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[jacko87]

Long title, sorry about that.

I've been with Nationwide for some time now, probably since I was a kid, I did have a halifax current account at one time or another, but I got everything in Nationwide now, been reasonably happy until the current times!

I have some money in an ISA, which the interest rate is 1.75% which is pathetic.

I have some money in an online saver, which pays 1.95%.

I'm not going to say how much money I've got tied up here, but I want to move it somewhere with a better return. I've seen various savings accounts (mostly fixed rate accounts) offering ~4% interest, obviously the net interest would be lower, as far as ISAs go, I've considered transferring it all, but this is something I don't know much about.

What I would appreciate is anyone who's moved literally all their money from one place to another to offer me some tips, especially regarding ISAs, which is something I find strange in the first place.

Would it be better to move the whole lot into a fixed rate account for a year, say a ~4% one, or would it be better to transfer my ISA to another, and any other cash into a fixed rate account, I'm thinking it's better to keep the ISA as I can keep adding to it for more tax free interest.

Ideally I'd like something I can check online, as this would be much, much more convenient for me.

[rb10]

For the ISA, provided that you don't expect to need this money in the near future, you will probably find it beneficial to keep it as an ISA elsewhere, as then you will always get the tax-free benefit. When you have found one, do not just go into Nationwide and withdraw it - if you do this it will be gone for ever, you will have to build it up £3600 per year. Instead, tell the bank that you are opening the new account at that you would like to transfer your ISA to them, they will then handle it all, and get the money from Nationwide themselves, and close the old account for you.

As for which ISA you want to open, this depends on whether you want access to it on a regular basis, or can afford to tie it up for, say, 1-4 years.

[jacko87]

Originally Posted by rb10

For the ISA, provided that you don't expect to need this money in the near future, you will probably find it beneficial to keep it as an ISA elsewhere, as then you will always get the tax-free benefit. When you have found one, do not just go into Nationwide and withdraw it - if you do this it will be gone for ever, you will have to build it up £3600 per year. Instead, tell the bank that you are opening the new account at that you would like to transfer your ISA to them, they will then handle it all, and get the money from Nationwide themselves, and close the old account for you.

As for which ISA you want to open, this depends on whether you want access to it on a regular basis, or can afford to tie it up for, say, 1-4 years.

Thanks for the info my friend.

I can tie the money up for as long as possible, as I have enough in other savings.

[undercoat11]

I have transferred nearly everything out of the Nationwide, except for my current account and some 6.15% fixed rate ISAs. Go for it - Julian Hodge is so efficient they open up the account within a week - I have been very impressed by them.

As someone has already said - 1.75% - the benefits of mutuality.

[Red Ant]

It seems there are a lot of people thinking of moving away from the Nationwide. I too have been with them for many years, trusting them to always be competitive, but on finding the disproportionate changes they were making to some of their accounts, especially ones with a 60 day tie in such as the Members ISA Bond, I too am looking elsewhere.

Ironically, as someone who avoided "banks" for many years, I now find that better deals are available with them than at the Nationwide - or at least they certainly were when I started this process earlier this month.

If you write to Nationwide regarding the disproportionate changes you just get back a collection of standard phrases about general interest rate decline that even the worst offshore call centre would think twice about sending.

I too will keep my Nationwide FlexAccount and Credit Card for the Travel Benefits it brings, and do have some bonds that I have to wait for expiry before making the full switch.

[cyclonebri1]

I'm in a similar situation with Abbey. Been with them for 30 years, low interest rates, no notification when rates get lowered etc etc etc. It's not just NW.

Be aware tho' that not all will allow transfers in, in fact many won't.

Let me know if you find a high rate one that does

[rattla]

Originally Posted by Red Ant

Ironically, as someone who avoided "banks" for many years, I now find that better deals are available with them than at the Nationwide - or at least they certainly were when I started this process earlier this month.

Obviously down to personal preference, but in my experience these bank rates will tend to be temporary rates and then sneakily swiitch them down (much like the nationwide adverts show I guess! )

I Find Nationwide much fairer from that point of view, but of course if your vigilent and are prepared to switch around on a semi-regular basis... then go for it

[I, Brian]

Savings rates in general are down - there may be some better rates elsewhere, but when was the last time anyone had to panic about how safe their money was at Nationwide?

[Red Ant]

I think everybody realises rates in general are down - the issue is that Nationwide have moved several ISA accounts from being amongst their top earners to being amongst their worst earners as of 1st January. If there was a general scaling back that would be as expected - not to end up with a "exclusive to members of three years standing" 60 day notice account paying under 2% gross (now less than their esaver account that it had previously outperformed).

It's one thing being temporarily uncompetitive, but these changes from the Nationwide suggest something longer term - e.g. their postal InvestDirect account now needs over £25k before you even make the 1% gross interest mark - I can't imagine anyone who is prepared to shop around either opening or sticking with such an account, however bad things are in general, but obviously they have many customers who don't check the rates as regularly as the people who contribute on here.

[bob_a_builder]

And anyone with a Cash ISA with the Halifax would do well to check & consider a move.

I recently noticied they had dropped my Cash ISA tier to 0.18% !!!!!!!!

[rb10]

Originally Posted by bob_a_builder

And anyone with a Cash ISA with the Halifax would do well to check & consider a move.

I recently noticied they had dropped my Cash ISA tier to 0.18% !!!!!!!!

It's a 20-second job to change the 0.18% over to a far more reasonable 2%, still with instant access and unlimited withdrawals and deposits. Change it to an ISA Saver Direct. That account is exactly the same as your existing one, but you don't have branch access (telephone and internet only), and the rate is much, much higher.