ISA advice needed please

Sunshine_and_Roses

I am looking to open some fixed rate cash ISA accounts, and Santander are giving e-vouchers for transferring money in from other cash ISA's in full.

I currently have easy access ISA with Chip (£10k) and Moneybox (£20k) which I am happy to lock away for 3 and 5 years. Problem is, I can't see Moneybox on Santander's transfer list. I also have £20k 'new' money to add to an ISA.

My thoughts are

1. Open new accounts with Santander (possibly 2, 3 and 5 year fixes)
2. Transfer Chip to Santander 5 year fix
3. Transfer Moneybox to another provider (easy access) then transfer to Santander 3 year fix after a week or so
4. Open a new ISA with another provider then transfer to Santander 2 year fix after a week

I am hoping to get three bonus e-vouchers from Santander, and have money locked away at a good rate for 2, 3 and 5 years.

For info, I have some funds in a S&S ISA, also an emergency fund kept in Premium Bonds.

Do you think this would work ok? If so any suggestions on which new ISA to open for a quick transfer and also via Moneybox to Santander.

Thanks

sausage_time

Santander offer paper transfer forms too (for those not on their list)

https://dam.santander.co.uk/content/dam/publish/ola/digital-account-opening/cash_isa_transfer_form

Sunshine_and_Roses

https://forums.moneysavingexpert.com/discussion/comment/81958690#Comment_81958690

That's really helpful, thank you

superleeds27

https://forums.moneysavingexpert.com/discussion/6663665/isa-advice-needed-please

Someone mentioned this to me the other day. It's under Digital Moneybox LTD

badger09

I don’t know how much effort you’re prepared to put in but…

If Moneybox allow partial xfers out, you could open 2 instant access ISAs elsewhere. Xfer £10k into one & the balance into the other. Then xfer both into 2 separate Santander ISAs.

With your £20k ‘new’ money, open 2 instant access ISAs and again, xfer them into 2 separate new Santander ISAs.

Together with your £10k xfer from Chip, you could potentially bag 5 x £50 vouchers

Sunshine_and_Roses

https://forums.moneysavingexpert.com/discussion/comment/81958847#Comment_81958847

That sounds like a brilliant idea!! Looking into it now 👍

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81958847#Comment_81958847

Does the contributing to one Santander ISA in this tax year not apply when it has been transferred into 2 separate ISA

Beware of the general terms also

Might be bitter to split the Moneybox into 4 and very the amounts and avoid rounded figures then add new money to all.This might avoid Santander evoking the abuse clause as the new tax year has only begun.

I assume £20000 plus interest ie first transfer say £5100 then a further three all with different values the last containing the interest of course this might take to long the first three could be actioned immediately but the fourth would have to wait till the others completed to avoid any error and I don't think Santander has set a end date could go NLA

badger09

https://forums.moneysavingexpert.com/discussion/comment/81958919#Comment_81958919

I’ve opened 2 FRISA at the same time with Santander & transferred in 2 separate ISAs (having previously split one with over £21k into 2) Admittedly funds were previous years subscriptions.
I’d check their T&Cs

Not sure what you achieve by splitting Moneybox into 4.

sammy_zammy

HSBC also have a 4.5% fixed rate ISA, and you can get £150 for putting £20k in one (doesn’t have to be transfers). Would give you better than 2x £50 vouchers from Santander, and you wouldn’t risk the Santander offer ending as you do your transfers from Moneybox.