Nationwide ISA bond

loulou41

I usually take a Nationwide Isa bond every year. This year, I had only £2000 in my flex account and I transferred it to my IS=sa bond with the intention of topping it with another £1000 from my invest direct. While I have been trying to do it online and it will not let me do it as it says I cannot contribute any more to my Isa. As far as I understand I am allowed to contribute up to £3000. Why is it I cannot do it, is it because it is an Isa bond and I had to put the full £3000 in one go? Also there is nothing stopping me from opening another cash Isa with £1000 to make for the £3000 allowance I am allowed? I have e-mailed cs and have not heard anythng yet and I am hoping some of you might know the answer to this query. Thanks

MPH80

I presume you're talking about the 'Members' ISA Bond'?

The one listed on here as having an interest rate of 4.8% up to 10k?

http://www.nationwide.co.uk/savings/rates.htm

Well - according to the ISA manual which is on the Nationwide website:

http://www.nationwide.co.uk/pdf/P5905_Jun05.pdf

You can make one payment, subject to annual subscription limits, into the account during each tax year, ...

So - looks like you can only make one payment.

M.

basill

I made the same mistake last year put in £2000 ,with the other £1000 I opened a book ISA at the branch with the intention of transferring it to the ISA bond during the next year.
I have just discovered that a transfer in to the ISA bond from another ISA either the NW book one or another providers does not count as a deposit.
I think if you put the extra cash into another ISA you could then fill in a form in the branch and transfer it in.

B

simonhgreen

I think you'll find the problem is you're trying to do it online.
I asked about this & was told I needed to do it via a cheque in a branch.
Try it, they can only say no!

Milarky

The balanve of the £3000 can be paid into a Nationwide passbook instant access cash ISA as already mentioned. And it is also correct that the book can then be made up to the Members ISA bond AFAIAA.

It's nothing to do with online or otherwise. It is simply down to the paying restrictions on the account itself.

(NB although it is a '60 day notice' account you may transfer to another ISA provider without notice and no loss of interest - for some reason)

muddyfox470

The bond means that it is a one off payment, and you can't touch the money for the term of the bond.

Also what Basill said about opening an isa bond and a normal mini cash isa, this shouldn't be possible, as you should only be able to open one mini cash isa and one mini stocks and shares isa per year (or one maxi isa).

Are you sure youu didnt invest in the normal members bond basill, not the isa bond? if not you are very lucky!

The problem with ISA's is that they MUST be transferred to keep them as an ISA, and you cannot simply withdrawal them and reinvest them (cheque, cash or otherwise) otherwise it loses its tax-free status. I delieve that transfers take a bit of time, and i am guessing that an internal transfer could take some time too!

Cheers

Ian

david78

You can open an ISA bond and a passbook mini cash ISA with Nationwide in the same year. They operate the two accounts as one ISA wrapper -- you only need to ensure that the max of £3000 is split across the two accounts.

muddyfox470

ah that is clever thanks for that haven't seen or heard that before

ian

basill

david78 wrote:

You can open an ISA bond and a passbook mini cash ISA with Nationwide in the same year. They operate the two accounts as one ISA wrapper -- you only need to ensure that the max of £3000 is split across the two accounts.

The branch staff suggested this so I could get my full £3000 into an ISA, at the time they failed to tell me that transfers into the ISA bond did not count against the one deposit allowed by that account. Because of this I waited till the next year and attempted to transfer in and deposit cash as one deposit.

I was wrong to suggest that this trick would work with another providers ISA, your £3000 cash must be all with the same provider.

B