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Santander ISA's launch on 8th March

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Comments

  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    adewalton wrote: »
    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?

    I've opened with nil balance and am delayed transferring my money until they've set up my online details. I couldn't find anything which stated a time limit on when the transfer takes place.
  • Alex92_2
    Alex92_2 Posts: 342 Forumite
    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.
    Yeah, SallySunshine is right, that is what I meant.

    If the ISA rates have picked up or above 3%, I will stick full amount in 2014/2015 with whoever is offering the best rate (outside of santander) and if there isnt anything appealing, I will probably either pay in at end of year so I use up my allowence soon (March 2015 time) or wipe out all of ISA and use it for investments/property.

    Plan on buying somewhere in Summer 2015, aim to have around £70-85K banked by then, will take out the needed amount for a deposit and moving into house and the essentials, then put the rest into the best savings accounts and slowly save up again for BTL property and start to build up my portfolio. May set aside £5-10K for investing too.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    beecher2 wrote: »
    I couldn't find anything which stated a time limit on when the transfer takes place.

    Good point, there is nothing obvious about any time limit for the transfer in.
  • Ahhhh!!!
    Just had my plans scuppered:(

    Already have a 123 Account but no ISA with them

    Thought I'd get a head start and open 2013/14 ISA ready to put in new allowance and set up transfer of maturing funds (15th April)

    if I open the ISA today, I can fund it on 6th April with new money but since my old ISA doesn't mature until 15th April, I would be out of the 14 day timescale with this and so couldn't add it to the newly opened one.

    Also apparently, you have to fill in transfer form whereas shortly an advisor will be able to do this by phone for you, however this new process not available yet.
    apparently Santander process the transfer form very quickly, although not sure about from the old providers end.

    Will have to wait now until the start of the new tax year to do it all in one go.
  • ColdIron
    ColdIron Posts: 10,014 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    There is a 14 day period for you to return the transfer form but the transfer can take place after that. Somewhere on the form you can say not to transfer the money until its maturity date

    You might be interested to know that when I was talking to Santander yesterday they offered me the chance to open the ISA and do the transfer over the phone so it looks like they have this up and running
  • Hi ColdIron,
    Sound like I had conflicting advice, tempted to made appointment at local branch.

    The way I interpreted this mornings advice didn't somehow made sense, the transfer part somehow got lost in translation.

    Also, I'm sure I read on their T&C that interest would be be paid on transferred ISAs from the moment the maturity occurred however long it took to be moved over.
    Can't find that info now though, this was after I'd been told that no interest would be applied until they had actually received the transfer funds.
  • carlo_koko
    carlo_koko Posts: 40 Forumite
    Part of the Furniture Combo Breaker
    Hello there.
    Dilemma!I'm with Barclay cash ISA 2012/13@2.05% .Now That got Santander offering 2.50% that £23 Difference using the full tax yr. allowance.Question:Can I open Before April 5th new Isa 2013/14 with Santander,or have wait ,anytime after the April 6th ?
    thanks.

    Learn from the mistakes of others - you won't live long enough to make them all yourself.
  • DragonQ
    DragonQ Posts: 2,198 Forumite
    Part of the Furniture 1,000 Posts
    You can open it whenever you want but you can't deposit new money until 06/04/2013 if you've already used your entire allowance for 2012/2013.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    DragonQ wrote: »
    You can open it whenever you want but you can't deposit new money until 06/04/2013 if you've already used your entire allowance for 2012/2013.

    You also cannot deposit in a new ISA until 6/4/13 if you haven't used your entire 2012-13 allowance unless you first transfer your entire existing 2012-13 ISA to the new ISA. Such transfer must be requested with the new provider, they will do it for you. Do not do it yourself.

    If you get 2.05% in your instant access ISA, and there is a 2.5% one which allows transfers in, there should be no dilemma. Just open the 2.5% one, fill in the transfer request and sit back. As soon as the transfer has hit the new ISA, you can make further deposits if you have any allowance left.
  • DragonQ
    DragonQ Posts: 2,198 Forumite
    Part of the Furniture 1,000 Posts
    innovate wrote: »
    If you get 2.05% in your instant access ISA, and there is a 2.5% one which allows transfers in, there should be no dilemma. Just open the 2.5% one, fill in the transfer request and sit back. As soon as the transfer has hit the new ISA, you can make further deposits if you have any allowance left.
    Yes, this is what you should do.
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