Santander Fixed Rate ISA

35har1old

refluxer said:

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%

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. 

If its previous year ISA which has more than £10000 do a partial transfer to a provider with the highest rate available and then do the transfer to Santander when the first  transfer completes

refluxer

Santander have reduced their 1 and 2 year fixed rate ISAs to 5.25% and 5.10% respectively. 

Funding the 1 year fix with a full ISA transfer of £10k at @ 5.25% plus the £50 eVoucher would give an effective rate of 5.75% which would take it to second in the 1 year table (just below OakNorth @ 5.80%) although you'd need to bear in mind that the Santander 1 year fix is closer to a 13 month fix at the moment, as the maturity date is 1st Nov 2024.

subjecttocontract

refluxer said:

Santander have reduced their 1 and 2 year fixed rate ISAs to 5.25% and 5.10% respectively. 

Funding the 1 year fix with a full ISA transfer of £10k at @ 5.25% plus the £50 eVoucher would give an effective rate of 5.75% which would take it to second in the 1 year table (just below OakNorth @ 5.80%) although you'd need to bear in mind that the Santander 1 year fix is closer to a 13 month fix at the moment, as the maturity date is 1st Nov 2024.

That's quite a drop. Along with Oak North there's Virgin (if you dare!) and Secure Trust who are all 5.75% or better.

refluxer

subjecttocontract said:

refluxer said:

Santander have reduced their 1 and 2 year fixed rate ISAs to 5.25% and 5.10% respectively. 

Funding the 1 year fix with a full ISA transfer of £10k at @ 5.25% plus the £50 eVoucher would give an effective rate of 5.75% which would take it to second in the 1 year table (just below OakNorth @ 5.80%) although you'd need to bear in mind that the Santander 1 year fix is closer to a 13 month fix at the moment, as the maturity date is 1st Nov 2024.

That's quite a drop. Along with Oak North there's Virgin (if you dare!) and Secure Trust who are all 5.75% or better.

I'm already an OakNorth customer so that option would be a no-brainer for a 1 year fix, however I'm seriously considering the 5.60% 2 year Nationwide fix as a way of locking in these rates for longer.

I made a decision to rule out Virgin Money for cash ISAs a while ago based on the tales of woe in numerous ISA forum threads - I notice similar IT-related complaints about Virgin over on the Top Easy Access Savings Discussion thread now, too !

refluxer

OakNorth have reduced their 1 year fixed rate ISA to 5.65% today - I had a feeling it wouldn't be around for much longer.