New Santander ISA funding

benny5

I’ve got an ISA maturing at the end of May and I’m looking at moving all the funds into a new Santander 2-year fixed option. I hope this would qualify for the £50 incentive as the total will be in excess of £15000.

What I’m trying to establish is;

1)      Can I open the new ISA now and start funding it with ‘new money’, then at the end of the month request the transfer of the maturing funds from the old ISA to this new one?

2)      If the above scenario is achievable should the request for the maturing funds be processed via the current or the new provider (Santander)?

Thank You.

refluxer

When you open a Santander fixed rate cash ISA, you've got 14 days from the date of account opening to submit the transfer-in request and the funds have to be received within 30 days.

"For ISA transfers from another provider, we’ll need to receive:your application within 14 days of your account being opened and the money from the ISA you’re transferring within 30 days of your account being opened."

So yes, you can open the account and start to pay new subscriptions into it (the deadline for new subscriptions into the current crop of fixed rate ISAs is the end of June) but you'll need to get your transfer request in within 14 days of account opening, which would be 2nd June if you opened an account today. The danger with leaving it until then though is that they could withdraw the £50 eVoucher offer in the meantime, which means you'd lose out on that.

Requesting the transfer in advance (while the offer is still running) might secure the voucher (you'd have to read the offer T&Cs to be sure of that) but you'd obviously have to ensure that you choose the option which transfers after the maturity of your existing ISA in order to avoid the penalty for transferring before maturity.

When transferring a cash ISA, you need to submit the transfer request to the receiving bank, so Santander in this case.

mebu60

How long is the funding window for the new Santander 2 year fix? 

Transfers-in are done via the new provider. 

refluxer

One other thing to bear in mind when opening accounts with Santander if you're not an existing customer is that it can take up to a week or so to get access to online banking, as they have to post IDs/codes to your home address.

benny5

refluxer said:

When you open a Santander fixed rate cash ISA, you've got 14 days from the date of account opening to submit the transfer-in request and the funds have to be received within 30 days.

"For ISA transfers from another provider, we’ll need to receive:your application within 14 days of your account being opened and the money from the ISA you’re transferring within 30 days of your account being opened."

So yes, you can open the account and start to pay new subscriptions into it (the deadline for new subscriptions into the current crop of fixed rate ISAs is the end of June) but you'll need to get your transfer request in within 14 days of account opening, which would be 2nd June if you opened an account today. The danger with leaving it until then though is that they could withdraw the £50 eVoucher offer in the meantime, which means you'd lose out on that.

Requesting the transfer in advance (while the offer is still running) might secure the voucher (you'd have to read the offer T&Cs to be sure of that) but you'd obviously have to ensure that you choose the option which transfers after the maturity of your existing ISA in order to avoid the penalty for transferring before maturity.

When transferring a cash ISA, you need to submit the transfer request to the receiving bank, so Santander in this case.

Really appreciate that.

I've got an existing A/C with them and its straightforward adding new funds, however, I'm struggling to locate the 'XFER funds from another provider' option. 

mebu60

benny5 said:

refluxer said:

When you open a Santander fixed rate cash ISA, you've got 14 days from the date of account opening to submit the transfer-in request and the funds have to be received within 30 days.

"For ISA transfers from another provider, we’ll need to receive:your application within 14 days of your account being opened and the money from the ISA you’re transferring within 30 days of your account being opened."

So yes, you can open the account and start to pay new subscriptions into it (the deadline for new subscriptions into the current crop of fixed rate ISAs is the end of June) but you'll need to get your transfer request in within 14 days of account opening, which would be 2nd June if you opened an account today. The danger with leaving it until then though is that they could withdraw the £50 eVoucher offer in the meantime, which means you'd lose out on that.

Requesting the transfer in advance (while the offer is still running) might secure the voucher (you'd have to read the offer T&Cs to be sure of that) but you'd obviously have to ensure that you choose the option which transfers after the maturity of your existing ISA in order to avoid the penalty for transferring before maturity.

When transferring a cash ISA, you need to submit the transfer request to the receiving bank, so Santander in this case.

Really appreciate that.

I've got an existing A/C with them and its straightforward adding new funds, however, I'm struggling to locate the 'XFER funds from another provider' option. 

Cash ISA transfer

You have to instruct Santander via the process in the link above. 

Edit:
Which didn't seem to work when I tested it!
The url:
https://apply.santander.co.uk/SeceSaver/public-about-you

Alternatively use a search engine and ask 'how do I transfer-in an ISA to Santander'. 

35har1old

mebu60 said:

benny5 said:

refluxer said:

When you open a Santander fixed rate cash ISA, you've got 14 days from the date of account opening to submit the transfer-in request and the funds have to be received within 30 days.

"For ISA transfers from another provider, we’ll need to receive:your application within 14 days of your account being opened and the money from the ISA you’re transferring within 30 days of your account being opened."

So yes, you can open the account and start to pay new subscriptions into it (the deadline for new subscriptions into the current crop of fixed rate ISAs is the end of June) but you'll need to get your transfer request in within 14 days of account opening, which would be 2nd June if you opened an account today. The danger with leaving it until then though is that they could withdraw the £50 eVoucher offer in the meantime, which means you'd lose out on that.

Requesting the transfer in advance (while the offer is still running) might secure the voucher (you'd have to read the offer T&Cs to be sure of that) but you'd obviously have to ensure that you choose the option which transfers after the maturity of your existing ISA in order to avoid the penalty for transferring before maturity.

When transferring a cash ISA, you need to submit the transfer request to the receiving bank, so Santander in this case.

Really appreciate that.

I've got an existing A/C with them and its straightforward adding new funds, however, I'm struggling to locate the 'XFER funds from another provider' option. 

Cash ISA transfer

You have to instruct Santander via the process in the link above. 

You don't login to do the transfer 
You need the sort code for your new ISA and the same for the current one you are transferring from.
The link above is on the advert page
You just have to scroll down to view

benny5

Thanks for all the input. 

Following the instructions on this link was successful; 
How To Transfer Your ISA | Help & Support | Santander UK