Santander Fixed 18 month ISA

Band7

Richchad said:

When you get to the submit your application page it states this...

I apply to subscribe for a cash ISA for tax year 2022/2023 and each successive year until further notice. (This doesn't commit you to paying in every year but ensures that if you do, we won't need to ask you to complete another declaration).

Which means you are applying for this tax year not 2023/2024 which isn't what I want to do..

It says that you don’t commit to paying in every year.

So that means you don’t commit to pay in anything this tax year. Or next. Or the one after. Or ever.

The only thing you must not do under the ISA rules is pay new money into more than one of the same ISA type in the same tax year.

refluxer

Band7 said:

Mine is now open. There is no request to pay in this year. This is what they say:

If, against expecations, they won’t accept a deposit after April 5 if you haven’t made one in the current tax year, you can still choose a different one for your 2023-24 allowance.

They also don’t mention any deadline by which you must have made a deposit.

Those seem like fairly generic ISA statements but the T&Cs for these particular ISAs do actually give a deadline of 30th April 2023 for 2023-24 tax year deposits...

"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."

Richchad

Band7 said:

Mine is now open. There is no request to pay in this year. This is what they say:

If, against expecations, they won’t accept a deposit after April 5 if you haven’t made one in the current tax year, you can still choose a different one for your 2023-24 allowance.

They also don’t mention any deadline by which you must have made a deposit.

Okay, thanks for that Band7, I have just opened two of the fixed ISAs (not both for me) and it is like you say, nothing about needing to fund this tax year unless you want to and a reminder about each tax year dates.

So will wait until 6th April and attempt to fund both ISAs and see what happens. 

caper7

Slight tangent. 
I thought the e voucher for opening one of these ISA's was for £100, but the website now says £50.
Have they reduced it or is my mind playing tricks on me? 

refluxer

caper7 said:

Slight tangent. 
I thought the e voucher for opening one of these ISA's was for £100, but the website now says £50.
Have they reduced it or is my mind playing tricks on me? 

It's £50 which is the same as it was when they last had the offer in September last year.

Middle_of_the_Road

caper7 said:

Slight tangent. 
I thought the e voucher for opening one of these ISA's was for £100, but the website now says £50.
Have they reduced it or is my mind playing tricks on me? 

The voucher is awarded when transferring in from another provider, not just for opening the isa.

Get a £50 e-voucher when you transfer in a non-Santander ISA of £10,000 or more to one of our fixed rate ISAs

Choose a £50 e-voucher from one of over 100 retailers. Terms and conditions apply. Offer is subject to availability and may be withdrawn at any time.

Not sure if it was £100 before, the only 100 reference is the choice of 100 retailers 

Band7

Before you make any deposits after end of March, check the interest rate! 

moneyfoolish

Presumably, if you open this ISA with a view to fund it with a transfer from a Cash ISA from another bank but do not start the transfer within 14 days, then the Santander ISA will be cancelled? I assume if this happens, you could open the same Santander 18 month ISA unless it had been withdrawn and start the process again. I'm asking this question because I may want to hang on for a while to see if there are rate increases in the next couple of weeks before I complete any transfer.

Band7

moneyfoolish said:

Presumably, if you open this ISA with a view to fund it with a transfer from a Cash ISA from another bank but do not start the transfer within 14 days, then the Santander ISA will be cancelled? I assume if this happens, you could open the same Santander 18 month ISA unless it had been withdrawn and start the process again. I'm asking this question because I may want to hang on for a while to see if there are rate increases in the next couple of weeks before I complete any transfer.

Your transfer request must be received by April 30, or within 14 days of account opening, so you have at least a couple of weeks from now to submit it.

 As long as you make no new deposits after April 5, and do not request a transfer-in, you are not committed to do anything with the Santander ISA. In this case, should anything better come along in the next couple of weeks (which I seriously doubt), you can still opt for the better one. But if you don't apply for the Santander one now, it might no longer be available by the time you want it. Bird in hand etc etc etc

InvesterJones

Band7 said:

Before you make any deposits after end of March, check the interest rate! 

Presumably that's because the account matures on a fixed term after opening. If you open a fixed term account but don't fund it at the start of that fixed term then you won't be earning interest for the full term, and the AER will therefore be (slightly) lower due to less compounding.