FAO TWFox, ISA Question

Mercenary Keyboard Warrior · 17 Apr 2013 at 17:55

Did you take out the Santander 2.5% Cash ISA?

I remember you saying it looked ok, same view as me, so kind of assumed you did

I am having a wierd conversation via the online message system and as I have never activated my telephone banking cant speak to anyone.

Reason I ask is that it appears the ISA in question was lowered on 8th of April from 2.5% to 2% and IS a variable rate one.

The response I got was the rates are online which would seem to indicate they have lowered it 2 days after the new tax year and loads of people could have deposited in it.

So Fox if you do have this and do have telephone banking setup could you possibly ask them to confirm the current rate as I am not getting a straight question after 2 attempts.

I really should setup the telephone banking doh

Jono8 · 17 Apr 2013 at 17:57

If you have a lot of savings (up to 20k) the 123 account is probably a better bet.

[TW]Fox · 17 Apr 2013 at 18:01

Yes I did and yes I still have the 2.5% rate - it was only withdrawn for new customers as of last Monday it seems.

Jono8 said:
If you have a lot of savings (up to 20k) the 123 account is probably a better bet.

Only if you are not a taxpayer - it's still best to max your ISA allowance, as the interest on the 123 (Which is I agree a great product) is subject to tax.

Mercenary Keyboard Warrior · 17 Apr 2013 at 18:02

[TW]Fox;24135004 said:
Yes I did and yes I still have the 2.5% rate - it was only withdrawn for new customers as of last Monday it seems.

Thanks for coming back

How can you tell your rate or did you speak to them?, I looked and didn't seem to be able to see it mentioned anywhere it was for new customers

Mercenary Keyboard Warrior · 17 Apr 2013 at 18:03

Jono8 said:
If you have a lot of savings (up to 20k) the 123 account is probably a better bet.

As fox says and also your thinking short term in 5 years time say for example if rates are 12% the tax free status would be very very significant.

Jono8 · 17 Apr 2013 at 18:04

Mercenary Keyboard Warrior said:
As fox says and also your thinking short term in 5 years time say for example if rates are 12% the tax free status would be very very significant.

Yes i was only thinking short term really.

Best to do both in my opinion ( if you have enough to save).

oh and heres to hoping interest rates wil be 12% in 5 years time......

[TW]Fox · 17 Apr 2013 at 18:05

Mercenary Keyboard Warrior said:
Thanks for coming back

How can you tell your rate or did you speak to them?, I looked and didn't seem to be able to see it mentioned anywhere it was for new customers

I went into a branch over the weekend to do a transfer between ISA's and she confirmed the rate for me at the time

Mercenary Keyboard Warrior · 17 Apr 2013 at 18:07

Jono8 said:
Yes i was only thinking short term really.

Best to do both in my opinion.

Well I max ISA allowance then need a savings home.

I still have a 3.25% account for a few more months but am actually about to convert my current account to a 123. The best savings I can find are around 2% so im switching to a 123 but its variable they could change the interest at any time in reality if rates fall much lower I wouldn't be surprised if they do.

I still get free annual travel insurance but looking around I will make more from the 123 than it would cost me to buy the same annual travel insurance.

Mercenary Keyboard Warrior · 17 Apr 2013 at 18:08

[TW]Fox;24135024 said:
I went into a branch over the weekend to do a transfer between ISA's and she confirmed the rate for me at the time

Ok thanks. I may nip into mine soon to check.

Did they transfer then and there for you? Mine refused and made me fill in a form to send off. Quoting its time consuming when there was no one else in the branch ^^

Bear · 17 Apr 2013 at 18:23

Jono8 said:
Yes i was only thinking short term really.

Best to do both in my opinion ( if you have enough to save).

oh and heres to hoping interest rates wil be 12% in 5 years time......

Yep as my mortgage will be virtually paid off then so I would mind the boost in interest rates

[TW]Fox · 17 Apr 2013 at 18:29

Mercenary Keyboard Warrior said:
Ok thanks. I may nip into mine soon to check.

Did they transfer then and there for you? Mine refused and made me fill in a form to send off. Quoting its time consuming when there was no one else in the branch ^^

They filled the form in and sent it off for me which suggests there was no quick and easy inbranch way to do it.

What they did tell me is that they can 'upgrade' an old ISA to a new ISA which I didn't realise but by this time it was too late as the rate had gone down and I'd already opened a new one

MrMoonX · 17 Apr 2013 at 19:13

I wouldn't touch Santander with a barge pole! Worst experience ever!

[TW]Fox · 17 Apr 2013 at 19:21

MrMoonX said:
I wouldn't touch Santander with a barge pole! Worst experience ever!

Can't say the 'experience' is high on my list of priorities when picking an ISA. Why would you need customer service for an ISA?

Mercenary Keyboard Warrior · 17 Apr 2013 at 19:25

[TW]Fox;24135166 said:
They filled the form in and sent it off for me which suggests there was no quick and easy inbranch way to do it.

What they did tell me is that they can 'upgrade' an old ISA to a new ISA which I didn't realise but by this time it was too late as the rate had gone down and I'd already opened a new one

Thanks exactly the same as me.

Wierd thing is online it says they may ask you to send forms off, not will.

Yes they can upgrade but when I opened mine and deposited I wasn't 100% certain I would make it into town.

Cheers for your responses.

MrMoonX · 17 Apr 2013 at 19:57

[TW]Fox;24135426 said:
Can't say the 'experience' is high on my list of priorities when picking an ISA. Why would you need customer service for an ISA?

I wouldnt want to put my ISA allowance anywhere near a bank that has the ability to screw up the most basic of functions and offer no type of service, just wait until they screw up your ISA transfer, then say you have used your allowance so cant move it to another, happened to me, never again! I lost a years worth of ISA interest, still waiting for FOS to rule on it