Santander ISA not paying interest

Jim02

Hi all,

I took voluntary redundancy earlier this year, so opened the Santander 3.3% ISA and maxed it just before the end of the last tax year, then did the same this tax year. Total funds paid in of £10,980.

Six months later and my balance is.... £10,980.

Shouldn't I be seeing some interest accumulating? I know some of it is a Year 1 bonus, but that shouldn't matter - I'm in my first year of having the ISA.

Can anybody advise - by my crude calculations I should be seeing around £11159 in there as of now.

Thanks
Jim

psychic_teabag

Some accounts pay interest annually rather than monthly. Sometimes on anniversary of opening, sometimes on a fixed date.

opinions4u

Their latest Direct ISA, issue 11, states the following in the terms and conditions.

Interest is calculated daily and added to the account annually at the beginning of March.

I would guess the same applies to your account.

gillianlouise

Your Isa Interest will be paid on March 1st. The interest you receive will be from the date you opened the account to 01/03/2013. If you opened the account after 01/03/2012 you will receive further interest when the current ISA reaches its full term . At that point your will be asked what you would like to do with it. If you choose to upgrade to whichever product is available interest will be added from 01/03/2013 to whatever the date is that you move the isa.

Jim02

Thanks for all the replies. I did send a secure message to Santander asking them, but, y'know, it's Santander so no reply...

Cheers
J

zerog

Jim02 wrote: »

Thanks for all the replies. I did send a secure message to Santander asking them, but, y'know, it's Santander so no reply...

Cheers
J

They always reply to me within 2 days... Nationwide on the other hand has ignored 2 of my messages and replied to one after 4 weeks, and I had to call FD to get them to read the message I sent!