Santander ISAs - 1 year or 18 month term - what have you chosen? Plus funding?

TiVo_Lad

I answered Other i.e. anything other than the first two options.

myname15

Thanks - I thought that was the most apt answer too.

nottsphil

myname15 said:

Thanks - I thought that was the most apt answer too.

But that means you have ruled out adding new money in April 6th-30th (or at any time), doesn't it?

badger09

refluxer said:

The only reason it says that you need to deposit funds by 1st April to get the advertised AER is because the 1 year account has a fixed maturity date of 1st April 2024 (and that's the fixed point they've used to determine the AER for all the different fixes) therefore you'll receive slightly less than this if you deposit after 1st April 2023 (because the funds will have been in for less than a year), just as you would expect.

Basically, if you deposit on (say) the 2nd or 3rd April, then it'll make virtually no difference but if you were to leave it until the 30th April deadline, then you'll have lost a month so obviously would only get roughly 11/12ths of the interest you would expect from a 1 year fix at the stated rate.

Actually it’s a rolling fixed maturity date. 

I’ve opened a 1 Year & an 18 Month version & the KPI now shows maturity dates as 1 May & 1 November 

myname15

nottsphil said:

myname15 said:

Thanks - I thought that was the most apt answer too.

But that means you have ruled out adding new money in April 6th-30th (or at any time), doesn't it?

Sorry, I don't quite understand? 

Below bold text was my original question.  Surely if I answered option 2, that would suggest I don't intend to any further fund other than transferring in.  Option 3 (other) leaves the door open in terms of adding funds at a later date. 

Santander could have worded it better, providing more clearer options though!

If you applied for this with the intention of transferring in funds, then intend to fund the account with your 2023-24 allowance after 6th April (but before 30th April), how would you answer this?

How are you saving for this account?

- I will transfer money from an account in my name

- I will not be depositing new savings

- Other

Option 1 seems to expand with fields to populate with your Santander account.

Option 2 and 3 does nothing.