Changes to Santander isa effective mon 8th

bobo16

Had a call from friends daughter who works for Santander. Rates change from Monday

Direct Isa going for 2.5% to 2%

2year major isa at 2.8% being withdrawn

3% 123 2 year exclusive staying

Been told to get rates got to go into branch tomorrow or apply on Internet or phone by Sunday evening

Not issue for me as want the 3% as got 123 current account that makes me £56 a month but others might want to know

ThriftyFelicity

bobo16 wrote: »

Not issue for me as want the 3% as got 123 current account that makes me £56 a month but others might want to know

How do you get that much back? Do you have a mortgage with Santander?

innovate

It's perfectly possible to get to this sort of money on the 123 - cashback plus interest.

bobo16

I use the full 3% which gives me £48 and then all my bills gas electric sky etc

Don't have a mortgage

The_Enforcer

My old ISA money is in a Santander ISA earning 3.3% until 21st April, when the bonus ends and it's set to drop to 0.5%. Looks like I need to pop into branch tomorrow to get them to re-designate into the 2.5% issue, foregoing the 0.8% for 2 weeks, to gain 0.5% in the longer term.

kerri_gt

The_Enforcer wrote: »

My old ISA money is in a Santander ISA earning 3.3% until 21st April, when the bonus ends and it's set to drop to 0.5%. Looks like I need to pop into branch tomorrow to get them to re-designate into the 2.5% issue, foregoing the 0.8% for 2 weeks, to gain 0.5% in the longer term.

Ditto - although would it be possible to open the current 2.5% ISA then delay the transfer in until the 3.3% interest period ends on the prev ISA, or as near as possible? Or is it not possible to have more than one ISA per provider even if they are from diff years?

The_Enforcer

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237851469036&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

Existing Santander Cash ISA customer? - Call 0845 600 0181 or visit a Santander branch. Apply now to upgrade to this cash ISA account.

J-Greens

Well this is a kick in the teeth - I only changed to Santander for that 2.5% direct ISA.

Will definitely be keeping an eye on this!

kerri_gt

J-Greens wrote: »

Well this is a kick in the teeth - I only changed to Santander for that 2.5% direct ISA.

Will definitely be keeping an eye on this!

if you've already opened the 2.5% ISA then you're rate won't drop - it's just that they are dropping the rate for new ISAs from Monday. You don't need a Santander account to open the 2.5% ISA btw.

YorkshireBoy

kerri_gt wrote: »

would it be possible to open the current 2.5% ISA then delay the transfer in until the 3.3% interest period ends on the prev ISA, or as near as possible?

Answered on their website in the "key product information" box.

if you've already opened the 2.5% ISA then you're rate won't drop

Brave words...bearing in mind it's a "variable interest rate" product.

kerri_gt

YorkshireBoy wrote: »

Answered on their website in the "key product information" box.Brave words...bearing in mind it's a "variable interest rate" product.

True - didn't see the Variable interest rate bit.

Key Product Info just states that you can transfer in existing ISAs but doesn't seem say how long you have to do so.

*Minimum opening deposit of £2,500 applies. You can open the account with a zero balance if you are transferring in existing cash ISAs (min £2,500). Account balance can drop below £2,500 after opening and remain eligible for the stated rate.