Full ISA Guide Discussion Area

dingdong11

Unfortunately, I have missed out on the ISA I wanted with Santander, that was 2.5%. This was not only the best rate, but also the nearest provider if I wanted access in person to my cash. As I didn't know what to do yesterday, I didn't apply. Phoned first thing this morning and was told it had been removed and replaced with 2%.
Thanks for taking the time to respond.

badger09

dingdong11 wrote: »

Unfortunately, I have missed out on the ISA I wanted with Santander, that was 2.5%. This was not only the best rate, but also the nearest provider if I wanted access in person to my cash. As I didn't know what to do yesterday, I didn't apply. Phoned first thing this morning and was told it had been removed and replaced with 2%.
Thanks for taking the time to respond.

Sorry you missed out on that one.

Please don't panic though. If you need access to your ISA savings, forget about any fixed rate/fixed term product which will have interest penalties for early withdrawal/transfer.

Forget about the Santander 2 year ISA you applied for. You haven't paid any money in so you don't have to do anything about it!

The lady from the Coventry may have been quite clear, but she is quite clearly wrong. You do not have to get in touch with HMRC and you have done nothing wrong. (I'm a retired senior tax inspector so you can trust me on this one )

If you want to open the Coventry 2.6% ISA for your 2013/14 subscription you can do so - but do it quickly as the 'best' rates are fast disappearing.

Then have a look at Kazza's sticky thread for the best ISA which allows transfers in - and arrange for your previous year's subscriptions to be transferred to it.

Good luck

dingdong11

Thanks badger09. My partner opened the Coventry one, but I was put off by the fact that I can't transfer in my previous years funds. My brother is also a tax inspector, unfortunately he didn't offer any guidance yesterday and just told me to ring them today.
Thanks again!

londoner01

innovate wrote: »

Yep, it was a mistake to move the money into a savings account. May be ask Barclays whether they can move it back into the ISAs but chances they will be able to do that are extremely slim.

Just to let you know, last year I somehow managed to open a new ISA with Barclays that didn't allow transfer-ins by using money coming from a previous Barclays ISA. This meant that my old subscriptions had suddenly become my 2012/2013 subscriptions, instead of the ones I had ready to jump from my drip-feeder savings account.

I rang Barclays and after a bit of insistence (I seem to remember claiming that their interface wasn't too clear) they actually reopened the old ISA with the same amount and fixed it all at their end, which helped me not lose one year's worth of tax free status.

All this to say: chances may be slim but it is definitely worth a try! If you're not getting anywhere with the first people you speak to, ask to speak to their complaints department.

mark.skelton87

Thanks for maintaining such a useful and well designed website! I've been using it for a while, but this is my first post, with a quick question on ISA allowances.

I have 2 Cash ISA's, one opened in 2012/13 and a new one opened in 2013/14. So long as I don't invest more than the Cash ISA allowance in total, am I free to invest in both? For example, £2k in my new one and £2k in my old one?

innovate

No you cannot put new money into 2 ISAs. Well, you probably can do it physically but you will get into trouble with the HMRC over it.

Why did you open a 2013-14 when the 2012-13 was still taking deposits, and is still paying decent interest (which I assume is the case if you consider making deposits into it)?

tanyard

2 year isa states 2.50% interest. question does that mean 2.5 for each of the 2 years, or 2.5% in total at the end of the second year.

innovate

Presumably it says 2.5% AER? Where the A stands for annual.

http://moneyfacts.co.uk/guides/savings/what-does-aer-mean04-01-11/

tanyard

cant remember exactly if it said AER on poster in Santander, but counter staff told us we would be better keeping our money in 123 current ac at 3%, instead of 2 year fixed rate ISA as interest rate shown would be only half per year, is this right

innovate

Santander did recently have a 2.5% AER ISA. But that was not a 2-year one. I have not seen them having a 1.25% AER one.

Are you a tax payer, if so, what rate?