Santander ISA matured

PoGee

https://forums.moneysavingexpert.com/discussion/comment/82025221#Comment_82025221

That's for transfers from another bank i think.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82025225#Comment_82025225

You think wrong I'm afraid.

BTW, Santander also offer an "upgrade your ISA" option. I have never used this myself but I understand it's very easy to do. Too late for you now for most of your money but it might be something you might want to use for the remainder of your matured funds.

badger09

https://forums.moneysavingexpert.com/discussion/comment/82025242#Comment_82025242

I used it recently. I had a Santander FRISA due to mature. Approx 4 weeks before maturity Santander emailed wth maturity options, one of which was to ‘upgrade’ to a new FRISA. As the new one had a higher rate, I ‘upgraded’ immediately without any penalty. Kept same account number and interest was credited the following day.
Couldn’t have been easier

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82025199#Comment_82025199

Santander should definitely be doing everything to make sure you're aware you're taking money outside of the ISA wrapper. Other providers do it better. It's perfectly reasonable to think that transferring money between Santander ISAs counts as an "ISA transfer", and if there aren't any warning messages then Santander need to review this.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82025560#Comment_82025560

Do we know for certain that there are no warning messages?

I get this when I try an internal transfer from my Santander ISA

Aylesbury_Duck

I get the same warning.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82025576#Comment_82025576

Fair point, I assumed the OP would have noticed the warnings before proceeding

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82025854#Comment_82025854

Probably more accruate to say that they should have seen the wording.

However it is already apparent that they entirely misconstrued the nature of Santander's clearly designated internal ISA transfer form and some how read it as relating to external transfers from other banks.

So having failed to use the correct form for internal transfers, at this point it's pure speculation as to what they actually did to arrive at their current predicament.

PoGee

I was within my 14 day cooling off period so asked them to cancel the new fixed rate ISA. They said they would and that my allowance would be reinstated. I took their word for it. Money was transferred back to the matured ISA, which is giving 0.9% interest BUT they've gone back on their word on the 2nd assurance.

I've logged a complaint but not heard back. I'm not going to let it stress me but will probably move banks and get one if those monetary incentives. Think one bank is offering £225. (current account).

I no longer have trust in Santander as there was another incident - something about them not being able to stop future card payments to a retailer which was opposite to what the FCA say .

PoGee

Won small X2 on premium bonds March + May, this year. Found out when buying NS&I fixed rate bond yesterday. Smallish holding so quite happy. And winnings are tax free.