Top Cash ISAs Discussion Area

badger09

Lungboy wrote: »

The conversation went roughly:
"You can only pay into one ISA sir"
"I know, but from what I understand it is the same ISA, just with you managing it instead of Barclays."
"You can only pay into one ISA sir"
etc.

I'm more surprised to be told that payments into the ISA aren't allowed after some date in May, when the t&c pdf that Consumerist linked states that deposits can be made at any time, and makes no mention of a deadline, as even with the CS lady being incorrect, i wouldn't be able too pay in any more money anyway.

So how much have you paid in since 6th April?

There is no reference to a May deadline on their website. IF you had opened a 4% 2 year Fixed Rate ISA with Santander before 5th April 2012, you have a limited time in which to pay in your 2012/13 allowance.

Consumerist

badger09 wrote: »

If you've paid in less than £5640, you will be able to add to it, up to £5640, again, whether you leave it at Barclays or transfer it to Santander Direct ISA or anywhere else!

Thanks badger, I just could not believe the info Santander has been giving out and was starting to doubt my own sanity.

That's Santander for you. :eek:

Lungboy

badger09 wrote: »

So how much have you paid in since 6th April?

There is no reference to a May deadline on their website. IF you had opened a 4% 2 year Fixed Rate ISA with Santander before 5th April 2012, you have a limited time in which to pay in your 2012/13 allowance.

Sorry, i missed your post. I paid £180 into the ISA on the 6th, which due to Easter cleared on the 10th. She specified that she was talking about the Direct ISA with the 3.3% rate, and repeated several times that deposits must be made before some date in May. I wish i had written it down as i've forgotten the actual date.

badger09

Lungboy wrote: »

Sorry, i missed your post. I paid £180 into the ISA on the 6th, which due to Easter cleared on the 10th. She specified that she was talking about the Direct ISA with the 3.3% rate, and repeated several times that deposits must be made before some date in May. I wish i had written it down as i've forgotten the actual date.

No problem. I just wanted to make sure you hadn't actually put in the full amount straight away.

In that case, Santander lady is talking rubbish :mad: If you have taken her name, I'd be tempted to make a complaint -and that's not something I do lightly

Talking rubbish, or rather, not knowing the T&C of their products, is not unique to Santander unfortunately :eek:

If you go ahead, I'm sure you will be able to keep paying into the Direct ISA

meanscot

My wife and I both had ISA's with Bankof Scotland (aka HBOS) due to mature after 2 years. Mine on 13th April, my wife's on 12th April.

Transfer in forms sent in same envelope to Santander together nice and early before the maturity date.

My money now in my new Santander ISA since last Friday. I checked today with HBOS and discovered they have not yet received the request from Santander to transfer my wife's ISA fund. :mad:

Phoned Santander who said they received both transfer forms together and had sent off my wife's transfer request to HBOS at the same time as mine :mad::mad:

Santander said they will resend transfer request information to HBOS.

Wife a bit upset as I'm now getting 4% pa in my new Santander ISA and she is still getting 0.5% on her old HBOS isa.

Another example of a great british bank cockup.


meanscot

KTF

Interest should be backdated to the date the got the form so makes no odds.

meanscot

Thanks FTF.

That has put a smile on herself's face. :j

Meanscot

New_York_No1_fan

Lungboy wrote: »

The conversation went roughly:
"You can only pay into one ISA sir"
"I know, but from what I understand it is the same ISA, just with you managing it instead of Barclays."
"You can only pay into one ISA sir"
etc.

I'm more surprised to be told that payments into the ISA aren't allowed after some date in May, when the t&c pdf that Consumerist linked states that deposits can be made at any time, and makes no mention of a deadline, as even with the CS lady being incorrect, i wouldn't be able too pay in any more money anyway.

I support Consumerist with regards to paying in to your ISA and then transferring it and paying in the remainder of your allowance in the same tax year.

This confused me for a long time so contacted HMRC this week to double check. Spoke to lovely lady, Ann, who clearly stated that this was within the ISA rules, so long as you physically don't OPEN 2 ISA's in the same tax year - a transfer is fine as not deemed as opening.
And to be sure of HMRC advice, I rang them again and another HMRC confirmed this too.

I think HMRC are more likely to know their facts than Santander..............I wouldn't touch them with a barge pole!

badger09

New_York_No1_fan wrote: »

I support Consumerist with regards to paying in to your ISA and then transferring it and paying in the remainder of your allowance in the same tax year.

This confused me for a long time so contacted HMRC this week to double check. Spoke to lovely lady, Ann, who clearly stated that this was within the ISA rules, so long as you physically don't OPEN 2 ISA's in the same tax year - a transfer is fine as not deemed as opening.
And to be sure of HMRC advice, I rang them again and another HMRC confirmed this too.

I think HMRC are more likely to know their facts than Santander..............I wouldn't touch them with a barge pole!

I hope you are paraphrasing the words in bold here, as it is not correct :eek:

You can open more than one Cash ISA each tax year. But you can only put new money into one each tax year.

From HMRC ISA FAQs:
Q. How many ISAs can I have?
A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA and one stocks and shares ISA - one each for cash and stocks and shares.

But in different years, you could choose to save with different managers. There are no limits on the number of different ISAs you can hold over time.

vigman

Hi

I was interested in the BM 2 yr fixed ISA at 4.05% as in MSE's best cash ISAs but going to the website today (26/4) the rate is 3.6%.

http://www.bmsavings.co.uk/savings/isa-savings/764/2-year-fixed-rate-isa-yearly-interest.aspx

Has this changed recently?

TIA

Vigman