We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Santander fixed rate ISA - can't add money?!

Options
Just rang Santander to see what the latest date was I could transfer this years allowance (haven't added any yet) to be told I can't because it's a fixed rate ISA. It was a 2 year fixed rate one, with 4% interest and apparently it's locked down - I can't add and I can't take any money out.

I don't understand, is this right? It says I have £5760 contributions left to add to it on my online banking but the lady was adamant I couldn't add anything to it?!

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    lynxxy wrote: »
    Just rang Santander to see what the latest date was I could transfer this years allowance (haven't added any yet) to be told I can't because it's a fixed rate ISA. It was a 2 year fixed rate one, with 4% interest and apparently it's locked down - I can't add and I can't take any money out.

    I don't understand, is this right? It says I have £5760 contributions left to add to it on my online banking but the lady was adamant I couldn't add anything to it?!
    The overwhelming majority of FRISAs don't allow additional deposits (Lloyds / TSB and KRBS are the only exceptions I can think of).

    If you've not paid in to a cash ISA for this tax year you can open a new one with Santander or elsewhere.
  • lynxxy
    lynxxy Posts: 20 Forumite
    Thank you for the reply :)

    The thing is I didn't add what is in there in one go for the first year. I paid in a monthly direct debit for most of the year?
  • jimjames
    jimjames Posts: 18,635 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Presumably you can still open a different one with Santander, just not the fixed one you have at the moment.

    You wouldn't be able to take it out as you have signed up to a 2 year fixed term - though it would be interesting to know if that 2 years is from the first payment or the end of the last tax year?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • eskbanker
    eskbanker Posts: 36,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You'll need to fish out the Ts & Cs for your specific product from the literature provided at the time to establish when deposits had to be made by - their current 2 year fixed rate ISA clearly states "Deposits must be made within 14 days of account opening. No subsequent additional deposits are allowed" but if you were paying in repeatedly in year one of yours then obviously this condition didn't apply to your product.

    However, if you paid in monthly throughout year one and nothing in this tax year, then presumably the two year term is just about expired, so you'll need to be finding another product anyway?
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.