ISA Santander-is it safe???

Selwsm

Morning folks,

Im just after a bit of advice please?

I have an ISA with Santander but opened this years with Halifax (not out any money in eaither yet this year). But as i opened it with Halifax, Santander offered me a better rate.

However, someone said to me yesterday that Santander is in trouble and i may be best moving my savings elsewhere just to be safe?

Is this a good idea or is he just panicing??

Im happy to move it all to my halifax ISA and forgoe the difference in rate if it means my money is safe - im unsure how protected ISAs are if the bank goes under.

Thanks guys!

Sarah

bryanb

You will be fully protected up to £85,000. but don't expect good service from them.

Reaper

See past articles on MSE such as this one:
http://blog.moneysavingexpert.com/2012/05/19/how-safe-is-santander-uk-what-i-really-think/

royal23

re: santander's service quality
there seems to be quite a mix of opinion on this forum.
i've had no negative experience with them.

Steve_xx

royal23 wrote: »

re: santander's service quality
there seems to be quite a mix of opinion on this forum.
i've had no negative experience with them.

They're not brilliant, by an stretch of the imagination.

Steve_xx

Safety wise Santander v HBOS - nowt to choose between them really. HBOS almost became unhinged and had to be swallowed by LloydsTSB and that, bizarrely, caused Lloyds to become unhinged. Santander's UK operation is supposedly ringfenced from its spanish parent. You are protected up to £85k in the event of with of these two banks failing, so in reality the risk is 50/50.

le_loup

royal23 wrote: »

i've had no negative experience with them.

Wish I could say the same!

CREDIT_CRUNCH_2

Santander transferred my ISA twice to another provider by mistake! It took me over 6 weeks to get it back.I complained to them and they sent me an apology letter stating they were sorry for the error and that they would be putting things in place to stop this from happening again. I have since withdrew the ISA and closed all accounts down with them.
The customer service staff are appalling!

When I first opened the ISA the high rates drew me in however they are not worth the poor customer service and the stress of logging on to you account to find the ISA has gone, and phoning them up asking them where it is? to then be left on hold for a hour and still no one could tell me. I finally received a letter a few days after stating it had been transferred and that they were working to get it back. 6 weeks it took.

When it arrived back in my account I took it out immediately. It has been a stressful 6 weeks. I would advise anyone who is thinking of switching to Santander to stay well clear.

loobs40

Interesting. I can get an extra £100 on my cash isa if I transfer into Santander.

Is the extra £100 worth the heartache and stress ;-)

Steve_xx

loobs40 wrote: »

Interesting. I can get an extra £100 on my cash isa if I transfer into Santander.

Is the extra £100 worth the heartache and stress ;-)

You have to qualify this to some sensible degree. Santander is a huge outfit and it simply cannot possibly be the case that they fowl-up every ISA transfer that they make in or out.

innovate

Selwsm wrote: »

However, someone said to me yesterday that Santander is in trouble

In trouble? How?

Santander UK aren't in any more trouble than any other UK bank right now, and, as has already been mentioned, your deposits are guaranteed up to £85K.