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Santander Fixed Rate ISA
EssexHebridean
Posts: 25,601 Forumite
Anyone else out there who opened a Santander 1 year fixed cash ISA just over a year ago and is finding that they are being very slow in changing it to a standard product? Mine is still showing as fixed and no interest paid (other than that 1 month lump that some of us got shortly after after opening) and nothing from Santander since the message a while back saying that it would automatically change to a standard product on its anniversary date.
I get that this is in their favour, but its interest rate is now woeful and frankly the sooner I can get it transferred the better. Anyone got any input on how long after the anniversary date they get their act together on this please!
TIA!
I get that this is in their favour, but its interest rate is now woeful and frankly the sooner I can get it transferred the better. Anyone got any input on how long after the anniversary date they get their act together on this please!
TIA!
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculator
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Comments
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Mine paid out a year's interest on 1st Oct as expected and the rate changed to 1.20%, so it automatically converted to an easy access 'ISA Saver' on that date too. Its odd that you haven't received your interest as presumably that would be automated. I also received a very small (£1-odd) additional interest payment on 4th October for some reason.
Did you submit any maturity instructions ? I didn't and let it default to the ISA Saver with the intention of transferring out soon.
It's still showing as a '1 Year Fixed Rate ISA' but only because that's what I named the account when I opened it and this can obviously be changed.
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Mine magically changed into a 1.2% 'Fixed' (but obviously NOT Fixed) ISA on Monday. The outstanding interest was added at that stage. I phoned them to ask about withdrawing the interest prior to the balance being transferred to Charter Bank. To be honest the first person I spoke to didn't have a clue. Having been transferred to another agent I arranged for the interest to be paid out immediately (it hit my Nationwide account whilst I was still on the phone to her). She confirmed that they had received the ISA transfer request from Charter Bank, but it might take 15 days. It appeared in my Charter Bank account 2 hours later. I DO think that my phone call was the catalyst - otherwise I suspect it would all still be languishing in the 1.2% account.#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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Thanks both - No, no maturity instructions as I just wanted it to change over, the interest to be paid and then I was always planning on transferring it in to my current year ISA which is held elsewhere.
Some investigation needed, I think!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
Hmmph - well I have shed some light on it - turns out mine is a 13 month one for some reason - the end date is apparently in November, rather than a year after I opened it. Not too impressed - although I imagine it must have been something notified to me at the time of opening that I missed. Glad I didn't proceed with the transfer out though or I'd have been hit with the interest penalty which frankly would have added insult to injury!
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
As the Santander fixed rate cash ISAs tend to have a fixed maturity date which means they end up being slightly longer than the advertised duration you sign up for, I guess you must have applied on or after the 1st October 2022 - just after they switched the maturity date from the 1st Oct 2023 to the 1st Nov. This can even happen when they're midway through one of their £50 eVoucher promotions, IIRC.EssexHebridean said:Hmmph - well I have shed some light on it - turns out mine is a 13 month one for some reason - the end date is apparently in November, rather than a year after I opened it. Not too impressed - although I imagine it must have been something notified to me at the time of opening that I missed. Glad I didn't proceed with the transfer out though or I'd have been hit with the interest penalty which frankly would have added insult to injury!1 -
Yep - the 2nd, would you believe - it was funded the next day! Honestly - these things never happen when interest rates are the other way round and heading down again from a high, do they! (Well, not to me, anyway!)
The strange thing is that I was sure I'd had a message from them telling me it would end at the beginning of this month - I was quite surprised that it was - as I thought - over a month ahead when I spotted it, but just read through to make sure I could just leave things along and it would just revert to a standard account. Now, needless to say, that message is nowhere to be found, so I slightly suspect that it was sent at the wrong point and subsequently recalled.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
I'm going to open a 1 year fixed ISA with them and transfer £10K into it. With the £50 reward voucher currently on offer it makes the return worth 6.1%0
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Just in case you hadn't spotted it, you have to transfer the whole balance of an ISA (of £10k or more) if you want the voucher - partial transfers don't qualify.subjecttocontract said:I'm going to open a 1 year fixed ISA with them and transfer £10K into it. With the £50 reward voucher currently on offer it makes the return worth 6.1%1 -
Thanks, I hadn't spotted that.0
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Santander wrote to me stating that I could change up to 28 days prior to maturity to any ISA and the change would be immediate.Though I didn't receive the letter prior to the 28 day periodEssexHebridean said:Anyone else out there who opened a Santander 1 year fixed cash ISA just over a year ago and is finding that they are being very slow in changing it to a standard product? Mine is still showing as fixed and no interest paid (other than that 1 month lump that some of us got shortly after after opening) and nothing from Santander since the message a while back saying that it would automatically change to a standard product on its anniversary date.
I get that this is in their favour, but its interest rate is now woeful and frankly the sooner I can get it transferred the better. Anyone got any input on how long after the anniversary date they get their act together on this please!
TIA!
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