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ISA transfer interest question
drumingrules
Posts: 2 Newbie
Hello MSE users
I have a Nationwide ISA that pays interest once per year, currently due in September this year. I have found another Nationwide ISA with a better interest rate, so would like to transfer to get the better rate.
The new account pays interest a year after opening the account, so this would be March 2019. So I’m trying to figure out what happens to the interest accrued in the old account - e.g. if it is paid during the transfer process, or paid in September into the old and empty account. Any ideas?
I’ve read the account details, searched this forum and searched in Google. Perhaps I’ve just not looked in the right places, and I suspect the answer is straightforward - any thoughts appreciated!
I have a Nationwide ISA that pays interest once per year, currently due in September this year. I have found another Nationwide ISA with a better interest rate, so would like to transfer to get the better rate.
The new account pays interest a year after opening the account, so this would be March 2019. So I’m trying to figure out what happens to the interest accrued in the old account - e.g. if it is paid during the transfer process, or paid in September into the old and empty account. Any ideas?
I’ve read the account details, searched this forum and searched in Google. Perhaps I’ve just not looked in the right places, and I suspect the answer is straightforward - any thoughts appreciated!
0
Comments
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[FONT=Verdana, sans-serif]When you close the old account interest to date will be added that day and the total transferred to the new account.[/FONT]0
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That is what I would have expected to happen, but I've just made the transfer from Nationwide's Flexclusive ISA to their new loyalty ISA and no interest has been added on transfer.When you close the old account interest to date will be added that day and the total transferred to the new account.
I'm awaiting a statement before further enquiries.0 -
Unless you specifically requested an account closure the account will remain open with a zero balance and interest accrued to date will be paid on the usual interest date.That is what I would have expected to happen, but I've just made the transfer from Nationwide's Flexclusive ISA to their new loyalty ISA and no interest has been added on transfer.
I'm awaiting a statement before further enquiries.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
You may be right but the old account is no longer visible online. The new account has a different account number.AirlieBird wrote: »Unless you specifically requested an account closure the account will remain open with a zero balance and interest accrued to date will be paid on the usual interest date.
There was very little in the old account, the interest will be minimal.0 -
Thanks for the replies! I’ve completed the transfer, and selected to close the old account. The interest was calculated and added to the new account.0
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