Santander ISA's launch on 8th March

gwapenut

^ quite right. Historically, ISA rates have been better than easy access rates, and it is worth weathering temporary glitches for the long game.

ColdIron

Major ISA and Direct ISA now up on Santander site

bxboards

I just opened mine by phone (123 3% version), transferring in from M&S Cash Advantage - M&S do NOT want my money, and wrote a letter saying they were cutting rates, and practically urging me to transfer away.

Opening this with a transfer, and then will deposit next tax years ISA allowance on 6th April.

New ISA is already showing online.

flossie217

Thank you for the heads up on todays new ISA rates. I would have transferred existing ISA to 1.75% but this morning have got 2.5% instead.
For anyone calling Santander don't use the 0845 number. Here is a free phone call that I used this morning, it gets you through direct to an advisor. 0800 3899875. I found it on the No 0870 Numbers site.
I'm pleased that I used it as I was on the phone for 50 minutes sorting out transferring ISA and several old savings accounts. I even pulled the phone off the table at one point and they called me back immediately.
A thumbs up for Santander this morning from me, just hope it lasts.

Tight_as_a_Drum

innovate wrote: »

That was my initial reaction, too. But then I heard their rationale, which is that they are protecting people from unwittingly withdrawing money from their ISAs, without realising that there is a finite amount they can deposit each year. Santander seem to be arguing that if they have a chance to explain the consequences to people at the time of withdrawal, it's overall better for people.

Now neither you nor I need this sort of handholding - a huge big warning on a withdrawal screen, that has to be actively acknowledged, would be more than enough for us. However, given the kind and number of questions I have seen here about cash ISAs over the last year, I have sympathy for the Santander nanny-approach.

Which ISA account is this referring to?

Chjaka

Damn it, I can't open this account for another six weeks as I have a one year fixed ISA with Santander which doesn't mature until the 1st May. So now I'm stuck with another, already matured, ISA earning a paltry 0.75% with Virgin for the next month and a half until I can consolidate them into a single account.

No option other than sitting tight and keeping my fingers crossed that they don't pull it in the next few weeks.

Mickygg

Ooh I'm in a dilemma now whether to stick with first direct or go though the hassle of opening a 123 account and transferring.Decisions decisions. First direct could drop rate any time but I don't really want to fix for 2 years at a low rate.

ColdIron

Chjaka wrote: »

Damn it, I can't open this account for another six weeks as I have a one year fixed ISA with Santander which doesn't mature until the 1st May

I'm in a similar position with one that matures 11/4. I phoned them and this is my understanding of what they said

Apply 6/4 and ask for the transfer forms, you have 14 days to return them. Pay in your new 13/14 allowance. On the transfer form state that you want the existing ISA to be transferred on 2/5, all transfers must be received by 30/5. There is an FSA requirement that transfers must be complete within 15 days, if not Santander will (must?) endevour to make good the situation

Chjaka wrote: »

So now I'm stuck with another, already matured, ISA earning a paltry 0.75% with Virgin for the next month and a half until I can consolidate them into a single account

More like 3 weeks if you open it on 6/4 and ask for it to be transferred immediately. You might even be able to open it earlier but this is different to my situation so you should verify this with Santander yourself

A few other observations :-

The 123 Exclusive Major ISA - Key Product Information, Useful Information and the browser tab states 'Fixed interest rate for 1 Year.' This is an error and they will fix it

Interest is paid yearly on 1/5

Technically it matures on 1/5/15 not after 2 years so you may find yourself in a similar position in 2 years time, possibly with the same resolution

beardiedog

Market leading perhaps but hardly earth-shattering rates.

My 4% Super Direct ISA drops down to 2% on 28/3 so I'll wait and see if anything better appears over the next couple of weeks before making a decision otherwise I'll go with the 2.5% Direct ISA Saver.

lanstrom

ColdIron wrote: »

The 123 Exclusive Major ISA - Key Product Information, Useful Information and the browser tab states 'Fixed interest rate for 1 Year.' This is an error and they will fix it

Glad I spotted that. I was just about to sign-up and it looks likes its a 2 year fixed (rather than 1 year which is mentioned several times on the web page)

I confirm I am talking about the '123 Exclusive Major ISA' and NOT the 'Major ISA 2 year fixed'

123 Exclusive Major ISA
From: 11.03.2013
Matures on: 01.05.2015