What types of ISAs does Santander offer?
Santander offers a range of ISAs and you should find one that works for you. They include the eISA, an online account with instant access to your funds. This will give tax-free interest for 12 months, you can open the account with £500, get online banking and start saving.
The Easy ISA is another straightforward cash ISA that provides 0.5% AER on balances over £40,000. You can open an account with a £1 deposit and save up to your ISA allowance, although you will lose the tax-free element beyond the government-imposed ISA limit.
Two-year fixed-rate ISAs generally offer better rates of return, but with Santander you cannot access your money or make any partial withdrawals. The only way to get your money out of the account is to close it and lose the equivalent of 120 days of interest.
The Help to Buy ISA helps first-time buyers get on the property ladder with a scheme that allows them to invest £1200 in in the first month and then up to £200 a month. The government makes a contribution as well. If you save more than £1600, you’ll receive 25% of the balance up to a maximum of £3000, a fantastic tax free bonus.
You can also contribute to a savings plan for your child’s further education, deposit on a property or even a gap year with a Junior ISA. Again you cannot close these accounts early and they generally mature on the child’s 18th birthday. So if you want to give your child a helping hand into the adult world then the Junior ISA could be a perfect savings vehicle.