Upgrading Santander Fixed Rate Cash ISA

JSmith321

Received a letter that I could upgrade my cash ISA 28 days before maturity on the 1st Apr. If I do this will the interest of the previous year still be paid on maturity since I will have upgraded to a new product by then. Ironically, the new Fixed Rate Cash ISA has the same interest 4.15% as the previous years Fixed Rate Cash ISA but they seem to want customers to jump through loops to avoid a drop in interest (to a default ISA Saver (Issue 2) account paying 1.2%.)

gravel_2

I have the same ISA maturing early April. I'm not keeping it with Santander as can get almost 1% more elsewhere.

subjecttocontract

Santander will need to try harder than a totally non competitive 4.15% to keep hold of my ISA after 1st May. Like others I'll be transferring elsewhere. I can only assume they dont need my money any longer !

JSmith321

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

Stargunner

JSmith321 said:

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

To speed things up you can request a transfer in advance of the maturity date. Just make sure that you request that the transfer is not completed until at least the maturity date.

rallycurve

Stargunner said:

JSmith321 said:

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

To speed things up you can request a transfer in advance of the maturity date. Just make sure that you request that the transfer is not completed until at least the maturity date.

Do you know how long Santander will take to action this request and send the funds to the other provider after maturity?

Stargunner

rallycurve said:

Stargunner said:

JSmith321 said:

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

To speed things up you can request a transfer in advance of the maturity date. Just make sure that you request that the transfer is not completed until at least the maturity date.

Do you know how long Santander will take to action this request and send the funds to the other provider after maturity?

How long is a piece of string?
your guess is as good as mine 😀

subjecttocontract

JSmith321 said:

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

One factor will be wether the organisation accepting the transfer is part of the electronic ISA transfer system. If they are, there is a good chance that the transfer will be quite quick although officially they have, I think, 15 days......which probably isn't want you want to hear!

rallycurve

Stargunner said:

rallycurve said:

Stargunner said:

JSmith321 said:

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

To speed things up you can request a transfer in advance of the maturity date. Just make sure that you request that the transfer is not completed until at least the maturity date.

Do you know how long Santander will take to action this request and send the funds to the other provider after maturity?

How long is a piece of string?
your guess is as good as mine 😀

I requested a transfer in advance thinking this would be the fastest way to transfer out.
Santander confirmed receipt of it on the 23rd March. My ISA matured yesterday 1st April. I'll report when they send the funds to my new provider. In the meantime money is earning an amazing 1.2% 😬 so I suspect they'll keep it for a while

JSmith321

rallycurve said:

Stargunner said:

rallycurve said:

Stargunner said:

JSmith321 said:

What is the time taken to transfer to another provider. In the past it has taken over a month with the loss of one months interest making the transfer to a higher rate uneconomical. 

To speed things up you can request a transfer in advance of the maturity date. Just make sure that you request that the transfer is not completed until at least the maturity date.

Do you know how long Santander will take to action this request and send the funds to the other provider after maturity?

How long is a piece of string?
your guess is as good as mine 😀

I requested a transfer in advance thinking this would be the fastest way to transfer out.
Santander confirmed receipt of it on the 23rd March. My ISA matured yesterday 1st April. I'll report when they send the funds to my new provider. In the meantime money is earning an amazing 1.2% 😬 so I suspect they'll keep it for a while

Same here, they seem to be "Gaming" the system to make it less attractive to switch by holding the money in Limbo

subjecttocontract

Don't most providers do similar?  Every fixed rate ISA I've had has matured into a much lower rate easy access account. It's all part of the game.....they screw as much money out of you as they can, you show zero loyalty and leave as soon as there is something better. What were you expecting ?