Nationwide Fixed Rate ISA bond

massafan

I have just noticed that nationwide have cut their interest rate on their 1 year fixed ISA bond to 4.75% - not exactly great i know. My current fixed rate isa is about to mature with nationwide and they sent me a form a couple of days ago offering me a 5.75% fixed rate. I hadn't got round to sending it off - do you think it will still be valid if i do send it off - or is this wishful thinking on my behalf???

Milarky

massafan wrote: »

I have just noticed that nationwide have cut their interest rate on their 1 year fixed ISA bond to 4.75% - not exactly great i know. My current fixed rate isa is about to mature with nationwide and they sent me a form a couple of days ago offering me a 5.75% fixed rate. I hadn't got round to sending it off - do you think it will still be valid if i do send it off - or is this wishful thinking on my behalf???

What does the form say? There will probably be caveat there.

massafan

it was an application form to reinvest my original isa funds and also add more to it. It did say return as soon as possible - but as my isa doesn't mature until end of the month - they must give you a reasonable amount of time to reply surely?? I know the leaflet that came with it did say rates can be withdrawn - but i have the application form already.

evenasus

I took 1 year fixed 5.75% forms in to my local Nationwide branch earlier this week. One for myself and one for my husband.
We were consolidating matured Tessa bonds & Members ISA Bonds into the 1 Year Fixed Isa Bonds.

On the forms you have to fill in the % so I hope 5.75% is what they are opened as. If not, I will complain very loudly.

RayWolfe

massafan wrote: »

I know the leaflet that came with it did say rates can be withdrawn

You have found the answer to your question.

evenasus

massafan wrote: »

it was an application form to reinvest my original isa funds and also add more to it. It did say return as soon as possible - but as my isa doesn't mature until end of the month - they must give you a reasonable amount of time to reply surely?? I know the leaflet that came with it did say rates can be withdrawn - but i have the application form already.

If you're moving a Members ISA Bond to a fixed rate one, you don't have to wait till it matures. It states this on Nationwide's website.

Sam37

massafan wrote: »

I have just noticed that nationwide have cut their interest rate on their 1 year fixed ISA bond to 4.75% - not exactly great i know. My current fixed rate isa is about to mature with nationwide and they sent me a form a couple of days ago offering me a 5.75% fixed rate. I hadn't got round to sending it off - do you think it will still be valid if i do send it off - or is this wishful thinking on my behalf???

From my experience the last couple of weeks with NW FR ISAs I'd say make an appointment at the branch, and only accept if they open it there and then with the rate you agree to, and don't leave the premises without proof...

I was told all sort of things by members of staff about this product that was contradicted by others and or the facts.
a. I could only open one bond (not true even states so on their website)
b. Accounts would be opened the day I handed in the forms (did not happen, went back a couple of days later to get them into action -as they did also not phone back as promised)
c. Only 1 of these accounts could be openened per day (they all have the same opening date- maybe this is not what is seems to be, but in light of my other experiences not too sure)
d.The FR accounts would be back dated (this did not happen, luckily it didn't matter as the rate was then still unchanged)


I was lucky enough to get it all sorted before the rate drop, but you may want to go for another product if they only offer you 4.75% (which i think is most likely because of the T&Cs).

Good luck!