Santander ISA 2012-2013. When OK to transfer.

arriva

Hi there,
last year I opened a 2012-2013 cash ISA with Santander, I added the year allowance and transferred a couple of old ISAs from other providers.
I opened this ISA the 7th April 2012 transferring £4000 of new money right away then the other two old (transferred) ISAs followed in May. During the year I kept topping until the max.

In March 2013 I received the statement saying "Your annual interest will be paid on the 1 May and this will be included in the statement you receive in March of next year".

Now my question is (three questions actually): I just got confirmation that my application for a bonus ISA has gone through at Leeds BS, can I transfer the whole lot right away? Or do I have to wait until the 1st May for the interest?

Since I opened this ISA the 7th April 2012 I assume it has reached maturity the 7th Apr 2013 and the interest rate I am being paid now has dropped, and I am free to transfer, correct?

What really bothers me is if it is safe to transfer now or I am being caught up in some penality?

Thank you in advance for your advice.

Mickygg

Don't assume anything. You haven't mentioned which isa you used so how would we know?You need to check the t&cs.
If you are not locked in and it's instant access you won't need to wait until 1st may as interest will be calculated and paid up until transfer.

ses6jwg

you need to find out what type of isa you have with santander. this is key before anyone can help you.

typistretired

You could always tick the box which states that you do not want the isa transferred until the isa has matured ie notice period

arriva

Thank you for your reply, it's the 1 YR FIXED RATE ISA 3.5%

I just checked their website and it's not very helpful. It was a popular isa last year.

arriva

typistretired wrote: »

You could always tick the box which states that you do not want the isa transferred until the isa has matured ie notice period

That's exactly what I was going to do but not sure how well banks communicate between each other. Sometmes they seem to make unbelievable mistakes.

typistretired

Well I have just arrranged for Nationwide who I have an isa with paying 3.10% until September 30th to transfer a maturing Saga ISA paying 3.60% last year but going down to 2.35% from 1st May and I have ticked that box. If it is fixed Santander will not release it until it matures.

arriva

Thank you for your input, my understanding was that FIXED 1YR means it matures after 12 months. Set up and paid in 7th April 2012 it should mature 7th April 2013.