Santander ISA - 4.15% 1 year fix plus voucher

howryoo

I just want to check that I'm understanding the product correctly.

So I could apply for and open the account online with a zero balance.  Once the account's opened, I'll request a transfer in  (or is this done during application - existing customer) to transfer an external non-Santander ISA above 10k.  I'll then be eligible for the voucher.

Does anyone know if say I opted for an Amazon voucher, is it generic - that is, can it be gifted to someone else and is it in any way tied to or refers back to the original applicant?

I've already used my 2022-23 allowance elsewhere, so from April 6th (from what I gather from the terms), the account allows me deposit my 2023-24 allowance until April 30th (if I decided to do so)?

refluxer

I opened one when they had the same offer last year and, from memory, that all sounds right to me. Pretty sure I applied for my transfer at the time of application but it's common for banks to have separate methods/online forms for requesting further transfers at a later date - you just need to make sure any transfer requests are received before the deadline they set.

The Amazon voucher would have just been a code, so there's no reason why you couldn't give that code to someone else. It took about 3-4 weeks to arrive, but my ISA transfer involved paper forms - the voucher may be received quicker if your transfer is electronic.

inspectorperez

Has anyone discovered please whether there is a monthly interest option when you work through the application process?

I cannot see mention of this anywhere in the product details and have concluded (rightly or wrongly) that interest only arises at maturity. Have tried getting an answer through online AI but just a waste of time!

refluxer

inspectorperez said:

Has anyone discovered please whether there is a monthly interest option when you work through the application process?

I cannot see mention of this anywhere in the product details and have concluded (rightly or wrongly) that interest only arises at maturity. Have tried getting an answer through online AI but just a waste of time!

The Summary Box for the Santander ISAs tells you when interest will be paid...

"Interest is calculated daily and is paid annually or at maturity."

...so monthly interest isn't an option.

rallycurve

You can't apply for the transfer in on application but will need to tick the box saying to are intending to transfer in if you don want to contribute to it.

Once open, you can submit the online transfer in form https://apply.santander.co.uk/PubRetSaveWeb/ola.htm?_flowId=isatransferin&refId=sanuk or post it or go to a branch if your current provider is not on the list

howryoo

Thanks.  So I could complete the online form for a transfer in, and provided the provider is on the list, the transfer will be done electronically?

Also, will I be able to pay in my 23-24 allowance from 6th April?

refluxer

howryoo said:

Thanks.  So I could complete the online form for a transfer in, and provided the provider is on the list, the transfer will be done electronically?

If you're talking about the list of providers who utilise the BACs ISA transfer service (there's a handy list here), then yes - if both banks are on the list then, in theory, it should be done wholly online without the need for posting paper forms.

Note that "applications must be received within 14 days of account opening and the funds in the ISA which you are transferring from must be available to be transferred within 30 days of account opening".

howryoo said:

Also, will I be able to pay in my 23-24 allowance from 6th April?

This key statement from the Santander Fixed Rate ISA T&Cs would seem to imply that is possible, but only up until 30th April.

"The ISA allowance for the 2022/23 tax year is £20,000 and deposits can be made up to and including 5 April 2023. The ISA allowance for the 2023/24 tax year is £20,000 and deposits can be made up to and including 30 April 2023. No subsequent additional deposits allowed."

howryoo

Thanks refluxer - yes, does seem there's a window from 6th to 30th April for 2023-24 funds.

Just want to make sure I've not missed anything.

I guess funds will just be rejected if not the case? 

subjecttocontract

rallycurve said:

You can't apply for the transfer in on application but will need to tick the box saying to are intending to transfer in if you don want to contribute to it.

Once open, you can submit the online transfer in form https://apply.santander.co.uk/PubRetSaveWeb/ola.htm?_flowId=isatransferin&refId=sanuk or post it or go to a branch if your current provider is not on the list

What happens if the current isa provider (Goldman Sachs - Marcus) is not on that list ?

refluxer

subjecttocontract said:

rallycurve said:

You can't apply for the transfer in on application but will need to tick the box saying to are intending to transfer in if you don want to contribute to it.

Once open, you can submit the online transfer in form https://apply.santander.co.uk/PubRetSaveWeb/ola.htm?_flowId=isatransferin&refId=sanuk or post it or go to a branch if your current provider is not on the list

What happens if the current isa provider (Goldman Sachs - Marcus) is not on that list ?

I transferred from the Principality BS to Santander when they had the same eVoucher offer on last year and I had to post off a paper ISA transfer form to Santander.

I can't remember whether I printed my own or they sent me one in the post, but it's possible I might have done the former to speed things up. There's info about ISA transfers and a link to download the form in PDF format here...

https://www.santander.co.uk/personal/support/savings-and-investments/ISA-transfers

refluxer

howryoo said:

Thanks refluxer - yes, does seem there's a window from 6th to 30th April for 2023-24 funds.

Just want to make sure I've not missed anything.

I guess funds will just be rejected if not the case? 

I would guess the funds would be rejected and returned, but it would make sense not to leave it too close to the deadline to avoid any hassle.