Santader Fixed Rate Isa Maturity Options

drob4

Does anyone know when Santander contact you with maturity options?

I have a one year fix maturing in 10 days and haven't heard anything. There's an option to 'upgrade' the isa account: would I use this option now, if I want to open a new fixed rate account with Santander once the account has matured?

Appreciate any advice/shared experience.   

DJSINGH

I havent had anything either for the same maturity date. Just moved it to Virgin 1yr fix at 5.85% and clicked to served notice so it will transfer after maturity.

The_stingemeister

I have a non-fixed ISA with them due to mature in mid October. They contacted me by email 2 weeks ago about it. I want to upgrade to their fixed ISA but find it impossible to do it online or on the app. I just get sent around in a loop of having to sign in again. When I eventually got to the point of pressing upgrade it said you can't do internal transfers for this ISA, it has to be in a branch. Nearest branch is 25 miles away, feel like ******* them off. You used to be able to send secure messages to them, but that's gone. And yes I have tried phoning and just gave up.

DJSINGH

The_stingemeister said:

I have a non-fixed ISA with them due to mature in mid October. They contacted me by email 2 weeks ago about it. I want to upgrade to their fixed ISA but find it impossible to do it online or on the app. I just get sent around in a loop of having to sign in again. When I eventually got to the point of pressing upgrade it said you can't do internal transfers for this ISA, it has to be in a branch. Nearest branch is 25 miles away, feel like ******* them off. You used to be able to send secure messages to them, but that's gone. And yes I have tried phoning and just gave up.

why do you want to transfer to their fixed ISA when better ones are available elsewhere? (e.g. virgin 1yr 5.85)

subjecttocontract

Well some of us wouldn't touch Virgin with your bargepole based on our previous experience. It's not all about interest rates, customer service and their systems leave a lot to be desired but I agree there are other alternative ISAs available.

subjecttocontract

I received a letter from Santander today about my 1 year fix which ends 1st October. It follows an email received about 10 days ago. The do nothing option results in an ISA interest rate of 1.2%.

It says you can upgrade your fixed rate isa up to 28 days before maturity if you want another Santander isa and the interest rate will change straight away.

Suggest you contact them. 

The_stingemeister

subjecttocontract said:

I received a letter from Santander today about my 1 year fix which ends 1st October. It follows an email received about 10 days ago. The do nothing option results in an ISA interest rate of 1.2%.

It says you can upgrade your fixed rate isa up to 28 days before maturity if you want another Santander isa and the interest rate will change straight away.

Suggest you contact them. 

Thanks. But you can't do it online. Going to a branch is inconvenient as they close at 3pm.

subjecttocontract

Ok, I'm looking at my letter now.......
It says you can call them to arrange an upgrade of your ISA on 0330 9 123 123

refluxer

Not being able to open a new Santander fix and fund it with the old one yourself online seems fairly backward - fairly sure the majority of other ISA providers I've used allowed you to do that online, without a call or branch visit.

I'll be transferring mine away anyway though to get a better rate. Santander's fixed rate ISAs are normally only worth taking out when they have the £50 e-voucher promotion on and you transfer in and, even then, the ISA needs to be of a modest value so that the £50 voucher makes an appreciable difference to the effective interest rate.

drob4

Thanks for the above comments. There doesn't appear to be an easy way to confirm maturity options online (unlike every other fixed rate ISA I've had). The initial plan was just to roll the account over to another Santander fixed rate for simplicity (sacrificing a few £). As has been noted, there are higher rates available elsewhere, so I might as well transfer out.

Maddy189

This issue has been resolved by Santander. If you apply for the new fixed rate online/via app (as if for the first time) it gives you the option to upgrade an existing variable or fixed cash ISA (within 28 days of maturity). They will then automatically sweep the money across on the maturity date.