We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Santander ISA's launch on 8th March

1141517192041

Comments

  • badger09
    badger09 Posts: 11,686 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    katies_mum wrote: »
    After a point I made yesterday regarding the maturity date on this 2 year ISA, the date it matures is 1.5.2015 so its 2 years plus the remainder of March and April.

    I know 2 years is a long way off but the decent ISA rates usually seem to be issued around March time, so as this doesn`t mature until 1st May then would this mean we might miss any decent accounts. Wondering if I have done the right thing now. I know many of you understand accounts etc a lot better than me, in your opinion does the maturity date make any difference as I would hate when it matures to be stuck with money in an account that pays zilch that I can`t transfer..hope this makes sense?

    I can't say whether you've done the right thing or not - my crystal ball is very cloudy at the moment :p

    What I can say is that many of the seasoned posters on here (me included) will be in exactly the same position as you outline, in May 2014 as we opted for Santander's market leading 2 year fixed Major ISA this time last year :)

    My advice - stop fretting. You've chosen the market leading rate available now. That's the best you can do, unless you are blessed with psychic powers, or the ability to time travel to May 2015, in which case you can use hindsight :rotfl:
  • Jevvers
    Jevvers Posts: 650 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    What Bager said. Also not every good ISA deal for transfers gets withdrawn by 1st May in any given year, some do, some don't. You would be able to apply two weeks beforehand too.
  • savetilibleed
    savetilibleed Posts: 1,363 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    katies_mum wrote: »
    After a point I made yesterday regarding the maturity date on this 2 year ISA, the date it matures is 1.5.2015 so its 2 years plus the remainder of March and April.

    Yes you only get to see that the maturity date is 1 May 2015 by going to the fact sheet. If you read the info from the website, you'd have the firm impression that it was fixed for two years, i.e. from the date you open the ISA.
  • Alex92_2
    Alex92_2 Posts: 342 Forumite
    I'm just going to transfer this years ISA (full) into the Santander 2 year fix at 3% and put in lump sum for 13/14 in there. Should give me £11400 @ 3%, then come 14/15 will open up a new ISA and put the max limit in.

    Everything else will be in the best savers accounts. Not much more I can do than that. like others have said, no crystal ball, cannot possibly predict future interest rates and for now it is market leading.

    Not going to open up the Santander 2 year fix til the end of March though, wait til payday and birthday, as it saves me having to take out money from savings accounts to fund the lump sum for 13/14.
  • Jevvers
    Jevvers Posts: 650 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Snap Alex - I'm doing the same.
  • liamcov
    liamcov Posts: 658 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    So you can put this years amount up until 5April, then next years amount between 6April - 30May. But as its 2 years fixed will they allow in 14/15 money (would be from 6April 2014) as there is no mention of this on the website?
  • I think Alex92 means he will fix for two years with Santander, taking him up to May 2015 (maturity date)

    His allowance for 2014/2015 will be put in a brand new ISA Where, will obviously depend on the rate he can get.

    You cannot add to a fixed ISA term ISA, usually there is only one deposit, although some banks/societies have slightly different conditions

    I did the same with M&S 3yr ISA in 2011, just opened a new one in 2012 elsewhere where the rate was better.
  • adewalton
    adewalton Posts: 114 Forumite
    Sorry if this has already been asked but can someone help with this.....

    Can I open a Santander 2.5% cash ISA now and not pay anything in till the 6th of April 2013?
    Already used all 2012/2013 allowance up?

    Then I can transfer in 2012/2013 money from Coventry BS (3.10%) when they confirm the new rate in November 2013..... Right?

    Need to give 60 days notice so would give notice in Sept 2013, if rate is less than Santaders rate (2.5%) move money from Covenrty BS to Santander ISA. If rate is higher than Santander just leave with Coventry BS.......Right?

    Just trying to get this clear in my head and see what you guys think / say?

    Thanks in advance,

    Ade
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    The minimum opening deposit for the 2.5% ISA is £2,500. That scuppers your entire plan.
  • adewalton
    adewalton Posts: 114 Forumite
    No not really!!!!
    Just means I can't open till after 6th of April.
    Will have to hope it's still available I guess!!!

    It says allowed to open with nil balance if transferring in so was just wondering?
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.