Nationwide e-isa to Nationwide e-isa?!

pem2

Fred_Bear wrote: »

I have opened a new 2.9% e-ISA and want to transfer in my old 2.75% e-ISA.
Does anyone know how to do this online?

Select your 2.75 account and providing you can see your new eISA, hit the transfer button and it comes up with a dropdown menu asking you how much you want to transfer. I know this works because I did the same last night, but what is confusing they don't obviously list the interest rate beside the acc no.

verntern

pem2 wrote: »

Select your 2.75 account and providing you can see your new eISA, hit the transfer button and it comes up with a dropdown menu asking you how much you want to transfer. I know this works because I did the same last night, but what is confusing they don't obviously list the interest rate beside the acc no.

Yes, but, to make an internal transfer from a previous Nationwide ISA to the more advantageous new one there is no facility online to say 'transfer entire funds'. A specific amount is asked for. Clumsy. I am still waiting for the internal transfer funds forms the snail way.

verntern

Fred_Bear wrote: »

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?

You are correct. There is no facility online to transfer the whole balance including accumulated interest. Instead it seems to have to wait for their tedious internal transfer pack of forms.

le_loup

BUT!!!! You can still transfer the bulk of the amount now! Today!
The form asking for the old account to be closed can follow whenever you want.
Yea, not the most efficient but people sitting on their hands and not doing what they can now are really letting procrastination to be the thief of time.
Yet again an extra 0.15% on whatever amount is hardly going to make many millionaires.

zagfles

They told me I had to complete the ISA transfer form, if I did it myself online then it would be treated as new ISA money and not a transfer (ie it would use up/exceed my permitted ISA limit). Their website sort of backs this up though not 100% clear...
http://www.nationwide.co.uk/savings/cash_isa/eisa/isainternaltransfers.htm

You can use our Internal ISA Transfer process to transfer funds held in an existing Nationwide cash ISA product to another.
Please remember that you must have your ISA open in order to transfer funds into it. If you have not already done this, you can open an e-ISA online today.
It is important to use this process and not withdraw the funds yourself as in doing this, the funds will no longer be considered as tax-free savings and can only be reinvested into an ISA as part of your annual ISA allowance."

le_loup

You have picked out the bit that applies to transfers in. I promise you it can be done as described above. I have done it when I have used all my allowance. Others have done it. Now it's your turn.

zagfles

le_loup wrote: »

You have picked out the bit that applies to transfers in.

No, the page I quoted was for internal transfers, not transfers in,as it says in the bit I quoted "...to transfer funds held in an existing Nationwide cash ISA product to another. "

The transfers-in page is here http://www.nationwide.co.uk/savings/cash_isa/eisa/isaexternaltransfers.htm

I promise you it can be done as described above. I have done it when I have used all my allowance. Others have done it. Now it's your turn.

Do Nationwide keep track of how much you've put in though? Or are they leaving it to you? Other providers I've used (eg First Direct) flag how much of your allowance is left, Nationwide don't (not that I've seen anyway).

Having said all that I wouldn't be surprised if the Nationwide web site is wrong, it also says (on the managing your account tab):
http://www.nationwide.co.uk/savings/cash_isa/eisa/managingyouraccount.htm

It is not possible to pay directly into e-ISA - all payments must come via the card account (excluding Regular Savings). This does not apply to transfer of existing ISA funds - for more information see our internal or external ISA transfer pages.

So if you've managed to transfer directly from one ISA to another that would contradict the above. Maybe they've changed their process but not updated their website?

BMikey

Please see the e-ISA user guide for transferring funds in and out of the account at nationwide.co.uk/pdf/savings/eISA_User_Guide.pdf

You can close an e-ISA using internet banking but the closing balance and interest will only be transferred to non-ISA's eg Flexaccount, e-savings thereby losing the tax free status.

However to close an e-ISA and transfer the balance and interest to another Nationwide ISA you will need to do this offline - request/pick up an ISA Consolidation Request Form SF218, complete and return to Nationwide. :eek:

le_loup

zagfles wrote: »

So if you've managed to transfer directly from one ISA to another that would contradict the above. Maybe they've changed their process but not updated their website?

You missed this part of the T&Cs:

"Transferring funds from one e-ISA to another e-ISA

o In order to transfer funds between two e-ISAs, you will need to make sure that both accounts are open and showing on
the Internet Bank.
o To transfer funds from one account to another, you will need to log into the Internet bank and complete the following
actions.
o From your account list click on the e-ISA account that you wish to move money from.
o From the left hand menu you can then click ‘Transfer Money’
o You can then select the account that you wish to move money to from the dropdown list
o Enter the amount that you wish to transfer
o The date of your transfer will be displayed below.
o Select next to continue

Transferring in this way will not affect your annual ISA allowance"

zagfles

le_loup wrote: »

You missed this part of the T&Cs:

"Transferring funds from one e-ISA to another e-ISA

o In order to transfer funds between two e-ISAs, you will need to make sure that both accounts are open and showing on
the Internet Bank.
o To transfer funds from one account to another, you will need to log into the Internet bank and complete the following
actions.
o From your account list click on the e-ISA account that you wish to move money from.
o From the left hand menu you can then click ‘Transfer Money’
o You can then select the account that you wish to move money to from the dropdown list
o Enter the amount that you wish to transfer
o The date of your transfer will be displayed below.
o Select next to continue

Transferring in this way will not affect your annual ISA allowance"

Thanks, couldn't find the above but found this:

http://www.nationwide.co.uk/savings/legal.htm?acc=isas

49. Transfers from your e-ISA to another cash ISA product, or from another cash ISA to your e-ISA, must be done using our paper transfer process and cannot be done from your card account. Transfers from one e-ISA to another e-ISA can only be carried out on the Nationwide Internet Bank.

Which seems to back up what you say about e-ISAs, but if you've got a non "e"-ISA you have to use the paper process by the looks of it!