Santander ISA's launch on 8th March

savetilibleed

Rockula wrote: »

Apologies if this has been answered elsewere - I opened a Santander Direct ISA Saver Issue 1 (2.5%) just before the end of the 2012/2013 tax year, with a nil balance. Are there any terms I've missed specifying a time limit on when the account needs to receive the required £2500 initial deposit (or in my case transfer)? Ideally I would like to transfer my whole ISA balance in November from Nationwide (currently earning 4.25%), without having to sacrifice £2500 to Santander now attracting a lower rate just to keep the account open. Thanks.

I thought there was a time limit, but can't see it now in the T&Cs. There is for transferring in I think - 14 days. As long as they have the form within that time the actual transfer time doesn't matter. November is a long time though! If it is a fixed term account that matures in November, you may find that the current provider will reject the transfer on the grounds that the account cannot be accessed. It has just happened to me with a transfer in to Santander. Two mistakes, apparently, one that Santander requested current year (2012/13) only (clearly for a fixed 3 year term there were none) and because this was dealt with on 27 March and account matures(d) 2 April. So it got abandoned. Hopefully now with me pushing both parties a fresh transfer is being actioned.

Not sure if that helps any. I would take advice from Santander, perhaps a branch. Or if you can get hold of the ISA team on the phone. Or the advice of others here!

Rockula

Thanks savetilibleed. For some reason, I had 14 days in my head as well and like you, couldn't find anything confirming this, which got me thinking that the 14 day limit only applies to transfers into fixed rate accounts. I'm a bit wary of receiving advice from a Santander rep without having something concrete written in the terms to back up what they say.

My Nationwide ISA is easy access so I can transfer at any time, it's just that the good rate drops after 31st October!

savetilibleed

Rockula wrote: »

I'm a bit wary of receiving advice from a Santander rep without having something concrete written in the terms to back up what they say.

Don't blame you!

Rockula wrote: »

My Nationwide ISA is easy access so I can transfer at any time, it's just that the good rate drops after 31st October!

Maybe you'd be best keeping your 4.5% account until the bonus goes, then transfer to whatever is available then. A bit of arithmetic is called for compared to transferring to 2.5% now (a rate which reduces on account anniversary). I transferred in a fixed 3 year term account at 4.5%, as it matured in mid March, to Cheshire BS at 2.5%. Whoh did it make a difference

StreetFightingMan

Hi all,

Last week I called Santander to transfer my ISA to the new ISA at 2.5%. The guy basically told me to hold off transfering it over because my higher interest rate run out on the 10th April so wait until then to get the maximum, even if it is only a few days.

I checked this morning and they have got rid of the 2.5% rate and its now 2%.

I called back and they said they have listened back to my call from last week and that the representative was correct because he gave me the option of when to transfer.

It's been left as a complaint but I dont think its going anywhere.

Anyone know if I have a leg to stand on in my complaint? I feel I've been sold down the river!

savetilibleed

StreetFightingMan wrote: »

Hi all,

Last week I called Santander to transfer my ISA to the new ISA at 2.5%. The guy basically told me to hold off transfering it over because my higher interest rate run out on the 10th April so wait until then to get the maximum, even if it is only a few days.

I checked this morning and they have got rid of the 2.5% rate and its now 2%.

I called back and they said they have listened back to my call from last week and that the representative was correct because he gave me the option of when to transfer.

It's been left as a complaint but I dont think its going anywhere.

Anyone know if I have a leg to stand on in my complaint? I feel I've been sold down the river!

I was given the same advice when I called a few days before the rate on my 3.3% a/c was due to end on 24 March. I called on March 25 and it was transferred to the 2.5% rate, which obviously was still available then.

That is most unfortunate for you and it's difficult to know what the outcome might be. But they really ought to have cautioned you about the rate changing, even if the advisor had no information that it was about to. I think you have a case on that basis. I wish you luck.

StevieJ

Mickygg wrote: »

Yes I had the same, but they will only call me back on Wednesday. That was after holding on the line for 30 minutes!!
It wasn't like this last year.

It was torture, listen to this recording, listen to that recording, mitigated somewhat by the fact that the advisor seemed a nice lady, didn't try to sell me anything though

Scouser_1917

Last year I transferred my cash ISA to Santander into what I thought was a 12-month cash ISA, due to mature on 25/4/2013. A statement confirming the rate was sent in March 2013.
I have since discovered that the deal I signed up to actually paid the 3.5% interest only up to 1/4/2013, after which it reverted to a nominal one fiftieth of one percent. Needless to say, there was no notification of this, I would not have found out until i checked on maturity or arrival of my next statement in March 2014.

So if you took out a cash ISA with Santander last year (as many would have as it offered the highest rate for transfers-in) I STRONGLY SUGGEST you check the rate you're getting. I feel I was duped.

innovate

Stop spamming the forum with the same stuff! You have now posted it 3 times.

dawny10

I'm waiting to find out what is happening with mine - I applied online at the end of March intending to put the 2012/13 allowance in there but despite me holding a Santander current account they have asked me to post in two forms of ID!

Do you think they will honour the 2.5% available when I applied (and the account SHOULD have been opened immediately) rather than the current rate when they actually get round to checking my ID and opening it? It's annoying enough that I couldnt put my 12/13 allowance in there but I will be really annoyed if their dithering means I cant get the advertised 2.5%.

Alex92_2

Tried to deposit in £5760 into my 2 year fixed major 123 ISA. It went out of my lloyds account, then 2 hours later has been refunded back into my lloyds.

Can I only deposit money into my ISA through branch or telephone?

My other ISA frmo 12/13 is being transferred into it as we speak.