Changes to Santander isa effective mon 8th

20vt-rs

kerri_gt wrote: »

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.

Does this mean that people on the 2.5% product will also drop to 2% as well, being a variable rate product in the first place?

ceredigion

First saw this thread this morning and i've been toying with it ever since. One of my jobs for the weekend was to fill up mine and my wifes isa for the 2013/2014 year . We both have existing direct isa saver issue 1, that were opened with transferred money , i did intend to put this years allownce into there , its nicer to have it all in one pot . Now is the rate going to drop for existing customers as it is variable or is it going to be for new money only. So if i transfer now i might have to transfer the whole lot to the coventry on monday or do i leave it until monday and if it drops , just open a new account somewhere else.

MissyD_2

bobo16 wrote: »

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2year major isa at 2.8% being withdrawn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

I have been in to Santander today and been advised as long as you open the account online before Monday, you will be guaranteed the 2.5%, I have just done this having had confirmation from staff in the branch that I can delay my transfer by 6 weeks by simply not completing/submitting the transfer form.
I have made an appointment to go back to do transfer 2 weeks before my OLD ISA matures.

Remember "YOUR CASH IS NICER IN AN ISA":money:

MissyD_2

ceredigion wrote: »

First saw this thread this morning and i've been toying with it ever since. One of my jobs for the weekend was to fill up mine and my wifes isa for the 2013/2014 year . We both have existing direct isa saver issue 1, that were opened with transferred money , i did intend to put this years allownce into there , its nicer to have it all in one pot . Now is the rate going to drop for existing customers as it is variable or is it going to be for new money only. So if i transfer now i might have to transfer the whole lot to the coventry on monday or do i leave it until monday and if it drops , just open a new account somewhere else.

It might be nicer to have it one place for you, but for your new cash it would prefer a new CASH ISA e.g. Coventry which is paying 2.60%ON NEW MONEY ONLY - please see first page of this thread.

I now have both! ;-)

ceredigion

MissyD wrote: »

It might be nicer to have it one place for you, but for your new cash it would prefer a new CASH ISA e.g. Coventry which is paying 2.60%ON NEW MONEY ONLY - please see first page of this thread.

I now have both! ;-)

yes i know, just been looking at lots of accounts and sort of forgot which one is offering what.
Delete coventry and insert leeds , to add to my confusion i already have a pot of money sitting in a coventry isa.

KTF

20vt-rs wrote: »

Does this mean that people on the 2.5% product will also drop to 2% as well, being a variable rate product in the first place?

No. It will be a new issue or something like that.

KTF

mustang1 wrote: »

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

To transfer in an existing Santander ISA you call them up or go to a branch after the new Santander ISA is open.

The form is to transfer in a non-Santander ISA.

mustang1

Thanks everyone for your comments. I've opened the account and got my confirmation of account number already so I'll go into a different branch to get transfer done.

ceredigion

KTF wrote: »

No. It will be a new issue or something like that.

haw can you be so sure it is a variable rate after all

Alonso14

With regards to the "variable" part of the 2.5% direct isa, isn't the product effectively a 2% bonus for 12 months since their current variable rate is 0.5%. Therefore, for existing customers of this isa, the lowest rate the isa will pay is 2%, and that is if their variable interest rate falls to 0% which obviously isn't going to be the case