Santander ISA's launch on 8th March

innovate

Andyboy wrote: »

Wonder what time the news will be out?

dutchism1958 wrote: »

Hi All,

Santander have delayed their ISA launch to Monday 11th March.

.................................

myth123

http://www.guardian.co.uk/money/2013/mar/08/isa-deals-santander?CMP=twt_fd

Alex92_2

myth123 wrote: »

http://www.guardian.co.uk/money/2013/mar/08/isa-deals-santander?CMP=twt_fd

Why would someone want a Major ISA fixed for 2 years at 2.80%, when you can get a 2 year fix with same bank for 3%?

I need to weigh up the pro's and con's for A) Putting a lump sum in early April and bringing my isa pot up to £11,400 and sticking it away for 2 years at 3%, or transfer this years total into the 12 months easy access at 2.50% and then in the meantime use monthly saver 6%, Nationwide Flexdirect 5% and use up everything else first.

I think 3% for 2 years maybe best, as my lloyds vantage goes from 4% downwards in October, and the next best available savings account for that much money, would be 3% (ex vat 2.40% after) from Santander with their 123 account, providing Nationwide only pays interest on 1 account and I make the most of my monthly aver each month.

What do you guys think?

Mickygg

Alex92 wrote: »

Why would someone want a Major ISA fixed for 2 years at 2.80%, when you can get a 2 year fix with same bank for 3%?

I need to weigh up the pro's and con's for A) Putting a lump sum in early April and bringing my isa pot up to £11,400 and sticking it away for 2 years at 3%, or transfer this years total into the 12 months easy access at 2.50% and then in the meantime use monthly saver 6%, Nationwide Flexdirect 5% and use up everything else first.

I think 3% for 2 years maybe best, as my lloyds vantage goes from 4% downwards in October, and the next best available savings account for that much money, would be 3% (ex vat 2.40% after) from Santander with their 123 account, providing Nationwide only pays interest on 1 account and I make the most of my monthly aver each month.

What do you guys think?

Why? Because the 3% rate is dependant on having a 123 account.
I was hoping the rates would b slightly better. If I didn't need a 123 account for the 3% I would have gone for it.

Alex92_2

Mickygg wrote: »

Why? Because the 3% rate is dependant on having a 123 account.
I was hoping the rates would b slightly better. If I didn't need a 123 account for the 3% I would have gone for it.

I dont/didnt know what the "Major" ISA was. I have never banked with santander (only abbey back in the day!). Is it 2.50% 12 month easy access, 2.80% for Major ISA for 2 years (if you dont have a 123 account) then if you have a 123 account, 3% for 2 years fixed?

I just presumed Major had some sort of perks with it which is why it was down 0.2%.

gwapenut

That report has been pulled from the guardian website and only a fuzzy image has been left in google's cache, howefver there is another article here:
http://www.business2day.info/money/isa-deals-enhance-with-santander-launching-unique-range.html

tipsychick

I don't know if I'm allowed to do this, so feel free to delete this post if I'm not, but to quote from the business2day article:

"Santander’s hot treatments include an easy-access account called Direct Isa Saver, that has the varying rate of 2.5% for 12 months. But, the minimal starting balance is £2,500. Santander is furthermore delivering back its Major Isa, that is a two-year fixed-rate account paying 2.8%, with savers getting an additional 0.1% if Rory McIlroy – among the bank’s brand ambassadors – wins an qualified golfing main championship inside the upcoming 2 years.

There is furthermore a adaptation paying a somewhat high rate – 3%, and the possibility of a additional 0.1% – which is just accessible to holders of its 123 present account or 123 cashback credit card. All 3 Isas accept brand-new income plus transfers inside of existing Isa cash, including existing Santander Isas".

I've got £40K to park somewhere, ideally at 3% but I don't want to lock it in for two years. Does anyone know if that's going to be possible with Santander if you've got the 123 current a/c or credit card? Could have done with seeing the Guardian article before they pulled it.

I wish they'd all stop messing about and just launch their products. It's enough to make me transfer to First Direct and have done with it.

Alex92_2

tipsychick wrote: »

I wish they'd all stop messing about and just launch their products. It's enough to make me transfer to First Direct and have done with it.

I was about to say this. Why not transfer £40k to FD account. It pays 3% interest on 1 year, which is what you want?

innovate

Alex92 wrote: »

I was about to say this. Why not transfer £40k to FD account. It pays 3% interest on 1 year, which is what you want?

Just to avoid confusion, the First Direct Cash ISA is an instant access ISA - no 1-year commitment is required. You probably meant the AER is 3% for £40,000+.

tipsychick

It's also a variable rate, which if interest rates go lower and/or they keep the money taps turned on, could drop.

I'll wait and see the detail on Monday but I imagine it will be First Direct for me after all.