Santander Major ISA maturing

Agram

With the May 1st maturity date I will have had the account for over two years. Dated from initial opening deposit and later transfer in reaching account.


So is the 1st May maturity date specifically for everyone before can transfer out without penalty? Or a time limit before interest rate plummets for people who are slow to transfer out?

KonkyWonky

Agram wrote: »

With the May 1st maturity date I will have had the account for over two years. Dated from initial opening deposit and later transfer in reaching account.


So is the 1st May maturity date specifically for everyone before can transfer out without penalty? Or a time limit before interest rate plummets for people who are slow to transfer out?

Both, if you transfer out before 1st May you will be penalised. This is also the date that the rate will plummet.

You can move to another Santander product within 28 days of the maturity date with no penalty.

dave_dph

For those Major ISA's maturing 01/05/14 Santander are now accepting transfer requests to the new 2.3% 123 ISA over the phone. A friend of mine called them this week, her new ISA is open and funds will transfer across on the 01/05/14.

homerhotspur

Does anyone know how Santander(and others) are going to incorporate the new £15k limits into fixed rates on offer at 6 April.

eg If you transfer into the new 2.3% rate, presumably you will be able to add up to the ISA limit for the year but will they hold the rate for you to top up to £15k at 1 July? If not( as seems likely) you will then be stuck as you cannot have more than one ISA per year.

Wammer

Transfers don't count towards your ISA allowance. However if you open a new ISA with a new subscription you can only have one that year.

innovate

Skipton have announced that they will let people to make additional deposits into their fixed rate ISA. Their rates are terrible though.

If you are considering the Santander 2-year fixed one, pester them for a commitment like Skipton have made. Or vote with your feet.

cydney65

dave_dph wrote: »

For those Major ISA's maturing 01/05/14 Santander are now accepting transfer requests to the new 2.3% 123 ISA over the phone. A friend of mine called them this week, her new ISA is open and funds will transfer across on the 01/05/14.

Did she still have to fund it within 14 days?

dave_dph

No she didn't have to fund within 14 days, the transfer will take place when the major iSA matures.

cydney65

dave_dph wrote: »

No she didn't have to fund within 14 days, the transfer will take place when the major iSA matures.

Thank you, will give Santander a ring

ETA All done, thank you dave_dph

KonkyWonky

dave_dph wrote: »

For those Major ISA's maturing 01/05/14 Santander are now accepting transfer requests to the new 2.3% 123 ISA over the phone. A friend of mine called them this week, her new ISA is open and funds will transfer across on the 01/05/14.

Do they send you a conformation email or provide written conformation of the delayed transfer?

I'd hate to wait until 01/05/14 and discover the transfer didn't take place with the product no longer being available.