Transferring matured ISA to Santander on Saturday

Kernel_Sanders

I currently have a Nottingham Building Society Regular Saver ISA which matures on 6th April. I want Nottingham to transfer the funds into a new Santander 1.5% instant access ISA but still be free to open another ISA with a different provider in 2019-20. Can/should I open the Santander ISA before 6th April with a nil balance or should I wait 'til Saturday morning? My current Regular Saver isn't online, but I'm already online with Santander.

masonic

It would be worth opening the Santander ISA now so that you can provide account details to Nottingham if they are needed. Presumably these will be visible to you immediately upon opening the account.

badger09

Kernel_Sanders wrote: »

I currently have a Nottingham Building Society Regular Saver ISA which matures on 6th April. I want Nottingham to transfer the funds into a new Santander 1.5% instant access ISA but still be free to open another ISA with a different provider in 2019-20. Can/should I open the Santander ISA before 6th April with a nil balance or should I wait 'til Saturday morning? My current Regular Saver isn't online, but I'm already online with Santander.

It makes no difference whether you open the Santander ISA (with a nil balance) today, tomorrow, 6th or 7th April or whatever.

The transfer from Nottingham, as long as you use Santander's transfer process, has no impact on your ability to pay up to £20k into an ISA with whoever you choose.

Kernel_Sanders

Thanks Badger. OK so when and how should I instigate the transfer with Santander? I want to reduce the inevitable loss of interest days ( it's for the maximum amount).

masonic

For guidance, you will need the information requested on this transfer form. The question is, what will happen to your existing ISA at maturity? This will determine when you can start the transfer.

Kernel_Sanders

masonic wrote: »

For guidance, you will need the information requested on this transfer form. The question is, what will happen to your existing ISA at maturity? This will determine when you can start the transfer.

Thanks for taking the trouble to post that hyperlink, which informed me that I had to make time to arrange a branch visit as I don't have a printer. I postponed something but then had to reschedule it after doing the application because it said I would have to wait up to three working days to get the new account number. Seven hours later it arrived by email, so I had to do the postponement again! I do wish Santander would include relevant information like this before you open your account e.g.I was forced to bring more plastic into the world because if you don't have your debit card number with you when making the application then the only way you can proceed is by ordering a new card! Furthermore, section 2 (2) of that transfer form fails to give you the option to transfer the whole amount because it expects you to forecast accrued interest (for the first few days of the new tax year) and add it to the capital!

badger09

Kernel_Sanders wrote: »

Thanks for taking the trouble to post that hyperlink, which informed me that I had to make time to arrange a branch visit as I don't have a printer. I postponed something but then had to reschedule it after doing the application because it said I would have to wait up to three working days to get the new account number. Seven hours later it arrived by email, so I had to do the postponement again! I do wish Santander would include relevant information like this before you open your account e.g.I was forced to bring more plastic into the world because if you don't have your debit card number with you when making the application then the only way you can proceed is by ordering a new card! Furthermore, section 2 (2) of that transfer form fails to give you the option to transfer the whole amount because it expects you to forecast accrued interest (for the first few days of the new tax year) and add it to the capital!

I think you're making it difficult for yourself;)

If you tick YES in section 2, your Nottingham ISA will be closed & the full balance transferred, which is what you want. No need for any 'forecasts'.

Kernel_Sanders

badger09 wrote: »

I think you're making it difficult for yourself;)

If you tick YES in section 2, your Nottingham ISA will be closed & the full balance transferred, which is what you want. No need for any 'forecasts'.

Section 2 (2) instructs you to choose one of the options.
Also, all the options imply that you can only transfer part of your ISA. Extremely poor wording by Santander.

eskbanker

Kernel_Sanders wrote: »

Section 2 (2) instructs you to choose one of the options.
Also, all the options imply that you can only transfer part of your ISA. Extremely poor wording by Santander.

But the point is that you're not meant to get as far as 2(2) if you're closing the old account and transferring everything:

Do you wish to close your existing (non-Santander) cash ISA and transfer all the balance, including the accrued interest, to Santander?

Yes or No

If you answered ‘No’ to the previous question, check that your existing ISA provider allows partial transfers and complete questions (1) and (2) opposite.

masonic

Kernel_Sanders wrote: »

Thanks for taking the trouble to post that hyperlink, which informed me that I had to make time to arrange a branch visit as I don't have a printer.

The link was for information purposes. You can't start a transfer unless and until you know the account number the ISA will mature into (or that it won't change).

I wouldn't be surprised if you could initiate a transfer over the phone, perhaps even online.

badger09

masonic wrote: »

The link was for information purposes. You can't start a transfer unless and until you know the account number the ISA will mature into (or that it won't change).

I wouldn't be surprised if you could initiate a transfer over the phone, perhaps even online.

[STRIKE]I don't know about initiating transfers over the phone, but it can't be done online.[/STRIKE]

IGNORE - see colsten's correction