Santander ISA's launch on 8th March

moneysaver84_3

Quick question, I have opened the issue 1 ISA (2.5%) and plan to go into branch tomorrow to transfer from my old Santander ISA and also max out the 2013-2014 allowance. If a better deal was to come along (which allowed transfers) I take it I can just transfer the whole balance again? Is there a limit to how many ISA's you can open and transfer across per year?

I understand there is the £5760 limit you can only 'pay into' per year but confused on the rules about the number of times you can transfer old balances.

Lara

I opened an ISA yesterday for myself with Santander and paid the money in. Later in the afternoon I opened one in my husband's name. Got the confirmation number but so far no details of account number and sort code so unable to pay any money in. Have rung S and they said due to high demand it may take a little while to come through. If he doesn't get the email giving these details by 3pm (to pay money in in time) do they just pass this on to the 2013/14 tax year or cancel it, does anyone know please? I could have opened another one for him elsewhere if that's the case. Strange though as I got my emails through within half an hour. Thanks.

ses6jwg

saintalan wrote: »

Thanks, so basically they can change their stated rates on existing products, or am I reading it wrong?

Cheers

Alan

The Flexible ISA was originally 3.3% for 12 months from opening. Then it reverted to the 2, 2.5, 2.75% rate for a further 12 months. When 24 months from opening is up it goes to the ISA saver.

All instant access ISAs are variable so yes they can change the rate.

saintalan

ses6jwg wrote: »

The Flexible ISA was originally 3.3% for 12 months from opening. Then it reverted to the 2, 2.5, 2.75% rate for a further 12 months. When 24 months from opening is up it goes to the ISA saver.

All instant access ISAs are variable so yes they can change the rate.

ses thanks for this however I am not quite getting it.

I have been getting 3.3% for nearly 2 years and as such still getting (as of March 13 interest payment) 3.3%. This matures in May so wouldn't that be it's first reversion i.e. to 2.75%

I am sure you must be right but I just cant seem to understand and reconcile that with the Santander rates sheet.

Cheers

Alan

badger09

moneysaver84 wrote: »

Quick question, I have opened the issue 1 ISA (2.5%) and plan to go into branch tomorrow to transfer from my old Santander ISA and also max out the 2013-2014 allowance. If a better deal was to come along (which allowed transfers) I take it I can just transfer the whole balance again? Is there a limit to how many ISA's you can open and transfer across per year?

I understand there is the £5760 limit you can only 'pay into' per year but confused on the rules about the number of times you can transfer old balances.

There are no (HMRC) rules about the number of times you can transfer your ISA in a year. As long as your new provider allows transfers in, and there are no penalties for transferring out (or you don't mind paying those penalties) you're free to transfer.

The only rule is that you must always keep your current year's subscriptions together. Previous year's can be split as you wish.

ALWAYS use the new provider's transfer process - don't try to do it yourself.

badger09

Lara wrote: »

I opened an ISA yesterday for myself with Santander and paid the money in. Later in the afternoon I opened one in my husband's name. Got the confirmation number but so far no details of account number and sort code so unable to pay any money in. Have rung S and they said due to high demand it may take a little while to come through. If he doesn't get the email giving these details by 3pm (to pay money in in time) do they just pass this on to the 2013/14 tax year or cancel it, does anyone know please? I could have opened another one for him elsewhere if that's the case. Strange though as I got my emails through within half an hour. Thanks.

If your husband doesn't manage to get his 2012/13 subscription (max £5640) paid into his ISA before midnight tonight, he will be able to pay in up to £5760 from tomorrow, but it will count as his 2013/14 subscription.

Santander will not 'cancel' the ISA.

DietIrnBru

Best tie a piece of string to your money at Santander - I have sworn never to deposit an isa with them again - after they denied receiving £14000 last summer.

rb10

DietIrnBru wrote: »

Best tie a piece of string to your money at Santander - I have sworn never to deposit an isa with them again - after they denied receiving £14000 last summer.

Santander have improved massively.

Look through recent threads on here; you'll struggle to find a single complaint about Santander.

Lara

badger09 wrote: »

If your husband doesn't manage to get his 2012/13 subscription (max £5640) paid into his ISA before midnight tonight, he will be able to pay in up to £5760 from tomorrow, but it will count as his 2013/14 subscription.

Santander will not 'cancel' the ISA.

We never received the emails giving account number etc. I spoke to Santander yesterday afternoon and they said if the details don't come through and money cannot therefore be paid into an account by 8pm last night then don't pay any money, call them and they will cancel it
If it isn't wanted for 2013/14 ISA. Nothing came through.

Mickygg

I've just been calling sntander and been on hold for 15 mins so gave up. Does anyone know if I open the 2 year fix can I transfer old ISAs to this account if before 31st may? I'm not sure if you can only deposit the 13/14 allowance or if I can pull 3 ISAs into 1 which mature in May.
Thanks