Santander fixed rate ISA - can't add money?! 27 January 2014 at 12:38PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 4 replies 1.1K views

lynxxy

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?!

opinions4u

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

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

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?

eskbanker

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?