Santander cash ISA

Mickygg

Hi

Does anyone know if santander will do the usual and offer market leading ISA rates in the run up to the tax year end?

I assume with the 123 account interest they won't this time round but wanted to check.

Cheers

masonic

The usual? Did they offer anything market leading last year or the year before that, or...?

ctdctd

Haven't they just done a 2% 2 year ISA fix for 123 customers.

Not quite market leading but not far off.

Mickygg

masonic wrote: »

The usual? Did they offer anything market leading last year or the year before that, or...?

Yes 2 years ago was 4%, last year 3% fixed for 2 years. Highest you could get.

masonic

Mickygg wrote: »

Yes 2 years ago was 4%, last year 3% fixed for 2 years. Highest you could get.

I think you're misremembering those rates. For example, two years ago, their 2 year fixed ISA rate for 123 customers was 2.5%*, not 4% (source) and was 2.3% last year (source) at the same time as a 2.8% 2.5 year fix from Nationwide was available.

Edit: * According to the best cash ISAs thread, it looks like this may have been available for a short time at 3% (but still not 4%) (source), but the rate was cut at the end of April 2013. Last years version does appear to only have been 2.3% though (source)

Mickygg

Blimey time flies, I must be thinking a year behind.

ratechaser

Last year was 2.3%, year before was 3%, year before was 4%. Plus the 0.1% "Rory Bonus" for the 3&4% rates. I've had them all...

This year's 2% isn't great, and I'm holding off until the end of April when my 3% one matures before I put any new money in. Hoping that something a bit better might come up...

enthusiasticsaver

My 2 year fixed rate cash isa matures 1.5.15 and it is earning 3% at the Santander 123 rate which was the best at the time. I will see what they offer in April when I have my savings review appointment with them but am pretty sure they won't be offering anything so I am moving it into stocks and shares. Will keep my emergency fund of £35-40k in 2 Santander 123 accounts with my other cash reserves in a 4 year Coventry BS fixed term isa (2.4%) and index linked national savings certificates. Everything else is going into my pension or stocks and shares.

Archi_Bald

enthusiasticsaver wrote: »

I will see what they offer in April when I have my savings review appointment with them

:eek: a savings review with a bank :eek:. Is that a bit like turkeys going for a pre-christmas review with butchers?

enthusiasticsaver wrote: »

but am pretty sure they won't be offering anything so I am moving it into stocks and shares.

I agree, their (like every other bank's) cash ISA rates will not be exciting. Hope you can resist taking out an S&S ISA with Santander

enthusiasticsaver

Don't worry AB I will definitely resist taking one out with Santander. I did not make the appointment as it seems if you are one of the Santander 123 select customers they just make the appointment anyway but I expect it is just an excuse for them to try and sell me something. I will be downloading the isa transfer form before I go and leave that with the advisor, pretty much the only reason I am keeping the appointment as you cannot get to close any accounts down without going into a branch. I have not transferred a cash isa to a stocks and shares isa before so not 100% certain how I go about it but I am pretty sure that I need to initiate it with Santander where the money presently is rather than through Cavendish investments where I will be sending it?


I have done my research on the Santander Atalas portfolio and it does not appear in any of the lists of better performing funds and is high charges as managed fund of funds so will definitely not be persuaded.

masonic

enthusiasticsaver wrote: »

I have not transferred a cash isa to a stocks and shares isa before so not 100% certain how I go about it but I am pretty sure that I need to initiate it with Santander where the money presently is rather than through Cavendish investments where I will be sending it?

You would normally complete the receiving manager's form and send it back to them. 'Push' ISA transfers are allowed, but not the norm.