Santander 2 year Fixed Rate ISA

keeley1973

So I am transfering my existing Santander ISA to their new fixed rate one but I am a little confused. I understand I can only pay in my allowance for 2014 to 2015 between the start of the new investment year in April and the end of May. It specifically says any further deposits after that date are not allowed. Does this mean for 2015/2016 I will be unable to put anything in for that year? Sorry if it sounds a silly question but wasnt sure if the "no further deposits" only applied to 2014/2015 year of investment or the whole fixed rate term! And if it is the case i cant invest there for 2015/2016 then what do i do? Take out another new one from scratch somewhere else? Thanks for any advice?

Archi_Bald

You cannot put your 2015-16 allowance into it. You would just open another ISA next April for the 2015-16 allowance.

eskbanker

And this year in particular there is the added complication of the July increase, i.e. you can pay in up to £5,940 between 6 April and 31 May but are then unable to take advantage of the additional £9,060 allowance that comes into play in July, unless Santander choose to change the rules between now and then....

keeley1973

Thanks so much. Answers on both counts was what i was suspecting. Dont think i would be in a position to be able to put in anything at either point (for the July increase) or for 2015/2016 year due to other commitments but nice to know anyway. I dont think they make it clear enough and i think others will be confused also

leonara_666

I have an isa with Santander that as a pensioner, I cant afford to have any other than instant access. As a none tax payer, should I be going for the current account that pays 3%.

innovate

If you don't expect to become a taxpayer in the future, you will do better with current accounts. Look out for the 4% and 5% current accounts, and use the R85 to get your interest paid gross.

intalex

eskbanker wrote: »

And this year in particular there is the added complication of the July increase, i.e. you can pay in up to £5,940 between 6 April and 31 May but are then unable to take advantage of the additional £9,060 allowance that comes into play in July, unless Santander choose to change the rules between now and then....

The following link seems to suggest that Santander will allow additional deposits from 1st July!
http://www.telegraph.co.uk/finance/personalfinance/investing/isas/10720912/If-I-save-into-a-fixed-rate-Isa-next-month-can-I-use-the-15000-allowance-in-July.html

badger09

intalex wrote: »

The following link seems to suggest that Santander will allow additional deposits from 1st July!
http://www.telegraph.co.uk/finance/personalfinance/investing/isas/10720912/If-I-save-into-a-fixed-rate-Isa-next-month-can-I-use-the-15000-allowance-in-July.html

Thanks for this
Santander's website not yet updated.

I suspect the 2 year fix @ 2% or 2.3% for 123 account holders, will not be around for long though.

intalex

badger09 wrote: »

I suspect the 2 year fix @ 2% or 2.3% for 123 account holders, will not be around for long though.

I suspect the same, which is why I called this morning and opened one.

The advisor I spoke to wasn't aware of anything formal confirming that further deposits will be allowed from 1st July, but as there is a 14-day cooling off period, I opened it anyway and will monitor for formal announcements over the next 2 weeks,

ColdIron

badger09 wrote: »

I suspect the 2 year fix @ 2% or 2.3% for 123 account holders, will not be around for long though.

Too true, they pulled the easy access and 2 year fix for non Santander customers last year on 8th April. I don't think the Exclusive Major 123 lasted much longer

Scarpacci

Santander have updated their page following the NISA changes: http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1237908323140&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateT2

They say you can contribute for 2014/15 from April 5 (?) up to August 31, 2014 - with full use of the NISA allowance from July 1. They say again "No subsequent additional deposits allowed." - I'm not sure whether that just means no more deposits after August 31, or that it means you can't make more than one deposit through the period - eg. add £5,940 on April 6 and then more on July 1.