Nationwide e-isa to Nationwide e-isa?!

Bloke

Currently have a Nationwide e-isa opened last year which I believe to be paying 2.26% or 2.8% (cant remember exactly when I opened it).

Have paid £4000 into it so far this year, and it also contains money from previous years ISA's which were transferred in.

My question is that since the new e-isa is paying 2.9%, can I open one of these now and do an internal transfer? I'll most likely also want to add another £1000 before the new tax year (so into the new one, but under my £5100 for the year limit).

Thanks.

Stochasticity

You have two ways of going about this...

- You can pay up to £1100 into your existing e-ISA and then transfer the lot into the new e-ISA paying the better rate.

- You can transfer the balance of your existing e-ISA to the new e-ISA and then pay up to £1100 into your new e-ISA.

You cannot open a new e-ISA and pay up to £1100 into that and then transfer your existing e-ISA balance into the new e-ISA. All new funds that you contribute to an ISA in any given year have to be held within the same one ISA.

See the advice given to someone in a similar situation to you in the following thread: https://forums.moneysavingexpert.com/discussion/3042792

Bloke

Thanks for the reply, thats basically what I intend to do - open a new e-isa, transfer existing e-isa in then pay in £1100 into the new one once the transfer has gone through.

Just wanted to make sure I could open another one as I've already subscribed to one already this year, and then carry on paying into the new one.

le_loup

Stochasticity wrote: »

You cannot open a new e-ISA and pay up to £1100 into that and then transfer your existing e-ISA balance into the new e-ISA. All new funds that you contribute to an ISA in any given year have to be held within the same one ISA.

With Nationwide, you can.
They allow any number of different ISA accounts up to the total of 5.1k. So, OP, you can do it whatever way round you choose.

yorkiebar

As above, open the "new" ISA, deposit your £1100 into it and at the same time start the transfer process to move your existing e-ISA funds into the new ISA.

Stochasticity is incorrect in the multiple accounts thing re :Nationwide.

agal

What if you have already put the max £5100 in? I can't see how to open the new e-ISA with just an internal transfer from the old one - Nationwide want a minimum £1 deposit which breeches the ISA rules. It's not just the extra bonus interest rate, the old e-ISA finishes in June this year (at least the bonus part does) so if I can't transfer internally I'll have to transfer away from Nationwide, which I'm sure isn't their intention.

yorkiebar

I'd speak to Nationwide and see what they say.

le_loup

Just do it.
You open the account and are not at that time given the opportunity to fund it. They then open the account. It appears on your Internet banking with a zero balance. You then fund it by transfer on line from the old account to the new account.
Please people, stop finding "objections". It works as I have described. The £1 is the minimum balance allowed after it is live, i. e. funded.

BMikey

Note a slight inconsistency between the minimum initial deposit of £1 and a minimum account balance of £1+

From the e-ISA terms Nationwide have:

43. The minimum initial deposit for e-ISA is £1.

then

53. In addition to the core interest rate, which is the interest rate without any bonus, you will qualify for the bonus interest payment for each day on which the balance of the account is over £1

Fred_Bear_2

I have opened a new 2.9% e-ISA and want to transfer in my old 2.75% e-ISA.
The NW website says I should apply for a transfer form which will be posted to me. I have to complete this with my personal details (which they know already) and post it back to them.
I phoned their helpline to find out if I could do this online (i.e. the quick modern way) and was told yes I can. However, I can see how to transfer a fixed amount but not how to transfer the balance including interest up to date.
Does anyone know how to do this online?

blueberrypie

BMikey wrote: »

Note a slight inconsistency between the minimum initial deposit of £1 and a minimum account balance of £1+

From the e-ISA terms Nationwide have:

43. The minimum initial deposit for e-ISA is £1.

The "initial deposit" is the funds that are transferred in. The above does not suggest that you must deposit £1 of *new* money.