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Options for old santander ISA
fireice
Posts: 120 Forumite
I have a Santander ISA which I opened around this time last year with about 10k in it and I'm considering what to do with it as the rate is set to drop to 1%.
Since the ISA limit is going up 15k and I don't think I would fill that in a year, I was considering taking at least some of it out of an ISA.
Considering rates are so low, I don't want to fix for any longer than 2 years.
Here's what I was thinking:
Since I already have 2 TSB plus accounts, I would open a club Lloyds account and put 5k in it and then put 5k with Halifax 18 month fixed ISA.
A few questions,
1) Can anyone think of any better solution?
2) The club Lloyds account requires 2 direct debits but I only have 1 (mobile phone), can I easily set up another?
3) I have opened the 2 TSB accounts in the last 2 weeks, so will it be easy to open another in such a short period of time? (I have never had problems getting credit and have paid off my credit card in full every month for 3 years, never paid any credit late but my income is <£1500 pm)
4) I have considered Santander 123 but that would require a further 2 dd's plus the fee so I don't really think its a solution.
Thanks in advance and sorry for the long post!
Since the ISA limit is going up 15k and I don't think I would fill that in a year, I was considering taking at least some of it out of an ISA.
Considering rates are so low, I don't want to fix for any longer than 2 years.
Here's what I was thinking:
Since I already have 2 TSB plus accounts, I would open a club Lloyds account and put 5k in it and then put 5k with Halifax 18 month fixed ISA.
A few questions,
1) Can anyone think of any better solution?
2) The club Lloyds account requires 2 direct debits but I only have 1 (mobile phone), can I easily set up another?
3) I have opened the 2 TSB accounts in the last 2 weeks, so will it be easy to open another in such a short period of time? (I have never had problems getting credit and have paid off my credit card in full every month for 3 years, never paid any credit late but my income is <£1500 pm)
4) I have considered Santander 123 but that would require a further 2 dd's plus the fee so I don't really think its a solution.
Thanks in advance and sorry for the long post!
0
Comments
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1 - the DotComUnity ISA pays 3% and allows transfers in. See separate thread.
2 - yes. Setting up the required DDs is dead easy. See the Club Lloyds thread.
3 - if your question is about applying for another current account: should be no issue since your credit agency status sounds fine
4 - as above, any required DDs are dead easy to set up, so the 123 may well be a valid alternative for you0 -
Have you considered the Nationwide, 5% is good.
I've just changed two direct debits, it is easy. Just ring the company's a/ c dept and ask to change your direct debit mandate, they just take you new details over the phone ( or at least mine did )0 -
Have you considered the Nationwide, 5% is good.
Which ISA at Nationwide is 5% please?
I cannot see anything offering close to this:
http://www.nationwide.co.uk/products/isas/all-isa-accountsHoping this year is better than the last.0 -
1 - the DotComUnity ISA pays 3% and allows transfers in. See separate thread.
2 - yes. Setting up the required DDs is dead easy. See the Club Lloyds thread.
3 - if your question is about applying for another current account: should be no issue since your credit agency status sounds fine
4 - as above, any required DDs are dead easy to set up, so the 123 may well be a valid alternative for you
Thanks for the quick reply!
1) I looked on the articles on this website but didn't see that so I'll check the thread out
2) Is it easy to create 2? I might not bother to move my mobile DD then.
4) I calculated that the gain on Santander 123 after fee is about £25 over the 2% ISA so I'll probably be lazy and not botherWhich ISA at Nationwide is 5% please?
I cannot see anything offering close to this:
http://www.nationwide.co.uk/products/isas/all-isa-accounts
I think she means the flex current account. This is only for 2.5k and 1 year? These limitations do put me off but I'll consider it0 -
jennie44 is probably talking about the Nationwide FlexDirect account, a current account that pays 5% AER on up to £2,500 for 12 months if you pay in £1,000 a month. Though then she may not be since there is no need for any DDs with that account.0
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As I said, it is dead easy to set up those 2 DDs that some current accounts want, and it's also dead easy to meet any monthly deposits that are usually one of the pre-reqs to get paid any interest.
2 x £2K in TSB Plus, 5% AER
1 x Club Lloyds, 4% AER on £4-5K (plus access to monthly saver, max £400 a month, 4% AER
1 x Nationwide FlexDirect, 5% AER on £2.5K for a year
Caters for £11,500. Then there are all the 3% AER accounts, like the Santander 123. All of which, when exploited fully, pay a lot more than most cash ISAs would.
The DotComUnity ISA thread: https://forums.moneysavingexpert.com/discussion/4938603. Not for everyone but some people seem to have gone for it.
Of course, it you are into it for the longer term (5-10 years at least), then an S&S ISA should be hard to resist. Or may be even a one-off extra contribution to your pension funds.0 -
I've already got 2x2k in TSB Plus, will definitely get a Club Lloyds and will consider what the options for the remaining 5k, Thanks!0
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As I said, it is dead easy to set up those 2 DDs that some current accounts want, and it's also dead easy to meet any monthly deposits that are usually one of the pre-reqs to get paid any interest.
2 x £2K in TSB Plus, 5% AER
1 x Club Lloyds, 4% AER on £4-5K (plus access to monthly saver, max £400 a month, 4% AER
1 x Nationwide FlexDirect, 5% AER on £2.5K for a year
Caters for £11,500. Then there are all the 3% AER accounts, like the Santander 123. All of which, when exploited fully, pay a lot more than most cash ISAs would.
QUOTE]
You say it is dead easy to set up DDs, but if you've 'distributed' your DDs around bank accounts requiring DDs under their terms and conditions is there a simple solution?
Thanks0 -
You say it is dead easy to set up DDs, but if you've 'distributed' your DDs around bank accounts requiring DDs under their terms and conditions is there a simple solution?
Their terms and conditions says that you need x number of DDs (usually 2). Some of them say the DDs need to pay monthly, and some of them say the DDs need to be 'different'.
Look around the forums, there is plenty of discussion on how to achieve this in very simple ways.0
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