Santander ISA

NebulaNova

Hi all, with this ISA, can you apply, open and fund all online, or does it involve sending forms off? I normally use app based ISA's like T212.

At the end of the term, can you transfer it to another ISA online or will it involve a call/visit to a branch?

Thanks

Ayr_Rage

You can open and fund online.

Transfers out are not initiated through Santander, the new provider will request the funds from Santander and as long as that new provider supports electronic transfers you'll never see a piece of paper.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81957044#Comment_81957044

That's good to know, thanks. I've never had a fixed ISA before so bit worried that the money has technically gone for 12 months with no access. I know you can access it but would involve 120 days worth of interest as a fee - basically £300 if I need access to it within 12 months.

superleeds27

https://forums.moneysavingexpert.com/discussion/comment/81957066#Comment_81957066

If you think you might need access then maybe look at a flexible?

Monument is at 4.28% at the minute

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81957077#Comment_81957077

I have a Moneybox one at the moment for 4.26% so I may just end up adding to that.

Not sure I like multiple ISA years combined though, you never know what year you are transferring out or which year you are withdrawing from, or does that not matter?

Scot_39

AFAIK you can only transfer 100% of this years allowance if want to move - wheras you can transfer any fraction of past years subject to any new accoung minimums (like Chartered £5000 on their current fixes).

And so some banks and building societies make you explicitly declare which year you are transferring before as part of request (current or other) , others just warn you before set the amount.

I ran into the problem on a transfer at Cov BS - as the amount could have been either old or this years money. Delayed the transfer a couple of days as despite accepting the request by phone they didnt ask which, they then sent a snail mail request for the info..

friolento

https://forums.moneysavingexpert.com/discussion/6663486/santander-isa

All online. There is also a TCB cashback offer at present.

Transfer-out is initiated from the new ISA provider. You can submit your transfer request to the new provider a couple of weeks before maturity of your ISA, with the instruction not to transfer before maturity (assuming you are talking about a fixed term ISA). This is standard ISA practice, nothing special for Santander

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81957129#Comment_81957129

The TCB is for S&S I think. Thanks for the advice.

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81957093#Comment_81957093

As mentioned above, once money in an ISA becomes money that was paid in during a previous tax year, then it doesn't matter which tax year it was paid in.

I've had fixed rate Santander ISAs before and have opened, funded and subsequently transferred them away wholly online with no issues. Their rates aren't always the highest, but the eVoucher promotion can often tip things in their favour.

It's worth noting that, if you're new to Santander, you'll have to wait for password info to be sent through the post in order to access online banking.

If you think there's a chance you might need to access the money though, then a fixed rate ISA may not be a wise choice.

Rusty190

https://forums.moneysavingexpert.com/discussion/comment/81957407#Comment_81957407

Glad you said about having to wait for password information to be sent through the post refluxer. That's the position I'm in now. Very frustrating when money is ready to deposit.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81957112#Comment_81957112

Until two years ago, current year cash ISA contributions needed to be kept together in one place, but since the April 2024 regulatory change, they can be split up across multiple providers - that's not to say that all ISA transfer forms will actually allow that flexibility but they can do.