Changes to Santander isa effective mon 8th

YorkshireBoy

kerri_gt wrote: »

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

Just delay posting the transfer form off to them by a few days.

They say to allow 5 days for them to process it anyway, and with a bit of luck they'll be busy at this time of year. Before you know it, it'll be approaching the 21st.

MissyD_2

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.

looks like me & you are in the same boat!
My previous ISA rate drops from 3.01% to 2.01% at the end of May, I wanted to open this ISA asap because I knew they would withdraw it as soon as new year started (I hate that I was right!) & delay the transfer process myself by not submitting the form......
Me thinks I will have to pop into a branch today too!
Not looking forward to that at all!:undecided
Note - On the ISA transfer form from Santander you can specify date of transfer - in the Declaration section it says:
"I authorise my existing ISA provider to transfer the ISA (tick one):
- Immediately, in which case I accept any consequential
loss of interest or penalty.
- After serving the full notice period on the account or at
maturity on a fixed rate ISA (this option is not recommended
if maturity date is more than 30 days from submitting
this form).
The transfer should be made immediately if neither of the above
is ticked."

mustang1

I just went into my local branch to open direct Isa with the 2.5% rate and transfer over my existing Santander cash ISA. They wouldn't open the account and said I had to make an appointment. The next free date is 20th April! Can I just open the account online and then use their transfer form and post it off.

Already tried phoning but was on hold for 30 mins so they don't seem to want my money!

Zekko

mustang1 wrote: »

I just went into my local branch to open direct Isa with the 2.5% rate and transfer over my existing Santander cash ISA. They wouldn't open the account and said I had to make an appointment. The next free date is 20th April! Can I just open the account online and then use their transfer form and post it off.

Already tried phoning but was on hold for 30 mins so they don't seem to want my money!

I opened mine online today. Took about 5 minutes. They will send you a form to transfer other ISA's in.

shortcrust

bobo16 wrote: »

Direct Isa going for 2.5% to 2%

If this applies to existing accounts they're going to have a lot of annoyed customers on Monday. I imagine a fair few people will open and fund Direct ISAs over the weekend on the basis of the 2.5% rate.

It doesn't quite add up to me. Is it more likely that they will withdraw the 2.5% and replace with a new issue at 2.0%?

mustang1

Zekko wrote: »

I opened mine online today. Took about 5 minutes. They will send you a form to transfer other ISA's in.

But the online form says you can't use it if you want to transfer from an existing Santander ISA?

Cobertizo

mustang1 wrote: »

But the online form says you can't use it if you want to transfer from an existing Santander ISA?

If you scroll down here you'll see the internal Cash ISA transfer form:
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237836201044&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

Direct link:
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=DocumentoGS&canal=CABBEYCOM&cid=1237919240758&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FDocumentoGS%2FDocumentoGSPreview

The_Enforcer

mustang1 wrote: »

I just went into my local branch to open direct Isa with the 2.5% rate and transfer over my existing Santander cash ISA. They wouldn't open the account and said I had to make an appointment. The next free date is 20th April! Can I just open the account online and then use their transfer form and post it off. Already tried phoning but was on hold for 30 mins so they don't seem to want my money!

Seems to depend on the branch, my local branch (Abingdon) were able to convert my 3.3% ISA to the 2.5% one, only had to wait for 5 mins. You could try another branch if there is one within easy reach?

MoneySavingUser

My mother's current Santander ISA doesn't expire until the 15th May - can she open this one now and ask them to wait until then to transfer the funds?

kerri_gt

Went into my local branch today, had my details taken and told the transfer would be made. Guy i spoke to did point out I'd be moving from 3.3% to 2.5%, until i said 'yes, but your rate drops to 2% on Monday' ...'Oh you know about that he replied' - obviously trying to keep it under their hat.