When to apply for a 2013/14 ISA?

bruirn

I have a 1 year fixed rate 2012/13 ISA with Santander and am looking to transfer it the Santander 2.5% for the forthcoming tax year.

Should I get the ball rolling and ring Santander up now or shall I wait until after the 6th of April? Can I even set the 2013/14 ISA up yet?

saintalan

Did you take the 2012/13 out on 6 April 2012 or later?

I left mine until May 2012 and will leave it to complete the year at the higher rate.

Alan

VodkaSorbet

If you have the Santander 1 year fix for 2012/13 (3.5%), they won't let you open a new ISA for transfers with them until the previous one matures.

At least, that's what they told me in the branch.

They said because it is the same provider you can't open a new ISA now, start the transfer process but opt to serve notice.

So I wasn't able to open the 2.5% easy access account now to transfer my previous ISA into on 1 May when it matures.

They told me to come in to the branch a couple of days before 1 May and see what's available then.

bruirn

VodkaSorbet wrote: »

If you have the Santander 1 year fix for 2012/13 (3.5%), they won't let you open a new ISA for transfers with them until the previous one matures.

At least, that's what they told me in the branch.

They said because it is the same provider you can't open a new ISA now, start the transfer process but opt to serve notice.

So I wasn't able to open the 2.5% easy access account now to transfer my previous ISA into on 1 May when it matures.

They told me to come in to the branch a couple of days before 1 May and see what's available then.

That's my situation exactly. Many thanks.

ColdIron

Hmm it appears I am wrong, that'll teach me. I was chasing my own transfer so asked them about the Direct ISA and this is what they said

You can apply for a Direct ISA within 30 days of an existing fixed one maturing and they will 'upgrade' it immediately even though it has not matured but it will receive the lower rate of 2.5% so you are better to wait until closer to 1/5, bearing in mind the product could be pulled or suffer a rate change in the meantime

Anyway, since I am going for the 2 year product and not the Direct ISA please take anything I have said with a generous dose of salt:)

VodkaSorbet

I should have said, of course it's worth checking yourself with your own branch as there's a chance I may have been mis-advised!

bruirn

VodkaSorbet wrote: »

I should have said, of course it's worth checking yourself with your own branch as there's a chance I may have been mis-advised!

Will do. Was going to pop down this lunchtime anyway but didn't want you to think I was doubting the veracity of what you were saying.