Santander to cut ISA rate

dave_dph

freddysmith wrote: »

Should I be reasonably confident that Santander will allow our maturing 2yr FRISA’s on May 1st to be upgraded/transfered to a new 2yr FRISA at the 2.3% rate without having to add new money?

Hi Freddy

Call them now! They will open the new 2.3% fixed account immediately with zero balance and arrange the transfer the old one across on the 1st May. A friend of mine did this a couple of weeks back for herself and her husband.

Not worth waiting until the 1st May, the 2.3% may well have been reduced by then.

Casciana

I have a Santander ISA maturing on 01.05.14, I'd like to upgrade today but I'm not sure if I can do this without losing interest (are you penalised if existing one hasn't matured yet)? Blurb says 'within 28 days of maturing', but doeas this mean 28 after the maturity date?
I've tried to ring Santander since Fri but closed for the bank holiday w'end, and I don't want to leave it until Tuesday in case the rate drops, as suggested on some other posts?

tanith

Casciana wrote: »

I have a Santander ISA maturing on 01.05.14, I'd like to upgrade today but I'm not sure if I can do this without losing interest (are you penalised if existing one hasn't matured yet)? Blurb says 'within 28 days of maturing', but doeas this mean 28 after the maturity date?
I've tried to ring Santander since Fri but closed for the bank holiday w'end, and I don't want to leave it until Tuesday in case the rate drops, as suggested on some other posts?

Call them ASAP when the phones reopen, and ask them to open the new 123ISA with zero balance and transfer the maturing ISA over after it matures. I've done this the new account was open the same day simples:D

Casciana

I can you do it online today but need to know if I'll be penalised (all in the wording 'within 28 days'), as it may be that as soon as they open for business on Tuesday the rate will have already dropped?

hgt

Casciana wrote: »

I have a Santander ISA maturing on 01.05.14, I'd like to upgrade today but I'm not sure if I can do this without losing interest (are you penalised if existing one hasn't matured yet)? Blurb says 'within 28 days of maturing', but doeas this mean 28 after the maturity date?
I've tried to ring Santander since Fri but closed for the bank holiday w'end, and I don't want to leave it until Tuesday in case the rate drops, as suggested on some other posts?

You might be able to open your new ISA right now (before Tuesday's rate drop)... but don't fund it with any money. Then as soon as your existing ISA has matured, you can request a transfer. As the 1.6% ISA at Santander is instant access, you have as long as you like to transfer your other ISA into it. So may as well transfer after your maturity date to avoid any penalties.