August Deadline for payment into Santander NISA?

RiverRover

I have an existing fixed rate cash ISA with Santander. Given the increase in possible contribution up to £15,000 I was considering further investment
However, I have received an email from Santander saying they are only accepting additional contribution up to 31st August 2014

Is this peculiar to them or a rule that doesn't appear to have been publicised? It makes no sense either way?

colsten

Fixed term savings accounts generally do not allow ongoing deposits. This is the same at all banks and building societies around the world.

Most of the UK cash ISA providers have made an exception because of the ISA limit increase, and people have a limited time to make further deposits.

Uglymug

I got the same e-mail from Santander.
It makes perfect sense.
In my case, If I want to take advantage of the 2.3% interest for a 2 year fix I have until the 31st August to top up my ISA.
Otherwise I'll get 2.0% interest (what it dropped to just over a month ago).

Archi_Bald

Uglymug wrote: »

I got the same e-mail from Santander.
It makes perfect sense.
In my case, If I want to take advantage of the 2.3% interest for a 2 year fix I have until the 31st August to top up my ISA.
Otherwise I'll get 2.0% interest (what it dropped to just over a month ago).

Are you saying Santander will now allow you to deposit money into 2 cash ISAs with them in the same tax year?

Uglymug

Archi_Bald wrote: »

Are you saying Santander will now allow you to deposit money into 2 cash ISAs with them in the same tax year?

In my case the initial ISA was from a transfer (from Nationwide).
So I've still got this years allowance to invest.
Since all banks have recently reduced their ISA rates, 2.3% fixed for 2 years seems a good rate, just need to find £15K to deposit before 31st August.

buckster

Can anyone tell me if I can add this years ISA allowance to my 2 year fix or would I need to open a new ISA. When I log into my account it says I haven't added any contributions for this year so far and I am able to put in the full 15,200 I think it is. I thought you could only put cash in before the 31st August 2014 deadline?

badger09

buckster wrote: »

Can anyone tell me if I can add this years ISA allowance to my 2 year fix or would I need to open a new ISA. When I log into my account it says I haven't added any contributions for this year so far and I am able to put in the full 15,200 I think it is. I thought you could only put cash in before the 31st August 2014 deadline?

You are correct. You cannot now add anything to this ISA.

Are you sure a cash ISA is the best place for your savings at the moment?