Santander Cash ISA 2014

tanith

I just opened the new Santander 2yr Fixed Isa which I want to transfer my Santander 2yr Major Fixed Isa into. I rang to check about the problem with the Major Isa not maturing till May 1st, she said that the Acc can be opened with a zero balance but you have arrange with them that they don't transfer the existing Major Isa before the maturing date which really can only be done over the phone. So she opened the Acc and made sure the existing Isa is transferred after May 1st.
The new Acc showed in my Accs list within minutes.

dharle

I'm not sure if I'm being thick but I've followed the link from my Santander 123 account and it presents two options: "Upgrade now" or "Apply now".

I don't know what the difference is. I'm looking to move over my existing ISA from First Direct which already includes my 2013/14 allowance. Can anybody please help?

skea56

tanith wrote: »

I just opened the new Santander 2yr Fixed Isa which I want to transfer my Santander 2yr Major Fixed Isa into. I rang to check about the problem with the Major Isa not maturing till May 1st, she said that the Acc can be opened with a zero balance but you have arrange with them that they don't transfer the existing Major Isa before the maturing date which really can only be done over the phone. So she opened the Acc and made sure the existing Isa is transferred after May 1st.
The new Acc showed in my Accs list within minutes.

Just a little note, please follow up and make sure it is transferred over once it matures - I locked away my ISA 2 years ago and was supposed to be getting 4% (if memory serves me) once it had matured in May.Fast forward 12 months and I received a reminder letter saying that I was only getting 0.5% interest.

After quite a bit of discussion in my branch, I managed to get it sorted and my interest backdated for that tax year, unfortunately they could not give me 4% for the 2nd year and put me on major one instead so have to wait an extra year to use the money.


sk56

tanith

dharle wrote: »

I'm not sure if I'm being thick but I've followed the link from my Santander 123 account and it presents two options: "Upgrade now" or "Apply now".

I don't know what the difference is. I'm looking to move over my existing ISA from First Direct which already includes my 2013/14 allowance. Can anybody please help?

Upgrade is for when you already have a Santander ISA, the other option is for when you don't, so Apply Now to transfer your ISA.

OnlyMe_08

Like many others, I have the 2year FR ISA maturing 1st May, so if I opened this account now, I can transfer in.

Could I also use my 2014-15 allowance on 6th April?

tanith

OnlyMe_08 wrote: »

Like many others, I have the 2year FR ISA maturing 1st May, so if I opened this account now, I can transfer in.

Could I also use my 2014-15 allowance on 6th April?

Yes to both those questions but make sure they don't transfer it till after May 1st by requesting it when you open the accoun either by phone or in branch.

ericpode

My Santander "Direct ISA Saver Issue 1" (2.5% AER for 12 months then 0.5%)

is about to expire, and I'm planning to transfer/upgrade it into a new Santander ISA.

The new one is said to be 1.8% here, but on the Santander site it is given as 1.6% (Direct ISA Saver Issue 6)

Have they dropped the rate so quickly?

Also, although my initial transfer-in of my existing ISA is dated 4/4/2013, the interest was added on 3/3/2014. Does that mean that my interest rate dropped to 0.5% on 3/3/2014 rather than on 4/4/2014 ?

datostar

ericpode wrote: »

My Santander "Direct ISA Saver Issue 1" (2.5% AER for 12 months then 0.5%) is about to expire, and I'm planning to transfer/upgrade it into a new Santander ISA.

The new one is said to be 1.8% here, but on the Santander site it is given as 1.6% (Direct ISA Saver Issue 6)

Have they dropped the rate so quickly?

Also, although my initial transfer-in of my existing ISA is dated 4/4/2013, the interest was added on 3/3/2014. Does that mean that my interest rate dropped to 0.5% on 3/3/2014 rather than on 4/4/2014 ?

I think the 1.8% stated must be a mistake. It's 1.6%. Your existing 2.5% lasts for 12 months from the date of opening the ISA but if you transfer/upgrade it before then you will go straight on to the new (lower) rate, so it will be be better from that point of view to wait until 4/4/2014 to change it over.

Gizmo247

Doesn't this transfer to an "ISA Saver" which has a tiered rate (God knows what rate that is now - did it go back up?), rather than a "Direct ISA Saver".

datostar

Gizmo247 wrote: »

Doesn't this transfer to an "ISA Saver" which has a tiered rate (God knows what rate that is now - did it go back up?), rather than a "Direct ISA Saver".

It does if you don't do anything about it (and it retains the same Sort Code & A/C No.) but you can use an online form to 'upgrade' it to the 1.6% Direct ISA Saver.