Santander - Next bank in line for mass withdrawals of savings?
Discussion
fido said:
"Partial withdrawals are not allowed. You can access the whole of your balance by closing the account or by transferring the cash ISA in full to another ISA. On early closure an early closure penalty equivalent to 90 days' interest will be applied to the account. No early closure charge will be applied if closure is requested by your personal representative in the event of your death."
In summary, close account & lose 90 days interest - unless said friend has died.
She doesn't want to make a partial withdrawal or access any of the cash, she wants to close the ISA account completely and move it to another bank, which from the quote above seems 'allowed' but with penalties.In summary, close account & lose 90 days interest - unless said friend has died.
She was told she could not get her money out or transfer it to another bank's ISA scheme full stop.
She then asked for this clarification in writing but they refused.
She is now taking it further.
NinjaPower said:
She doesn't want to make a partial withdrawal or access any of the cash, she wants to close the ISA account completely and move it to another bank, which from the quote above seems 'allowed' but with penalties.
She was told she could not get her money out or transfer it to another bank's ISA scheme full stop.
She then asked for this clarification in writing but they refused.
She is now taking it further.
She needs to "make this a formal FSA complaint". Use these exact words. She needs to clearly state the complaint is threefold:-She was told she could not get her money out or transfer it to another bank's ISA scheme full stop.
She then asked for this clarification in writing but they refused.
She is now taking it further.
1. The refusal by Santander to allow a transfer of the ISA, this being contrary to information stated on their website.
2. The "lock in period" was not made properly clear to her at the time the ISA was sold.
3. The failure of Santander to properly explain why the transfer is not allowed, either in writing or verbally.
HTH
She should then add that the above complaints mean as a customer she is not being treated fairly.
tbh I think we need more information before any such dogmatic advice about FSA complaint, it all rather depends on the details of the ISA, type, access and so on, plus most important what this person actually asked Santander to do.
IF, say, it was or contained money from this year's ISA allowance and she asked to transfer it to another ISA then not surprised they said it cannot be done.
IF, say, it was or contained money from this year's ISA allowance and she asked to transfer it to another ISA then not surprised they said it cannot be done.
croyde said:
Fek! I took out an Abbey National PEP yonks ago which, over the years has doubled, halved and then doubled in value. It's now a Santander UK Growth fund and I have just looked and it's lost over a £1000 in a week, around 10% of it's value.
I don't need the money now but do I panic and pull it out on Monday or forget about it as these things blow over if you can wait a long while, fingers crossed.
Still crossing your fingers?I don't need the money now but do I panic and pull it out on Monday or forget about it as these things blow over if you can wait a long while, fingers crossed.
Yep!
Footsie has been up and down like a tart's whatsits. If I pull out, any suggestions as to another ISA I could stick it in. Was looking at this one http://www.slaterinvestments.com/private-investors... which seems to have a lot of good write ups.
Footsie has been up and down like a tart's whatsits. If I pull out, any suggestions as to another ISA I could stick it in. Was looking at this one http://www.slaterinvestments.com/private-investors... which seems to have a lot of good write ups.
croyde said:
Yep!
Footsie has been up and down like a tart's whatsits. If I pull out, any suggestions as to another ISA I could stick it in. Was looking at this one http://www.slaterinvestments.com/private-investors... which seems to have a lot of good write ups.
Wouldnt be for me. 5% set up and 1.5% annual charge, they're going to have to do well in the forseeable to get better than you might get in a cash ISA, unless huge risk is taken.Footsie has been up and down like a tart's whatsits. If I pull out, any suggestions as to another ISA I could stick it in. Was looking at this one http://www.slaterinvestments.com/private-investors... which seems to have a lot of good write ups.
If you're happy to take the big risk it might be OK, how have they been doing?
anonymous said:
[redacted]
It seems Martin will soon be the one receiving fellatio from George...http://www.telegraph.co.uk/finance/personalfinance...
Andy Zarse said:
It seems Martin will soon be the one receiving fellatio from George...
http://www.telegraph.co.uk/finance/personalfinance...
Not too shabby for someone who regularily gets slagged off on here for not knowing what he is doing http://www.telegraph.co.uk/finance/personalfinance...
anonymous said:
[redacted]
That site provided a service that people wanted and he has now been rewarded for providing it.There will always be jealous people and if a few get the hump over his success they won't even be noticed. We have had this link gifted to us, the majority probably won't even find out about it and a lot of those who do will either not care or want to pat him on the back.
In his shoes I would not give a to55 either way and go to the nearest estate agent/car dealership of my choice and settle in to a "comfortable" secure future - good luck to him.
Andy Zarse said:
It seems Martin will soon be the one receiving fellatio from George...
http://www.telegraph.co.uk/finance/personalfinance...
That's a fantastic result. Very impressive. http://www.telegraph.co.uk/finance/personalfinance...
Lara can get those bigger knockers she needs.
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