Santander 2 year Fixed rate ISA_2012-14

innovate

FrankHornsea wrote: »

Does anyone know the actual date you can cash in this 2012/14 4% ISA? It was opened on 9th April 2012 but the t&c says it matures in September 2014? Santander not been much help so far.

Are you sure? I beleive there have been at least 2 issues of the 2012 Major ISA.

I took mine out on the 19th of April, and my T&Cs say it matures on 01/05/2014. The full title I can see in online banking is 2 YR FIXED RATE MAJOR ISA 01/05/2014. What's yours saying?

EDIT: come to think of it, it was probably me who changed the account name to include that date so that I could remember the end date easily.

Vortigern

innovate wrote: »

EDIT: come to think of it, it was probably me who changed the account name to include that date so that I could remember the end date easily.

While you could have changed the account name seen on the summary screen, if you click through to the transactions screen you would see something like:

The detailed product name for this account is 2 YR FIXED RATE MAJOR ISA 01/05/2014.

That text shows the maturity date and should answer FrankHornsea's question. It seems impossible to find the original T&Cs or the interest rate on Santander's site. I have a paper copy. "Account available from 5 March 2012. Maturity date 01.05.14"

Mine was opened in March 2012 with a transfer, then topped up on 6 April with a full year's subs.

badger09

innovate wrote: »

Are you sure? I beleive there have been at least 2 issues of the 2012 Major ISA.

I took mine out on the 19th of April, and my T&Cs say it matures on 01/05/2014. The full title I can see in online banking is 2 YR FIXED RATE MAJOR ISA 01/05/2014. What's yours saying?

EDIT: come to think of it, it was probably me who changed the account name to include that date so that I could remember the end date easily.

I 'opened' mine 7/3/12 and maturity date is 1/5/14 - the same as yours. I didn't change the account name - just recorded it on my spreadsheet

However, I do remember there being later versions (without the Rory element?) and found this, which could be relevant

http://www.money.co.uk/savings-accounts/savings-account-details/Santander/2-Year-Fixed-Rate-Major-ISA.htm

Vortigern

Gizmo247 wrote: »

The T&Cs say early withdrawal penalty is equivalent to 90 days loss of interest. But that is a woolly definition as 90 days at the end is more than 90 days at the beginning and what if you withdraw before 90 days of setting it up. Is it less in that case?

My T&Cs say 120 days loss of interest (and loss of the golf bonus)

It's not really a woolly definition; 120 days is 120 days. If you close the account during the first 120 days you'll get back less than you put in. If you close during the first year you lose 120 days interest on your original deposit. If you close during the second year you also lose 120 days interest on the first year's interest.

mfmaybe

I also have this product, ending on 1st May. Annoyingly I may need the cash before this date so it's useful to read the thread. I remember the 120 days interest penalty and accept that. What I can't seem to find/figure out, is exactly HOW to get my money out. Do I have to close the account, or could I leave a little bit of money in it? If it's just a partial withdrawal, how on earth do I do it? Can't see anything online, either logged in or not.

Also, if I lose 120 days interest (plus the interest for the last 3 months) then I am still due interest for some of the year. If I close the account early, how do I get this small amount paid? Would it be adjusted at the time of closing?

Lots of information about transferring existing ISAs, not so much about how to get your money back!

bsms1147

mfmaybe wrote: »

I also have this product, ending on 1st May. Annoyingly I may need the cash before this date so it's useful to read the thread. I remember the 120 days interest penalty and accept that. What I can't seem to find/figure out, is exactly HOW to get my money out. Do I have to close the account, or could I leave a little bit of money in it? If it's just a partial withdrawal, how on earth do I do it? Can't see anything online, either logged in or not.

It should be visible online, if it's not I would consider speaking to Santander. I have this ISA myself and as far as I can remember no partial withdrawals are allowed, so you would have to close it, likely in branch anyway.

Also, if I lose 120 days interest (plus the interest for the last 3 months) then I am still due interest for some of the year. If I close the account early, how do I get this small amount paid? Would it be adjusted at the time of closing?

Yes the adjustments to take that into account would be made at the time of closing.

Archi_Bald

You need to talk to your provider if you want to withdraw early.

mfmaybe

bsms1147 wrote: »

It should be visible online, if it's not I would consider speaking to Santander. I have this ISA myself and as far as I can remember no partial withdrawals are allowed, so you would have to close it, likely in branch anyway.

Thanks, no nothing online, I tried several links and got messages saying "not available with this product". I don't even know if I have phone banking security as I've not talked to them since the account was set up 2 years ago!

foster88

I opened the same 2 year isa and I was just wondering if I can also open a new one this year or not?

Archi_Bald

foster88 wrote: »

I opened the same 2 year isa and I was just wondering if I can also open a new one this year or not?

You can open as many ISAs as you like.

You can only put new money into one ISA each tax year (if it is an instant access one, you can transfer that ISA to another provider, even in the same tax year)

When did you last put money into your 2-year ISA, and when would you like to put more money into a new one?