SANTANDER sly change of ISA interest rate

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

Scouser_1917 wrote: »

..... it reverted to a nominal one fiftieth of one percent....

One fiftieth of one percent? 0.0002%? Are you sure you got your facts straight?

Scouser_1917

Rate quoted is 0.02

To me, that's two one-hundredths, or one fiftieth.

If they said 2.00%, that's two percent.
0.20% is two tenths of one percent, isn't it?

I checked your correction by getting a calculator, entered 1 divided by 50, the answer it gives me is 0.02

Have I made an error here? do financial institutions use different mathematics than the rest of us? (er, probably they do, given recent performances!)

saintalan

Scouser_1917 wrote: »

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...

What is the name of the ISA a/c you opened?

noh

Was it this one?
http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223420706689&maxage=3600

If it was, the T+Cs clearly state it matures on the 1st April 2013.
Far from there being no notification you were informed nearly a year before the rate dropped.

latecomer

Each ISA myself and OH held with Santander (several different ones, fixed and instant access) sent a notification of exactly when the rates would change and what to.

tanith

We have several Santander Isa's and have received notification of exactly when the rates will change and what to.. maybe you didn't get the letters.