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Transfering out of Nationwide members ISA - no notice required
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littlemissmoney
Posts: 1,219 Forumite
Hi
I have a Nationwide members ISA, which requires 60 days notice. I sent in a transfer form last week to transfer it out and wrote on the form "do not transfer out until the 60 days notice have expired". Today I logged onto internet banking and noticed the balance was £0 :eek: I just phoned them and they assume me that no notice is required to transfer your money, only if I wanted to withdraw it. Two points...
1. Is this really correct, or am I going to loose 60 days notice and have to complain??
2. If this is true, then it might be useful info to others out there who, like me, didn't realise this.
Seems a bit silly to me as if you did needed access to the money, surely you would just transfer it to another ISA then take it out rather than loose 60 days interest!!? Very odd:rotfl:
I have a Nationwide members ISA, which requires 60 days notice. I sent in a transfer form last week to transfer it out and wrote on the form "do not transfer out until the 60 days notice have expired". Today I logged onto internet banking and noticed the balance was £0 :eek: I just phoned them and they assume me that no notice is required to transfer your money, only if I wanted to withdraw it. Two points...
1. Is this really correct, or am I going to loose 60 days notice and have to complain??
2. If this is true, then it might be useful info to others out there who, like me, didn't realise this.
Seems a bit silly to me as if you did needed access to the money, surely you would just transfer it to another ISA then take it out rather than loose 60 days interest!!? Very odd:rotfl:
Proud to be a MoneySaver! 0
Comments
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littlemissmoney wrote: »Hi
I have a Nationwide members ISA, which requires 60 days notice. I sent in a transfer form last week to transfer it out and wrote on the form "do not transfer out until the 60 days notice have expired". Today I logged onto internet banking and noticed the balance was £0 :eek: I just phoned them and they assume me that no notice is required to transfer your money, only if I wanted to withdraw it. Two points...
1. Is this really correct, or am I going to loose 60 days notice and have to complain??
2. If this is true, then it might be useful info to others out there who, like me, didn't realise this.
Seems a bit silly to me as if you did needed access to the money, surely you would just transfer it to another ISA then take it out rather than loose 60 days interest!!? Very odd:rotfl:
From other poster reports it does appear the case that the 60 day notice period doesnt apply to transfer outs.
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This ISA used to be a bit more competitive and NW said somewhere (I can't recall where) that you can only 'ever' have one MRB account with them. So if you transferred it out you could not reopen a new MRB (although it accepts transfers in from non-previous holders of the account with three years NW membership)littlemissmoney wrote: »Seems a bit silly to me as if you did needed access to the money, surely you would just transfer it to another ISA then take it out rather than loose 60 days interest!!? Very odd:rotfl:
The theory as to why transfers are not subject to notice is the ability to split annual subscription across all three NW ISA component - unique to NW AFAIK: (eg £2500 into instant access ISA and £500 in MRB ISA) To transfer the instant access money to another provider in the same year to as subscription was made however you'd be required to take the MRB money with you too. But that would result in a penalty on that chunk. To prevent the ISA rules 'getting in the way' of the 60 notice rule therefore the notice rule is waived to comply with transfer rules. However this would only need to be waived where you actually did split your subs in any one year (and that can be quite complicated to establish going back several years say) so it looks as though NW takes a pragmatic line on all transfers re the notice......under construction.... COVID is a [discontinued] scam0
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