Top Cash ISAs Discussion Area

bill86

bill86 wrote: »

I tried to do this online last friday, but phoned up today to check on it and was told my application has been abandoned, however they couldn't tell me why and the woman on the phone suggested that I make the application over the phone. The person I spoke to mentioned no problem with funding the account in the new tax year and therefore opening it with a zero balance. I should find out if its gone through by the end of the week!

Just in case this might still be of use to anyone, I just received confirmation that my Issue 3 flexible ISA is now open, without needing to make any deposit, ready for me to put in next year's allowance

bill86

purplestar133 wrote: »

I'm getting very concerned about my Santander Flexible ISA application now. I applied online last week (left it late as I won't be funding it until the new tax year, and will want as much of the 12 month tracker rate I can get!). I still haven't heard back and I don't want to miss out on the 3.3% rate. I've phoned around a few Santander numbers this morning and they all tell me they can't see the progress of online applications on their systems, that I have to fill in the form online. I'll filled in the contact form online and have no doubt it will take them an age to get back to me.

I'm wondering if my application has stalled because I said I would be funding it with £0, as I didn't want to pay anything in at that time.

Has anyone else done the same and had problems?
As I don't think I have time to wait to hear back from them, would I be able to apply again, this time saying I would fund it with the full amount, and then not doing so until the new tax year? That would be on the presumption that my current application has failed/stalled and isn't valid.

Argh!

Hey, yeah I had exactly the same problem... initially tried to do it online, and then I phoned up to check and they said the application had been abandoned but couldn't explain why and agreed with me that I should have been able to open one and fund it in a couple weeks after April 6th. I then re-applied for one over the phone and that has all gone through fine... so I'd phone them ASAP to apply.

Gigglepig

If you do not already have an account with Santander and want this ISA this tax year I would recommend applying in Branch.

If you apply by phone and they request copies of ID, chances are according to the Santander phone isa advisor I talked to today "slim" that the account would be open in time.

Terry_D

My wife and I both opened new ISAs at the beginning of this tax year with £5100 each. The interest rate at the time was quoted as 3.2% minimum but we have rececieved our statements to day and we have only received 2.8%.

Needless to say we won't be going back to them again and will be transferring it into a different provider as soon as the new tax year starts.

Don't trust Santanda! :mad:

Melgirl

Hi

I hope nobody minds me asking a question.

I have a Halifax ISA which I opened a while ago thinking it would start in the next financial year. There is not much in there at the moment.

I also have another saving account with Halifax.

My question is, if I transfer the money which is currently in my normal savings account into my ISA today, would the interest on the ISA be calculated on all of the balance at the end of the financial year? Will I then be able to leave the whole amount in there and then top it up over the course of the next financial year up to the limit?

Hope this makes sense and I would be grateful for any advice.

Melgirl

bill86

Melgirl wrote: »

Hi

I hope nobody minds me asking a question.

I have a Halifax ISA which I opened a while ago thinking it would start in the next financial year. There is not much in there at the moment.

I also have another saving account with Halifax.

My question is, if I transfer the money which is currently in my normal savings account into my ISA today, would the interest on the ISA be calculated on all of the balance at the end of the financial year? Will I then be able to leave the whole amount in there and then top it up over the course of the next financial year up to the limit?

Hope this makes sense and I would be grateful for any advice.

Melgirl

You would receive interest on the money transferred into the account based on how long it has been in your ISA... which would be 6 days. For example, if you opened your ISA at the start of the last financial year with £1000, with a fixed rate of 3% and you then put in £4,100 today.. you would receive £1000 x 0.03 = £30 and ((£4,100 x 0.03) / 365) x 6 = £2.02

...so a total of £32.02 at the end of the financial year.

From April 6th 2011 you will then be able to put in £5,340 until April 5th 2012. However, as your ISA is old, the interest rate on your account will most likely fall to 0.5% or something ridiculous! So it would be better for you to put your 2011-2012 allowance of £5,340 into a new account.

Melgirl

bill86 wrote: »

You would receive interest on the money transferred into the account based on how long it has been in your ISA... which would be 6 days. For example, if you opened your ISA at the start of the last financial year with £1000, with a fixed rate of 3% and you then put in £4,100 today.. you would receive £1000 x 0.03 = £30 and ((£4,100 x 0.03) / 365) x 6 = £2.02

...so a total of £32.02 at the end of the financial year.

From April 6th 2011 you will then be able to put in £5,340 until April 5th 2012.

Thats exactly what I wanted to know.

Thank you very much for your reply.

Mel

purplestar133

bill86 wrote: »

Hey, yeah I had exactly the same problem... initially tried to do it online, and then I phoned up to check and they said the application had been abandoned but couldn't explain why and agreed with me that I should have been able to open one and fund it in a couple weeks after April 6th. I then re-applied for one over the phone and that has all gone through fine... so I'd phone them ASAP to apply.

Thank you. What phone number did you use?

bill86

purplestar133 wrote: »

thank you. What phone number did you use?

0800 3899875

purplestar133

bill86 wrote: »

0800 3899875

Thanks, I'll try that.