Santander Major ISA maturing

Archi_Bald

Gizmo247 wrote: »

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

I think it is 01/05/2014, 01/06/2014 and 01/08/2014. Plus at least one in 2015.

EDIT: and obviously also one on 01/07/14 - - must have been yet another issue that they had in 2012.

whoschuffed

I got one of these 2 year fixed ISA's when they were at 4.0% and qualified for the 0.1% bonus. I lumped the entire years allowance in upon opening and haven't looked at it since!

Should really ring them up to find out what date it matures. Sure it is around August time.

What's the best thing to do when it matures? Move it into another one of my ISA accounts with another bank?

Archi_Bald

danielrostron wrote: »

What's the best thing to do when it matures? Move it into another one of my ISA accounts with another bank?

You'll have to decide closer to the maturity date. Nobody will know what the ISA rates in August will be - - though it is almost 100% certain that any cash ISAs you might have with other banks will pay abysmal interest by now. You should check what you get for them, and move them somewhere better.

savetilibleed

Old_Slaphead wrote: »

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.

Was this to the Coventry Fixed Rate ISA (19) fixed to 31.07.2017 at 2.75%? (I like Coventry) If so I'm not clear on whether they allow all transfers in.
Condition 3.3 quotes:

If you have already subscribed to another cash ISA for the 2013/2014 tax year, you can transfer the subscription to this account providing that your overall subscription for the 2013/2014 tax year into this account including this transfer is exactly £5,760. All such transfers must be in accordance with Conditions 6.1 or 6.2 (as applicable). If you have already subscribed to another cash ISA for the 2013/2014 tax year but do not make a transfer as described above, you may not make a subscription to this account.

And 6.1 quotes:

If you wish to transfer your 2013/2014 tax year's ISA subscription in full to this account from another cash ISA held with another ISA Manager, in accordance with ISA Regulations, this can be done by contacting us,

This *seems* to be saying it is only 2013/14 subscriptions that can be transferred - which is weird. Is that how you read it? And the transfer is limited to £5,760?

I do have a Major ISA that matures 1 May, but the urgent one is the Direct ISA Saver Iss 1 ending on 22 March. I transferred approx £7363 in March 2013, but I have only added (subscribed) about £45 and £173 interest has been credited today for a total of about £7596.

Wyndham

Gizmo247 wrote: »

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

4%, 4.1% - either way it's still much more than I'm going to get on the money after May

Looter

ColdIron wrote: »

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

I've been thinking about this lately - My FRISA matures 1 July but I like to open my cash ISA every 6 April to maximise interest. I'm thinking of opening an ISA on 6 April using the full allowance and when my FRISA matures I'll open another FRISA with a zero balance and transfer the matured FRISA and the ISA I opened on 6 April....am I right in thinking I am allowed to do this?

Archi_Bald

Yes you should be allowed to do this but you probably get even more terrible rates in July than you get in April.

With ISA rates so low, there is no point putting your 2014-15 money into an ISA before late March / early April 2015. Put the new money into a good interest paying current account until then.

If you want to keep your FRISA money in a cash ISA, you will probably get a slightly better rate by transferring it to a new provider in July.

ColdIron

Looter wrote: »

I've been thinking about this lately - My FRISA matures 1 July but I like to open my cash ISA every 6 April to maximise interest. I'm thinking of opening an ISA on 6 April using the full allowance and when my FRISA matures I'll open another FRISA with a zero balance and transfer the matured FRISA and the ISA I opened on 6 April....am I right in thinking I am allowed to do this?

I think Archi's covered your specific query but what I was concerned with were the ones maturing on 1st May
Bear in mind that some new ISAs get pulled early such as last year's Exclusive Major FRISA (8th April?) and there is often a narrow window within which you can transfer in from opening (2 weeks if I recall with that one)

So taking last year for example, if I had had an ISA maturing 1st May I wouldn't be able to transfer it until mid April but it gets pulled a week earlier

Old_Slaphead

savetilibleed wrote: »

Was this to the Coventry Fixed Rate ISA (19) fixed to 31.07.2017 at 2.75%? (I like Coventry) If so I'm not clear on whether they allow all transfers in.
Condition 3.3 quotes:

No it was the Isa reward which pay 2.5% variable with instant access. Applicant needs to have had a CBS isa since Feb 2013 to qualify for this account.

On the 2.75% FRISA you're only allowed to transfer in £5760 of 2013/4 subscriptions from another provider or fund it as a new ISA with that same amount.

jcb208

Had the letter today that my ISA is maturing the end of april ,rates on offer are a joke now £1+ 0.5% ,£10000+ 1%, £25000+ 1.5% So theres no way I will be staying with santander.Will be interesting to see what will be on offer in the next tax year