Santander is enticing customers with a £50 bonus for taking up a new offer. The bank detailed its current ISA savings accounts in an email to customers on Monday, offering one-year, 18-month and two-year fixed-rate ISAs.
It revealed that anyone who transfers their full balance of at least £10,000 from a non-Santander ISA to one of these accounts would receive a £50 e-voucher, redeemable at more than 100 retailers. The accounts can be opened online, but withdrawals are only permitted upon closure of the account, which incurs a penalty of 120 days’ interest.
A minimum deposit of £500 is required to open an account, unless transferring an existing ISA with at least £500. Customers must apply for a new or upgrade their existing Santander ISA to a Fixed Rate ISA, then complete a transfer-in instruction within the first 14 days. However, Santander warned that the offer could be withdrawn at any time and was subject to availability.
To snag the bonus, Santander has advised customers to opt for a full transfer of their current non-Santander ISA on the application form. To be eligible for the e-voucher, the non-Santander ISA must carry a minimum balance of £10,000.
It is also essential to provide an up-to-date email address, as that’s how you’ll receive the code to redeem your voucher. Santander highlighted that transferring an ISA could take up to 30 days.
Once the transfer is complete, customers should expect to get the e-voucher redemption code within 14 days. However, Santander did caution that “the favourable tax treatment of ISAs may change in the future and is subject to individual circumstances”.