer

My recent experiences with Santander are as follows:

- A & L Current Premier Direct account - Opened online in 2009. No problems running this account following conversion to Santander. Appeared on Santander online banking as well as A&L online banking when received Santander online banking ID associated with first ISA below. 1% interest, but used as a means to move funds between other providers and the other accounts below, so mainly has a nil balance. Increase in faster payments limit from £300 to £10k (earlier this year I think) has greatly improved flexibility of this account.

- Flexible ISA Issue 2 - Opened in branch April 2010 straightforward process, had to make appointment. 3.25%. Didn't save anything in 2010/11 so was closed with nil balance.

- Flexible ISA Issue 3 - Opened over the phone May 2011. 3.3%. Used for about £4k new money 2011/12.

- Direct ISA Issue 9 - Converted from Flexible ISA 3 over the phone April 2012. 3.3%. Using for previous ISA funds.

- eSaver Issue 5 - Opened online June 2012. After a few days rate increased from 3% to 3.2%. Replacement for Halifax Websaver Reward as a drip feed account to First Direct Regular Saver.

- This week received two lots of telephone banking customer IDs and pins, which I hadn't requested. Existing online banking access works fine as before.

- Halifax Direct Reward ISA bonus period ends on 19th June, so will re-designate to their Online ISA Saver and submit transfer form to local Santander branch to add the £5k odd to the Direct ISA. Will take a copy of transfer form, get it stamped as a receipt and make a note of 15 working days later to follow up if no contact/changes to balance online.

In summary, my experiences of Santander have been OK so far, the telephone banking correspondence being the most baffling experience. In contrast with Halifax, had some difficulties starting up both the Websaver (transferred money in too quickly following opening payment - numerous calls to online helpdesk/savings team - different answer every time) and Direct Reward ISA (online banking refusing to recognise it correctly - local branch very good at getting this fixed and arranging compensation). Prior to that NatWest lost a transfer form (again, local branch efficient at sorting it second time around and arranging compensation).

It strikes me that Santander, along with many of the main banks, are fine when everything is going according to plan, but if you're in the minority where something unusual or unexpected happens then they seem to struggle to resolve it and thus any problems regularly seem to escalate.

Hope this helps.

TE

The_Enforcer

The_Enforcer wrote: »

- Halifax Direct Reward ISA bonus period ends on 19th June, so will re-designate to their Online ISA Saver and submit transfer form to local Santander branch to add the £5k odd to the Direct ISA. Will take a copy of transfer form, get it stamped as a receipt and make a note of 15 working days later to follow up if no contact/changes to balance online.

I took the transfer form into the branch on 19th June, received an undated letter on 28th June from Santander confirming they had received my transfer and were requesting funds from Halifax. On 29th June, my Halifax ISA balance had disappeared from online banking and today my Santander ISA balance is showing the transferred funds. Therefore, both banks have conducted the transfer efficiently well within the 15 working day target timeframe.