Santander lying...

23n1th

OK I had an old ISA with Abbey National before they were taken over by Santander. Coming up to the end of March I decided I wanted their new 2 year fixed rate ISA and to transfer money from another ISA with a different bank into it.

I went into branch and asked the best way of doing this. They said to just transfer the existing ISA to the fixed rate ISA and they would transfer the money from the other ISA in. They told me, when I asked, that the transfer would take 14 days but would not effect my ISA allowance for the 2012/13 tax year as the transfer would have been started prior to the end of the 2011/12 tax year. I was also told I was able to pay into this ISA, i.e. top it up, up to the 5000 (whatever) for this tax year.

The end of may comes and I ring up and confirm I can pay into the account and at the start of June set up a standing order to do just that. The first payment goes in no problem. Julys payment gets rejected.

I ring up today and am told not only can I not pay into the account but the initial deposit also counts towards this years ISA allowance! Not only that but they can't tell me why the top up payment went in when it shouldn't have. They called the branch I went into and they say they never told me what I've outlined above. Thing is I went in with the Mrs and she was there when they told me.

Santander are now covering the ar5es, but have apparently raised a complaint.

What the !!!! !!!!!!

Now I'm stuck with only being able to pay another 300 into this years ISA allowance because Santander lied to get my business!

maninthestreet

Santander are the pits for customer service.

Mk14:37

Sounds like what they have done is closed the old account and paid in the balance, instead of transferring it in.

Go in to the branch and insist on seeing someone competent (good luck though with Santander!) - their systems should be able to identify that the money wasn't properly transferred in, and hopefully re-code the old money as a transfer so that you can credit the account to the full 5,000-whatever for the year.

A £50 apology from the bank, credited to the ISA, is also commonplace in these situations.

ses6jwg

Hold on, I'm confused here.

If you have a 2 year fixed rate ISA you cannot drip feed money into it, it is against the terms and conditions. You can only make 1 initial deposit for this years ISA allowance, not pay into it monthly