Santander maturity question - please advise

Joe_Ayres

Hi,

I have a Santander direct share and investment ISA which matures today. I personally visited my local branch and handed in my instructions last week (19th). I have requested it be transferred to my Natwest current account.

I understand that they say in the documentation to allow 'up to ten working days' from the maturity date (today, the 26th) to allow the funds to transfer.

Does anyone have any similar experiences and if so, could you tell me how long it actually did take, ie was it the full ten working days, excluding weekends, or was it less than that? As today is a Monday, does anybody think it could be in my account by Friday, or am I wishing too much?

Sorry for the lengthy post and thanks for reading. Your feedback would be massively appreciated.

BTW I am new, and have posted this on some other forums I'm a member of, but hardly received any advice and figured that this would be a better place to ask :beer:

calypso_rhapsody

well i can give you a partial answer but it relates to a maturing savings bond rather than an investment vehicle such as yours .. money was definitely transferred more quickly than 10 days - i'd have hit the roof if it took that long! can't remember exactly how long but about 3 days is my usual tolerance level. I'd suggest that you call tomorrow and ask them ...

Joe_Ayres

calypso_rhapsody wrote: »

well i can give you a partial answer but it relates to a maturing savings bond rather than an investment vehicle such as yours .. money was definitely transferred more quickly than 10 days - i'd have hit the roof if it took that long! can't remember exactly how long but about 3 days is my usual tolerance level. I'd suggest that you call tomorrow and ask them ...

Thanks Calypso Rhapsody. I rang them yesterday so I'll leave it a while yet - perhaps I'll wait til Friday and see how it's going on.

Hopefully the 10 working days is just so they can allow for any delays, however the rude lady on the phone yesterday curtly said 'well it won't be in your account yet, it just won't. It will be 2 weeks at least!' I personally thought that was ages and it must surely be sooner.

Anyone else have any input to add here? Thanks in advance.

lifemagic

I had a normal (non-isa) bond that matured about a month ago. I left instructions for it to be paid into my Santander Current account. It arrived the day after maturity, and I used faster payments to get it out to another bank (i.e. I did it myself online).

I don't understand why your situation is ten days or longer, because it's not even an ISA transfer, just going to a current account. Shouldn't that be instant?

Joe_Ayres

lifemagic wrote: »

I had a normal (non-isa) bond that matured about a month ago. I left instructions for it to be paid into my Santander Current account. It arrived the day after maturity, and I used faster payments to get it out to another bank (i.e. I did it myself online).

I don't understand why your situation is ten days or longer, because it's not even an ISA transfer, just going to a current account. Shouldn't that be instant?

Well in my paperwork it says up to ten working days no matter where it goes... even within santander itself. just seems to be that way with my product. When i rang them yesterday they were insistent that this were the case and that i had no other option!

I left my instructions with them on the 19th but the maturity date is where they start it off from... in this case mine was on the 26th.

Joe_Ayres

I'm going to phone up tomorrow and see if things are progressing, because having read some of the posts about peoples' previous dealings with Santander, I now want to be doubly sure as it's quite a lot of money (to me anyway).

ses6jwg

Investments take longer than bonds. It is usually 5 working days but you do need to allow up to 10 days for it to be processed and the units sold etc.

Joe_Ayres

ses6jwg wrote: »

Investments take longer than bonds. It is usually 5 working days but you do need to allow up to 10 days for it to be processed and the units sold etc.

Please can you or someone else (whoever reads this first) go into more detail please?

The maturity date was Monday and 5 days have passed - still no money has deposited into the destination account. I can pretty much rule out any chance of it happening over the weekend...

The reason I'm so concerned that the process is in action is because we're talking nearly 20k here and I wanted to get these financial affairs sorted before Christmas. Also, it's Santander we're talking about here.

Thanks anyone who reads and answers this.

EDIT: Do investments usually get paid into accounts by 9am or does it happen overnight?

innovate

Joe_Ayres wrote: »

I understand that they say in the documentation to allow 'up to ten working days' from the maturity date (today, the 26th) to allow the funds to transfer.

Why are you panicking if the 10 working days aren't up yet?

Joe_Ayres

innovate wrote: »

Why are you panicking if the 10 working days aren't up yet?

I was curious if the 10 days quote was a ballpark figure or if it could be done within that timeframe.

ses6jwg

The bank has informed you that it takes up to 10 working days. Chill out, the money will come out.