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Nationwide TESSA-ISA. Should I keep my cash there or switch?

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Comments

  • libra10
    libra10 Posts: 19,611 Forumite
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    Stompa wrote: »
    And if it doesn't, do they permit a partial transfer out?

    Nationwide definitely allow partial transfers out of their ISAs. My OH and I both did partial transfers from Nationwide to Abbey last year.

    When you decide where to invest your TESSA/ISA, check with the new provider whether they accept partial transfers from other banks/building societies. Fill in their forms and (eventually)! the funds will be transferred.

    We had no problems doing this last year.
  • 2010
    2010 Posts: 5,498 Forumite
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    Seems to me these days you have to fix for 3 years to get a half decent rate.
    At least you don`t have to mess about every year looking for a better rate.
    A lot of providers won`t accept transfers in anyway.
    When my one year fixed matured last Oct, I took the plunge and fixed for 3 years with the Principality at 4.2%.
    I don`t like to fix for so long but yearly rates are rubbish.

    The providers are playing on the fact that ISA are tax free and cutting the rates accordingly.
    Kick the savers up the a*se whilst looking after the mortgage holders.
  • libra10
    libra10 Posts: 19,611 Forumite
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    I agree, and feel that the financial authorities should look at the depressing rates being paid for ISAs.

    Savers who have been prudent are carrying the can for the reckless whizz kids who caused the mess in the first place!

    But that's another thread .........
  • Well, thanks one and all for all the advice, info and comments.

    I've decided to transfer all but £100 into Nationwide's 6 month fixed rate as a short term measure. The remaining £100 I will move to their "Member's variable rate ISA" which pays a little more than the standard V.R. which is what I'm currently getting on the exTESSA ISA (0.25%). By doing this I wouldn't think there would be an issue with a part transfer within the same institution.

    When the 6 months is up, I'll pick out a top rate fixed rate ISA, and, yes, It seems that a minimum of 3 years is required for a reasonable rate. Some of Northern Rock's rixed rate deals look promising, but naturally that could change over the 6 months.

    Thanks again everyone........
  • P.S.

    I actually decided to take immediate action and went to my nearest Nationwide yesterday after reading my replies but naturally they'd shut at midday. If only I didn't work Monday to Friday!!!!! On-line banking rules......
  • baby_boomer
    baby_boomer Posts: 3,883 Forumite
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    edited 7 February 2010 at 3:09PM
    dc wrote: »
    Hardly comparing like for like, and though I agree on the 2.5%, BUT you wouldn't knock it if you like me had one. AND I like old fashioned ;)

    That's where you and I differ. I would tell it how it was - even if I was benefiting (which as a regular MSE reader I usually do e.g. with my 3 year 6.15% fixed rate ISA).
    Not robbers like the "BANKS"
    Nationwide is currently robbing its savers :( to pay its mortgage customers, and savers are going to cotton on sooner or later.
  • 2010
    2010 Posts: 5,498 Forumite
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    Nationwide is currently robbing its savers to pay its mortgage customers, and savers are going to cotton on sooner or later.

    This argument has been well documented as far back as last Sept,when "this is money" put NW on trial.

    http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=490988&in_page_id=7
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