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Nationwide Regular Saver ISA

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alkip
alkip Posts: 168 Forumite
Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
in ISAs & tax-free savings
I asked at Nationwide earlier today when paying in my monthly £1250 what would be happening to the account come the end of year. I was told that if I hadn't saved the full £15k, which I haven't for one reason or another, I could make the amount up to £15k next month and, that on the 6th April my regular saver ISA would change to the instant ISA paying 1.25%.

If I pay the remaining £1250 in on the 1st April will this affect my 15 / 16 subscription allowance?
Live long and prosper
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  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Tax years start on April 6th. So 2014-15 is 6/4/2014 to 5/4/2015 and the answer to your Q is no.
  • le_loup
    le_loup Posts: 4,047 Forumite
    alkip wrote: »
    that on the 6th April my regular saver ISA would change to the instant ISA paying 1.25%.
    I think you will find that the date for the transfer and rate change is 1st April and it won't definitely be 1.25% but will be at the rate applying on that date.
  • alkip
    alkip Posts: 168 Forumite
    Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
    Cheers guys, sorry to go on but I don't want to risk falling foul of the rules, if I pay the £1250 in on Wed 1st April that date is the important one despite the fact that sometimes it takes 3 or 4 days to debit from my bank account.
    Live long and prosper
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    If you are doing a transfer from another bank (rather than just internally from your Nationwide accounts which go through same day on a business day) - you would need to move the money so it lands in the account with value on or before Thursday 2 April, as Good Friday 3 April is not a banking day and the saturday and sunday are not business days for clearing cash from one bank to another.

    If it doesn't get received and cleared until Monday 6 April you are in a new tax year. Tell your sending bank that it needs to get there by the Thursday latest. If they get it there by Wed 1st that is fine too.
  • alkip
    alkip Posts: 168 Forumite
    Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
    Thanks bowlhead, I think I'll just play it safe and not put the money in, it gives me more to put in to my new ISA when I find the best one in the new year.
    Live long and prosper
  • MisterMotivated
    MisterMotivated Posts: 603 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    I don't know if it makes a difference to you but, AIUI, from 1st March, the £1,250 monthly limit is removed, so you could pay more in any time now (assuming you have the funds available).

    http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/regular-saver-isa-terms-and-conditions
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    MisterMotivated wrote: »
    I don't know if it makes a difference to you but, AIUI, from 1st March, the £1,250 monthly limit is removed, so you could pay more in any time now (assuming you have the funds available).

    http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/regular-saver-isa-terms-and-conditions

    True but don't forget that the interest rate of the regular savings ISA will plunge to the ISA Saver rate of 1.25% currently.
  • MisterMotivated
    MisterMotivated Posts: 603 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    colsten wrote: »
    True but don't forget that the interest rate of the regular savings ISA will plunge to the ISA Saver rate of 1.25% currently.

    That's true, I was just thinking in terms of the question about paying £1,250 on 1st April, i.e. it's not necessary to wait until then to pay it in, thus getting it in as part of the 2014-15 allowance (unless of course the OP won't have the money until then).
  • bristolleedsfan
    bristolleedsfan Posts: 12,648 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 10 March 2015 at 10:51AM
    Worth considering for maturing R.S funds for those who meet criteria for this account

    http://www.nationwide.co.uk/products/isas/our-isas/compare-isas
    Save to Buy ISA - Issue 2- 2% - Can only be opened at a Branch


    Nwide like to see minimum 50.00 a Month paid into these accounts for at least 9 Months of the year thus would pay to open a non ISA version for that purpose thus leaving 2015/2016 ISA Subscriptions free to be deposited elsewhere.

    No notification has been received re any rate reduction from 1 April 2015, I believe more likely a lower paying Issue 3 would be launched than reduce rate on current Issue.

    I opened a non ISA version in June 2014, which I will continue funding with 50.00 per month. (Account can last maximum of 3 years)

    Also opened a ISA version with 50.00 late February ( Just in case Issue 2 got withdrawn) added 50.00 in March, at end of March will transfer 2014/2015 Nwide Regular Saver ISA proceeds into it. :money:
  • beefturnmail
    beefturnmail Posts: 928 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Trying to understand what they mean by 'first time buyer and homemovers - t & c state:

    "First time buyer is someone who has not has a mortgage in the last three years preceding the opening of the account. A home mover is someone who is moving home and have been party to a mortgage in the last three years"

    So basically they mean everyone apart from people who haven't been paying a mortgage for at least 3 years? - As I'm not sure how they can check that someone is 'moving home' as anyone could say they are, even if they have no intention of doing so?
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