Santander (Rory McIlroy) 4% ISA

PeacefulWaters

Well done Consumerist.

I never hinted at this in post #2.

guitarman001

The other question is... where on Earth do I put my money now!? ISA rates are terrible. I already have 10% in equities and it may be used in the short-medium term (not sure). Got until July to find something..

SG27

guitarman001 wrote: »

The other question is... where on Earth do I put my money now!? ISA rates are terrible. I already have 10% in equities and it may be used in the short-medium term (not sure). Got until July to find something..

Forget about isas for now. Current accounts are where the good rates are currently. If/when ISA rates improve it will not take long for the average person to rapidly get a decent sum back in them now the limit is £15K

wearside_2

robatwork wrote: »

Didn't Santander offer a bonus on their McIlroy "endorsed" accounts if he won a tournament? And he won one yesterday.......

Rory won the 2012 PGA and Santander sent out a letter to confirm that he did and we were entitled to a o.10% Tax Free Bonus on maturity. My FRISA matures today. So far I have not been able to access it to transfer to other accounts. I can see the balance andthe amount of interest added but no sign of Rory's money! Breakfast first then a telephone call!

https://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237917369606&empr=Abbeycomd&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

Chjaka

guitarman001 wrote: »

I got this 2 years ago and it's expiring. Any ideas where to put the money now? I've not used this years allowance at all and don't think I will given the poor rates on ISAs.

Anyway! My MAIN question follows...
In year 2 I got > £200 in interest (4.1% on the balance) but in year 1 I only got £3.70!? How can this be????

Santander ISAs generally pay interest annually on the 1st May, so, if you opened and funded an ISA account on the first day of the new tax year it would pay a small amount of interest on the weeks between April 6th and May 1st. It will then pay out a full year's interest on the following two anniversaries of May 1st.

The dates may differ on your account but it will still be interest on the weeks between funding the account and it's annual maturity date.

Rob_Allen

guitarman001 wrote: »

I got this 2 years ago and it's expiring. Any ideas where to put the money now? I've not used this years allowance at all and don't think I will given the poor rates on ISAs.

Anyway! My MAIN question follows...
In year 2 I got > £200 in interest (4.1% on the balance) but in year 1 I only got £3.70!? How can this be????

My wife and I have Santander ISAs which were taken out because they were fixed at a good rate because we had a 123 current account. On double checking the interest rate this week I discovered that all the ISAs we have with Santander are paying less than the advertised rate when we took them out! Santander are blaming a 'back room error' but said that they would look into it for us! How many other people has this affected. I think their systems are not quite working correctly.

evenasus

Rob_Allen wrote: »

Santander are paying less than the advertised rate when we took them out! Santander are blaming a 'back room error' but said that they would look into it for us! How many other people has this affected. I think their systems are not quite working correctly.

We had Santander 2 yr Major ISAs (husband & myself) mature at the beginning of May. The interest was correct, including the.10%

One niggle though was, I was told that I would not lose out on the interest during the transfer to another 2 year ISA. But they have used the 0.50% for one day.
This Major ISA in question had only 1 years allowance.

If they do the same at maturity with the 2 year Major ISA I opened last year, which holds many years worth of allowances, then I will make a complaint.

After someone grumbled on MSE, someone else said 'Did it matter?'

Well, it will to Santander. I wonder how much interest they saved, paying out 0.50% instead of 4.10% to the thousands of people who's ISAs also matured.

moderngirl

atm I get more interest per month over a year using the 123 account, and im even paying tax, than I do on the isa 3% ( 2012 mcIlroy 2 year deal ) account.


I don't know if this helps anyone

guitarman001

Is it easy to transfer the cash ISA money to an investment account (Hargreaves)?

Vortigern

guitarman001 wrote: »

Is it easy to transfer the cash ISA money to an investment account (Hargreaves)?

For HL you'd have to download a form, fill it in, and post it.

You can get the form from this page