Santander ISA

Entabeni_wanderer

Hi.

At the start of the new tax year i opened a fixed rate ISA and transferred maximum allowed into it from my standsrd ISA (also with Santander)). However Santander now say i cannot pay more into either ISA since i have reached my limit for this year.

Can that be correct when i transferred from an ISA to an ISA using monies paid in during previous years?

eskbanker

When you say 'transferred', do you mean that you asked Santander to invoke their ISA transfer process, or did you just shift the money yourself from one account to the other? It's the former that you need to do if you don't wish to use up your current year contribution allowance…

refluxer

Did you move the money yourself or ask Santander to transfer it ? If you moved it yourself, it may count towards the current tax year's ISA allowance.

While there are a few ISA providers who allow you to move money yourself between ISA accounts, it's more common for you to need to ask them to transfer the funds to avoid it counting towards your allowance.

It's also worth noting that if you're transferring ISA funds paid in during a previous tax year from one ISA to another, the only limit that applies is the account limit the provider imposes (which can often run into the millions). The £20k allowance only applies to new subscriptions paid into an ISA (or ISAs) during the current tax year.

Rich2808

Got my two £50 reward voucher emails earlier today - barely a week after my transfers to Santander completed and only ten days after I opened both ISA accounts and asked for the transfers.

Incredibly efficient process all round - thank you Santander!

Not specifically related to the original post but I thought I would add it anyway!

Entabeni_wanderer

Thanks. I transferred the money from ISA i have had for a few years to a better paying ISA but would only let me move £20000. Santander state that i cannot now transfer money to any ISA as have used my allowance for this year.

Confused as to how since an ISA to ISA transfer and technically have not used any of my ISA allowance for this year since all monies in transferring ISA were from previous years allowances.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81986746#Comment_81986746

As above, if you simply move money yourself, rather than getting them to invoke their ISA transfer process, then it'll count as new money, which is why you were restricted to £20K.

georged123

https://forums.moneysavingexpert.com/discussion/comment/81981555#Comment_81981555

What email address do the links come from?

Waiting on mine and don't want to miss it if it goes to Junk. Thanks.

Ocelot

https://forums.moneysavingexpert.com/discussion/comment/81986783#Comment_81986783

Santander<Simply.Thank.You@dotdigital-email.com>.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81986746#Comment_81986746

As said already it sounds like it was not an actual ISA to ISA transfer, but that you withdrew money from one to your bank account and then added it to another. This is the wrong way to do it, if this is what happened. Probably a good idea to read through this forum as there are many many threads/questions/answers about ISA transfers.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81987367#Comment_81987367

As both ISAs are with Santander, OP would have been able to move money directly from one to the other as an internal transfer, without withdrawal to a current account. However, the fact that such internal movements are generically labelled as 'transfers' within the app or online banking presumably misled OP into believing that they constituted a valid ISA transfer…

elkiedee

It does sound as if you may have used your allowance for putting new money into an ISA.

However, if you still have money in your old "standard" ISA, and you're not happy with the rate you're getting, you might be able to transfer it. If your new ISA doesn't accept transfers or you're passed the deadline, look for an ISA which does pay a better rate for transfers - lots of banks and building societies are still currently offering a higher rate for fixes and some for variable rate ISAs. Not sure if any are still offering ISA switch incentives for old ISA money. When you open an ISA which accepts transfers, it will often offer you options to pay in new money (you can't do this if you've used your £20K allowance for 2026/27) or transfer ISAs. So if you take this option your new provider will then process this transfer request.