Santander Fixed ISA eVoucher offer

efunc

It looks like there are a few here who are familiar with the current deal. I have a hypothetical question about it. I know Santander run these kinds of offers regularly. Does anyone know roughly how long they run before they're pulled? Perhaps all of April for example, to entice a large ISA instake? Or perhaps just a couple of weeks, or longer?

I ask since I was going to transfer in over £100k to qualify for the highest paying offer, but to do that I first need to merge two ISAs transferring to Moneybox first before Santander. This will potentially take a couple of weeks because one matures on the 26th.

refluxer

My memory is that the eVoucher promotions usually run for a good few weeks (possibly up to 3-4 weeks), but this can presumably vary, especially if they have a funding target and reach it quickly.

They tend to run the promotion twice a year - at the end of March and end of September.

You don't need to request the transfer at the time of account opening so you may be able to open it ahead of time, but you do need to submit the request with 14 days of account opening and the money needs to be transferred within 30 days (with an ultimate funding deadline of 31st May)

Here's the relevant bit from the Santander fixed rate cash ISA T&Cs…

You can pay money in until 31 May 2026. You can do this electronically or in cash in branch, over the phone or through Online Banking.

We won’t accept any deposits after that date. You can also transfer in existing Santander cash ISAs and existing ISAs held with external ISA providers. 

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. 

If timings are tight and getting the voucher is important, then Moneybox may not be the best choice of interim ISA provider as they don't use the BACS ISA transfer service, which means you'll need to send a transfer form through the post to Santander and they may even choose to post it to Moneybox (despite email being an option), which will obviously slow things down.

https://forums.moneysavingexpert.com/discussion/6652224/moneybox-isa-any-advice-on-where-to-transfer-to

efunc

Thank you, that's very useful information. It does sound like it could be tight since it's quite possible the offer would be withdrawn by the end of April, although I might give it a go and open the account this week in anticipation of the transfer. I'll probably need to move it from Moneybox, where I have an easy access ISA currently. My Gatehouse ISA will mature on the 24th, and will need to be transferred to Moneybox before Santander to acheive the full lump sum.

I have a similar issue after opening the HSBC Fixed ISA too. The T&Cs to qualify for the full £500 cashback is more flexible, however my transfer from Meteor has taken forever because it's all paperwork and post!

sparkiemalarkie

https://forums.moneysavingexpert.com/discussion/6664190/santander-fixed-isa-evoucher-offer

Just saying … Barclays have a cashback offer of £600 for transferring £100,000 to their fixed flexible ISA @ 4,40% paid in cash rather than vouchers. Not sure if you would need to pay tax on the cashback though,

Apparently, according to their blurb you can pay transfer in more than 1 ISA balance

Get £50 to £600 when you transfer an ISA balance to us | Barclays

I believe there is a switching incentive too if you don't already bank with them

sx

efunc

https://forums.moneysavingexpert.com/discussion/comment/81963340#Comment_81963340

Thanks! Gonna run the figures to see if that actually works out as well, or better.

efunc

Oh, missed the part about needing to open a Premier Current Account to fully qualify. Too much hassle just for an ISA, but thanks anyway for the tip