Santander ISA's launch on 8th March

Ellierose1

Innovate - maybe a good idea for people if just open 2.5% with next years allowance. Take the 2.5 rate which is still best instant rate if isa maturing later on is large enough balance that getting 2.5% instead of the isas available when there's matures. These t&c,s surely can't be enforced as if opened with nil balance online the account will just remain and acted with transfer on existing isa maturity. Worst that could happen is transfer doesn't work and you end up with the poor choice you would have anyway. Noted a post earlier on isa transfer thread and think alot of people with Isa's maturing outside the tax year just wait till maturity then shop around when rates are lower than now

Gray_colt

Hi there, my bonus ran out on this isa yesterday, being an online account can you transfer it online to the 2.5% account?

innovate

Ellierose1 wrote: »

Innovate - maybe a good idea for people if just open 2.5% with next years allowance.

That's ok for those who have next year's allowance, or at least £2.5K, to open this ISA.

Lots of people won't have that - or have better ISAs to put their 2013-14 ISA money into for now.

Of course there may also be lots for whom it works. But it definitely won't work if you don't have £2.5K to put in for starters.

GreenBitterfly

innovate wrote: »

That's ok for those who have next year's allowance, or at least £2.5K, to open this ISA.

Lots of people won't have that - or have better ISAs to put their 2013-14 ISA money into for now.

Of course there may also be lots for whom it works. But it definitely won't work if you don't have £2.5K to put in for starters.

Yes, I was interested in the 2.5% one, perhaps opening it in case my other ISA interest rate drops. But I don't have the 2.5k to transfer in, and am unlikely to get those kinds of funds for quite some time. I'm still interested in the two year fixed ISA if there's no minimum opening balance.

innovate

GreenBitterfly wrote: »

I'm still interested in the two year fixed ISA if there's no minimum opening balance.

There sort of is one on the fixed term one, too! And a far more restrictive one than on the instant access one.

Deposits for 2012/13 tax year can be made up to and including 5 April 2013 and deposits for 2013/14 tax year can be made up to and including 30 May 2013. No subsequent additional deposits.

Source: http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237908323140&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

GreenBitterfly

Oh I know that, but if I do transfer some money across, I'm still at least guaranteed that rate for two years. I haven't touched my easy access ISA for two years, but it's just predicting that the next two years will be equally uneventful.

marathonic

GreenBitterfly wrote: »

Oh I know that, but if I do transfer some money across, I'm still at least guaranteed that rate for two years. I haven't touched my easy access ISA for two years, but it's just predicting that the next two years will be equally uneventful.

I wouldn't be too keen on guaranteeing a rate of 3.00% over 2 years. When funding for lending dries up, and it will, rates should rise.

If you think about it, what is the lowest that rates could go - they could be 2% next year but, in my opinion, are far more likely to be 4%.

If funding for lending dries up, there will be plenty of banks biting your arm off to hold your money for rates in excess of 2% so I don't see much risk in not having a 3% rate locked in.

beecher2

Opened my 2.5% ISA yesterday and received an email this morning with sort code etc.States 'unfortunately some of the personal details you entered in your application do not match those we hold for you as an existing customer' and I have to send a 'change of details' form as well as photocopies of 2 forms of ID. Problem is that I've never been a customer of Santander, or any of the building societies taken over by Santander. Should I just fill in the form, or is it worth a wee phone call?

jtk174

It's probably because you need to provide physical proof of your ID.

Just been through this myself with another company and they insist on bringing the ID to a branch.

jtk174

I haven't read the whole thread, so don't know if anyone has had problems with Santander recently. However, I recently opened a 123 account online with no problems.
I rang them this morning about opening an ISA for the current year and asking about also depositing next years allowance and what was the best way forward.

After going through the automated system, I then got transferred to 5 different people who "would be able to help me" and when the 5th person said he needed to transfer me, I hung up!