Santander ISA's launch on 8th March

innovate

heloid wrote: »

Just a word of warning, I was told by an adviser when opening my Direct ISA that I had to fund it within 14 days of opening..

This doesn't appear to be supported by what they say in their fact sheet http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223430780757&cachecontrol=immediate&ssbinary=true&maxage=3600

Only thing in there about 14 days is that you can cancel within 14 days. I might try one of these to see what happens - I have no need to deposit or transfer anything into a 2.5% one for at least 6 months

savetilibleed

heloid wrote: »

Given my current ISA matures on the 31st of May I stand to lose a bout £10 I think if I transfer now, not exactly terrible though.

If your existing ISA is a fixed term ISA maturing on 31st May (and it is now paying more than 2.5%), all you need to is open the Santander account, and apply quickly for a transfer, but to instruct Santander not to proceed until the fixed term has expired (or the notice has been served, which is effectively the same thing). What in fact will happen is when they get the transfer form, they will forward it to your current ISA provider, who will then act to transfer on the day of maturity. You can do the transfer by downloading the form from the site and post it to them, or go to a branch and the will complete and forward it, or do it by phone.

heloid

Let me know if you get a different answer. We'll at least know hopefully soon if we're going to see a better rate

innovate wrote: »

This doesn't appear to be supported by what they say in their fact sheet http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223430780757&cachecontrol=immediate&ssbinary=true&maxage=3600

Only thing in there about 14 days is that you can cancel within 14 days. I might try one of these to see what happens - I have no need to deposit or transfer anything into a 2.5% one for at least 6 months

anoncol

innovate wrote: »

You are right, it is a bit of a hassle - - no more than that.

You could open a 123 via Quidco, and if you do it right, bag £55 in the process. You could ask Santander to do the switching for you - - -- I personally would switch my DDs and SOs myself but - - - - apparently they do a really good job with their switcher service.

I love my 123, which I have had for almost a year now. I forgot signing up via Quidco (doh!!!!!), changed all my qualifying DDs over, and then found I only had 2 non-qualifying ones, so I switched them over, too. I get at least £10 net cashback every month now, and it gets credited like clockwork. That's £120 a year in my pocket, not some bank. Plus I do manage to leave more than £3K in my 123 and therefore get interest as well.

You could even keep your existing account and just pay the £2/mth - - with the Quidco cashback, you have 2 years funded already.

Wow, this sounds fantastic!

anoncol

innovate wrote: »

Still only minute - - but don't forget, your money can be tax-free for life in an ISA. A lovely bonus to have as your ISA balance grows, and as you might go into a higher tax bracket.

Does the tax i pay on my bank account depend on my income then? I didn't realise that! I've just got a decent pay rise too...

badger09

Banks will automatically deduct tax @ 20% from interest credited to a non ISA savings account, or to a current account.

If you're liable to pay tax @ 40%, you have to notify HMRC and pay the extra, either through self assessment or by adjustment to your tax code.

If you're not liable to pay tax, you can reclaim any tax already deducted, and register for interest to be paid gross (without any tax deducted).

RoxRoxBling

Any one else having trouble opening the account online?

I've already 2 saving accounts with Santander, so thought opening another one would be quick and easy (like it is with natwest)

So thought open the fixed 2 year isa. Mistake.

I've had to post additional proof of ID. And I've had another message today telling me to send more ID.

SERIOUSLY?

would have been quicker and easier going into the branch

Kips247

Whats the general thinking on Stantander Direct ISA Saver v the Fixed 2 year ISA? Which is better? Or does it depend on how the economy will go in those 2 years?

anoncol

Kips247 wrote: »

Whats the general thinking on Stantander Direct ISA Saver v the Fixed 2 year ISA? Which is better? Or does it depend on how the economy will go in those 2 years?

How could it be anything else?

Kips247

So i assume because its a right mess and no chance of it recovering till at-least 2015/16 its a no-brainer to get the 2 yr fixed then?

Also if its fixed till May 2015, does it mean the £5760 ISA allocation for April 2014 -2015 cant be added in? So gets wasted or you have to create a new one?