Nationwide 2.8% inst access ISA

ANGLICANPAT

I seem to remember Nationwide being praised a while back for ceasing to offer their newest goodies to only new customers.
They sent me a new (starts 4th Feb) 2.80% instant access e isa offer leaflet today . Checked out the Savings Promises - "We will not offer' brand new customer only' savings products . If Im understanding correctly, its disappointing you find in smaller print elsewhere on the leaflet that the bonus part of the rate (1.1%) Applies only to accounts opened from 10 Dec 2010. Seems to be just a nod to their savings promise.

BMikey

"With no shareholders to worry about, our only focus is you.

That means doing all we can to look after you, treat you fairly and give you great value."

Hmmm really?


Below is an excerpt from nationwide.co.uk/savings/legal.htm?acc=isas

"The following conditions apply to the e-ISA only.

55. Nationwide’s No Penalty Transfer Policy does not apply to this account. This means that in future we may offer the account with different features such as a new bonus or bonus period and we will not write and tell you about it"

Aside from never hearing of this 'No Penalty Transfer Policy' - not defined in the legal terms - there would appear to be a big discrepancy between the Nationwide marketing hype and what is delivered to their savers...

le_loup

What you are missing is the fact that you can transfer existing NW ISAs into this account!

BMikey

Just looked at Nationwide website. e-ISA rate has increased to 2.9% for accounts opened from today 01-Feb.

There are now 3 versions of the account - tho unlike other institutions they are not given version numbers by Nationwide eg e-Isa 1, 2 or 3 - with different bonus rate & period depending on the account opening date. :eek:

So we now have:
- Gross 2.75% incl bonus 1.00% expires 30/06/2011 for accounts opened before 10-Dec (I think)
- Gross 2.80% incl bonus 1.05% expires 31/12/2011 for accounts opened before 01-Feb
- Gross 2.90% incl bonus 1.15% expires 31/07/2012

So the new rate will only be available to new savers unless existing savers in the first 2 'issues' arrange an internal transfer if this is possible under ISA regs

Remember "...our only focus is you"? :rotfl:

pem2

I opened the 2.8 just before Xmas with a transfer in only and then did an internal transfer from a previous 2.75 with no problem.

yorkiebar

Existing e-ISA holders can just internally transfer into the 2.9% e-ISA if I understand correctly.

BMikey

Transfer in to new rate ok - but what about new money? ie you are only allowed to subscribe to one cash ISA per tax year

If you had subscribed £2000 during the current tax year to the e-ISA account when the rate was 2.75% and then open and subscribe to the account at the new rate is it allowable to pay £2000 new cash into it - is the 2.9% considered to be another cash isa or the same account with revised terms?

le_loup

Yes Nationwide allow you to have as many different ISA accounts (up to the annual limit) as you want.

bondy01

Applied for one the other day and I see from my online account today they have setup two! I don't think that's quite what le loup meant. I'm told just to delete one of them.

Fred_Bear_2

bondy01 wrote: »

Applied for one the other day and I see from my online account today they have setup two! I don't think that's quite what le loup meant. I'm told just to delete one of them.

To delete an account I think you need to visit a branch.

bondy01

Fred_Bear wrote: »

To delete an account I think you need to visit a branch.

It looks like I can close an E-isa online from the menu but am reluctant to do it atm until I get some paperwork through to say that both accounts were set up for me by mistake. For instance , if one should be for someone else and I credited it I could see potential problems arising. I believe they send something out but haven't received anything yet.