Top Cash ISAs Discussion Area

badger09

adindas wrote: »

I want to transfer my ISA
I understand that Santander is currently providing Direct ISA, a Flexible cash ISA which allow transfer in from previous year ISA subscription paying 3.30%.


I am aware that the Natwest e-ISA is currently paying 3.5% for the balance of 30.000+ but the news is that it will be cut by 0.25% from 14th May. This will make Santander is on the Top of the league in term of interest rate.


I am considering transferring my ISA to Santander. I am interested in knowing whether there is a sismilar product which provides a better interest rate than Santander that I have missed ?
Thank you for your time.

Have a look at the first post on this thread

https://forums.moneysavingexpert.com/discussion/401374

The next highest rate below Santander are Nationwide and Principality, both @ 3.10% Obviously, if you are prepared to tie up your money for a year or more, you can get better rates

Consumerist

adindas wrote: »

I am considering transferring my ISA to Santander. I am interested in knowing whether there is a sismilar product which provides a better interest rate than Santander that I have missed ?

You might want to consider transferring the existing ISA to Santander but opening a new ISA for 2012/13, say, the <Cheshire BS Direct ISA issue 2> - it pays 3.5% variable, including bonus until 31 October [2013], on £1,000+, with easy postal access.

As said earlier, you can get better rates from a fixed ISA.

christhedon

Hi,

Which of the accounts will allow you to open one with using a cheque, so far the AA and chester say they can only open if you have a cheque. I'm abroad and don't have my cheque book at the moment, so need an isa account where I don't need a cheque book.

t0rt0ise

On the main site here it says that the Santander 2 year fixed ISA has to be opened in branch and this is wrong. It almost put me off considering it but I did go to the Santander website and saw that it can be opened online. How do we ask for information to be corrected?

t0rt0ise

p00hsticks wrote: »

I'm also rather miffed about the drop in Nat West rates, and am looking to move out, but I do think it's a bit unfair to say that they don't reward loyalty.

They have been consistently paying 0.75% higher interest to those who opened their e-ISA before May 2009 than to newer customers, and from what I can see, if you ignore the introductory 12 month 1% bonus rate, the underlying rate on the ISA on offer to new customers is still lower than the reduced rate that is being offered to these existing customers after 14th May.

To be honest, given that most banks drop rates on a regular basis after the first twelve months, I've been amazed that they've maintained the same (very competitive) rate at the same level for as long as they have - around two and a half years now. Given that it's a variable rate instant access account that allows transfers in and money to be added after opening, I'm struggling to find anything comparable to move to, even given the reduction in interest rates.

I agree with you. I've kept a check on the interest rate of my eISA with them and have been surprised each time that it's still holding good. Am now moving to Santander's 2 year fixed with a rate of 4%. Maybe should have considered that before but oh well. Just hope that it's not a mistake to tie it up for 2 years.

Consumerist

t0rt0ise wrote: »

On the main site here it says that the Santander 2 year fixed ISA has to be opened in branch and this is wrong. It almost put me off considering it but I did go to the Santander website and saw that it can be opened online. How do we ask for information to be corrected?

At the bottom of the <Best Cash ISAs> page there is link to report out-of-date information

Spotted out of date info/broken links? Email: [EMAIL="brokenlink&#64;moneysavingexpert.com"]brokenlink@moneysavingexpert.com[/EMAIL]

Lungboy

Consumerist wrote: »

It is true that you can pay into only one ISA in a tax year but that ISA can be transfered around to different managers throughout the year. If you transfer your ISA then it is still the same ISA but it will just be managed by a different manager.

Ok, i just opened the Santander direct ISA to transfer my Barclays Golden ISA. I paid into the Barclays ISA this tax year, and now i'm being told i can't also pay into it when it's with Santander which seems to contradict what Consumerist said.

Consumerist

Lungboy wrote: »

Ok, i just opened the Santander direct ISA to transfer my Barclays Golden ISA. I paid into the Barclays ISA this tax year, and now i'm being told i can't also pay into it when it's with Santander which seems to contradict what Consumerist said.

You don't say who told you this but, I suspect that they may have been confused with their fixed-rate ISA.

According to my earlier post, and according to the Santander Direct ISA Issue 9 pdf document I posted the link to, you have been misinformed.

It is not uncommon for Santander customer service to get things wrong. I would suggest you check again and draw attention to the Direct ISA Issue 9 pdf document.

Edit
You should be able to subscribe the remainder of the 2012/13 allowance over the course of the current tax year.

Lungboy

It was the bloke on the phone at Santander that i spoke to to open the account. He said that as i have paid new money into one ISA this year, i can't pay any new money into the Santander account once my old money has been transferred over as they are different ISAs.

Consumerist

Lungboy wrote: »

It was the bloke on the phone at Santander that i spoke to to open the account. He said that as i have paid new money into one ISA this year, i can't pay any new money into the Santander account once my old money has been transferred over as they are different ISAs.

If you have already paid money into the existing ISA in the current tax year (before transferring it) then that ISA has become the current year's ISA and you can pay into only that one during this year.

The guy at Santander appears to have got it wrong. Call again and hope you get someone who knows what they are talking about.

Edit
I suspect he thought you had opened a separate ISA already this year - which is not the case, as I understand it from what you have said.