Santander Major ISA maturing

Wyndham

Just wanted to let off steam really....

I took out the Santander Major ISA two years ago, fixed at a rate of 4.10% I had a letter telling me it matures in May, and they will transfer it to an ISA paying a massive 1%!!!

2 years on, how times have changed

PeacefulWaters

Everybody matures on the same day.

I predict numerous posts complaining about slow ISA transfers out of Santander in May!

ColdIron

It's always worried me a little that Santander fixed ISAs mature so late, many good ISAs now close early April with a limited time to transfer in

Old_Slaphead

PeacefulWaters wrote: »

Everybody matures on the same day.

I predict numerous posts complaining about slow ISA transfers out of Santander in May!

It will be interesting to see. I believe they now have just 14 days to effect a transfer.
l recently moved isa funds from Nationwide to Coventry bs in just 2 days....now that's what I call service.

Gizmo247

PeacefulWaters wrote: »

Everybody matures on the same day.

I predict numerous posts complaining about slow ISA transfers out of Santander in May!

I'm not sure that is the case. I thought these mature on the 2nd year anniversary of opening.

Also it is not strictly 4.1%. It is 4% with a 0.1% bonus on the first years balance+interest.

PeacefulWaters

Gizmo247 wrote: »

I'm not sure that is the case. I thought these mature on the 2nd year anniversary of opening.

Post 25 in this link suggests otherwise.

https://forums.moneysavingexpert.com/discussion/3830443

Gizmo247

My detailed account title showing online is:

The detailed product name for this account is 2 YR FIXED RATE MAJOR ISA (B) 01/07/2014.

I can't think what else 01/07/2014 is apart from the maturity date.

PeacefulWaters

Gizmo247 wrote: »

My detailed account title showing online is:

The detailed product name for this account is 2 YR FIXED RATE MAJOR ISA (B) 01/07/2014.

I can't think what else 01/07/2014 is apart from the maturity date.

Guesswork on my part, but you may have a second (B) issue, hence a different date.

Gizmo247

True, I did come late to the party. :-) So you are probably right, there maybe two maturity dates 01/05/2014 and 01/07/2014

Archi_Bald

Gizmo247 wrote: »

I'm not sure that is the case. I thought these mature on the 2nd year anniversary of opening.

I believe you are right that they don't all mature on the same date but I don't believe they all mature on the 2nd anniversary of opening. Unless that anniversary coincides with the pre-defined maturity date.

There were at least 3 different issues of this ISA in 2012 (and at least one more in 2013). I have one that has a maturity date of 01/05/14, according to the T&Cs. It was opened with a transfer-in on 19/04/12.

But I also have a printout of T&Cs for an issue that matures on 01/06/14 - I pulled these T&Cs from the Santander website about a year ago, can't find them online right now. And there's one that matures in August 2014.

None of the issues seem to mature on the anniversary of opening - they all have specified maturity dates, one per issue.

Gizmo247 wrote: »

Also it is not strictly 4.1%. It is 4% with a 0.1% bonus on the first years balance+interest.

Agreed

Gizmo247

... Or in fact ^^^^^ what he said ^^^^^