Santander isa

Marie_Williams

I have a few Santander ISA's. Two of them finish their terms one end of March. Interest not paid till May. One end of April Interest paid out June.


I want to transfer one of them to my Santander Current Account once the interest is in the account. Does anyone know how I do this. I need the money to pay of a credit card bill and go to Canada on holiday in June. Nowhere on the Santander site does it tell you how to cash in an ISA on completion of the term.

anoncol

Just transfer it online, nothing special about it because its an ISA. Special transferring of ISAs is when its to keep its tax free status, but since its going to your current account it doesn't matter.

jimjames

Transfer them as soon as you are able, you'll get more interest in the 123 account than the ISA.

bsms1147

Marie_Williams wrote: »

I have a few Santander ISA's. Two of them finish their terms one end of March. Interest not paid till May. One end of April Interest paid out June.


I want to transfer one of them to my Santander Current Account once the interest is in the account. Does anyone know how I do this. I need the money to pay of a credit card bill and go to Canada on holiday in June. Nowhere on the Santander site does it tell you how to cash in an ISA on completion of the term.

The Santander ones I have continue at their current interest rate until they pay out, at which point the rate reduces. I would be surprised if yours were different.

badger09

As per the posts above unless any of your Santander ISAs are Fixed Term/Fixed Rate.

In which case, if you transfer before the end of the Fixed Term, you will suffer an interest penalty.

enthusiasticsaver

Are you sure the one which pays out interest in May ends in March? I opened a 2 year fixed rate isa with Santander in March 2013 and expected it to mature in March 2015 but it actually matures end of April and the interest goes on 1st May. If you transfer it out before 1st May then you will incur an interest penalty.

ManAtHome

If your (Marie) Santander ISA is due to mature this year, you should have had a letter by now giving you the dates

When they mature, the funds are usually transferred to an instant-access ISA.

Marie_Williams

Thanks for your replies, yes that is where I was confused, I think mine is the same as Enthusiastic moneysavers. So I will have to wait until May 1st then? That is what I was concerned about. Have the letter saying it is completed on 31st March though.

Archi_Bald

Marie_Williams wrote: »

Have the letter saying it is completed on 31st March though.

What do you mean by "completed"?

Does your letter say the ISA has matured on March 31? It seems rather odd that a fixed term ISA should mature before the date of interest payment.

molerat

Santander pay ISA interest on set dates each year, which do not necessarily align with anniversary dates, and on maturity. The matured ISA then becomes an instant access ISA paying peanuts and can be transferred / withdrawn without notice. Have you checked to see what your on line account lists the ISA name as ?