Nationwide fixed rate ISA bond

ajbell

Any views on this product?. I currently have 2 Nationwide Isa's ,an instant access Isa with about £19000 and a Tessa maturity Isa with about £12000 in. Today i have applied to put all of this (£31000) in a 1 year fixed rate Isa at 5.75%. Is interest paid at maturity?.I have been told that it reverts back to an instant access Isa at the end of the term ,is this right?.

Baldur

ajbell wrote: »

Is interest paid at maturity?.I have been told that it reverts back to an instant access Isa at the end of the term ,is this right?.

It was obviously a better product when it offered 6.15% and up to 2 years fixed, but is still OK(ish).

Suggest that you check the Ts & Cs for answers to the above questions - http://www.nationwide.co.uk/savings/legal.htm#isas

evenasus

Nationw

ajbell wrote: »

Any views on this product?. I currently have 2 Nationwide Isa's ,an instant access Isa with about £19000 and a Tessa maturity Isa with about £12000 in. Today i have applied to put all of this (£31000) in a 1 year fixed rate Isa at 5.75%. Is interest paid at maturity?.I have been told that it reverts back to an instant access Isa at the end of the term ,is this right?.

I did just that yesterday with mine and my husbands Members Isa Bond and Matured Tessa Isa.
Well, I filled in and handed over my forms on Tuesday and brought home the two forms required for my husband to fill in. His, I took in first thing yesterday morning.

Nationwide will write just before the bond matures and ask you what you would like to do with it. Hopefully, by then, the rates might have started to rise. We live in hope.

RayWolfe

Baldur wrote: »

It was obviously a better product when it offered 6.15% and up to 2 years fixed, but is still OK(ish).

.... and even better at three years which I took last month.

evenasus

RayWolfe wrote: »

.... and even better at three years which I took last month.

I never used to like fixed rates but in todays market I've taken all I can.
Don't mind up to a year fixed but 2 & 3 years bother me.
What if (big "if" I know) rates suddently started rising?
I can remember interest rates of 18%

I'd never make a gambler.:rolleyes:

KDH_2

ajbell wrote: »

Any views on this product?. I currently have 2 Nationwide Isa's ,an instant access Isa with about £19000 and a Tessa maturity Isa with about £12000 in. Today i have applied to put all of this (£31000) in a 1 year fixed rate Isa at 5.75%. Is interest paid at maturity?.I have been told that it reverts back to an instant access Isa at the end of the term ,is this right?.

6% here

http://www.northernrock.co.uk/savings/isas/fixed-rate-isa/rates/

RayWolfe

evenasus wrote: »

I'd never make a gambler.:rolleyes:

.... and I'm far from one, so what I do is have some at short term deposits and some at longer term . That way, I win some and lose some but that suits my temperament.