Santander ISA interest

bestyman

Hi,
So I opened a Santander ISA  on 26 September 2023,. on 1st October 2023 I get a little interest. Since then I have had no interest at all.  The interest rate is showing as 5.6%.
A few questions.
When do I get the interest?
If I pay more money in as it's a new tax year, do I still get 5.6%? The rate has since dropped but is that nly for new accounts?
Thanks in advance

Peter999_2

You should get more interest on 1st October 2024.    Is it a fixed ISA?   If it is they won't let you add anything to it, you'd need to take out another ISA.

eskbanker

bestyman said:

So I opened a Santander ISA  on 26 September 2023,. on 1st October 2023 I get a little interest. Since then I have had no interest at all.  The interest rate is showing as 5.6%.
A few questions.
When do I get the interest?
If I pay more money in as it's a new tax year, do I still get 5.6%? The rate has since dropped but is that nly for new accounts?

Those questions should be answered by the account terms and any subsequent notifications of rate changes (if applicable to existing accounts), but if you share the name of the account on here then you may receive some informed input....

bestyman

Just had another look, its a fixed rate ISA from Sept 23 to 5th Mar 24. 

So I think thats the info, but why is it still showing as 5.6% now?

refluxer

bestyman said:

Just had another look, its a fixed rate ISA from Sept 23 to 5th Mar 24. 

So I think thats the info, but why is it still showing as 5.6% now?

It won't be a 6 month fixed rate - it'll be 18 months so if it was taken out in September last year then it'll mature in March 2025, which would explain why you're still getting the 5.6% interest rate. 

You'll get the next interest payment in October this year and the final one on maturity.

You can't pay anything further into a Santander fixed rate cash ISA after the initial funding window.