Nationwide e-ISA rate increase

david78

I have just opened a new eISA with the intention of transfering all but £1 of my old eISA online to the new one as soon as it is opened and showing in my internet banking. (I will sort out transfering the balance plus closing interest using a consolidation form later).

However, I have noticed that my existing eISA account does not show up in the "Transfer from" drop-down list under "Quick Transfer" on the left hand side of the screen.

Therefore can someone who has done this explain exactly how I do this transfer online?

le_loup

glitter123 wrote: »

then there seems to be little point in the website telling you you can get the transfer form from the branch. Not sure how I would have got it without discussing it with a staff member since there were non on display.

So, you're unable to buy a bar of chocolate without discussing the virtues of milk or plain with the shopkeeper? Just ask for the form. Couldn't be simpler.
Could I have an ISA CONSOLIDATION FORM, please. There, I've done it for you.
Tell you what, you can even phone for one.
KISS

le_loup

david78 wrote: »

Therefore can someone who has done this explain exactly how I do this transfer online?

Go into your new account, that page has a "Transfer Money" option, and do it from there.

[Deleted User]

Sanzai wrote: »

In the T&Cs it mentions that minimum opening deposit is £1 for the e-ISA. If I have already used my ISA allowance for the tax year does this mean I cannot apply for the e-ISA until 6th April?

I would like to transfer from my previous e-ISA to this one, but think that technically it might not be possible until the new tax year for this reason. However, even if I wait for the new tax year they mention that the deposit needs to come from a Nationwide card account - this means the initial deposit of £1 needs to be from non-ISA money, and therefore commits my 2011/2 cash ISA allowance to Nationwide?

If only all these rules were set out clearly....

I hope this helps.
Don't think of all your ISAs as being part of one big account with that bank/bdg soc.
I suggest you identify an ISA by its year when discussing a problem.
Bit like moving a 6 year old kid from one school to another. Doesn't make him 11 years old
Does 'my previous ISA' mean my 2010/11 ISA?

The Inland Revenue rules allow you to change THE SUPPLIER but not the tax year in which it started . Any existing 2010/11 ISA can become a Nationwide 2010/11 ISA for tax purposes. You can do this anytime. In the case of Nationwide you just sign a form authorising them to transfer the proceeds of an old ISA into a new ISA but it MUST be for the same tax year.You would get 3.1% regardless of its date. Remember to 'tart' for 31/7/2012.

Nationwide actually suggest you edit the ISA's online name to reminder when the bonus finishes.

You only have to wait until April 6 2011 if you want to put cash into a 2011/12 ISA.

cherry76

I am going to open a new e-isa in April with better rates and then transfer the old e-isa in the new account. I think that will be thest way of doing it. Need to go to the local branch and ask for some internal transfer form. Anybody has done it differently? Thanks

[Deleted User]

Mickygg wrote: »

I suppose you need to think - they increase the core rate, so come 2 months time whats stopping them cutting it?

A bonus will be fixed until ir expires but all variable rate savings can and will alter so always keep an eye on them.

wearside_2

Surely it is prudent to wait and see what the likely increase in the Bank Rate rate will be and therefore the likely increase in Saving Accounts will be before changing to a Fixed Rate ISA?

david78

This isn't a fixed rate account. Its part variable (1.75%) and part fixed (1.35% until 31/7/2012) giving a total of 3.1% overall. You can you can transfer out without penalties at any time.

I wouldn't mind betting that if the BoE puts the base rate up by 0.25%, all of the savings providers will do nothing with their rates. It will take a few increases to overcome their inertia.

Craig_W_2

Here are the instructions on transferring an existing Nationwide e-ISA to a new Nationwide e-ISA "straight from the horse's mouth" (ie from one of their customer service reps replying to my query):

Dear Mr W,
Thank you for your message.
If you chose to open the new e-ISA online you would then be able to close the existing one and transfer the funds including the interest, directly to the new one and keeping those funds as ISA investment and attracting the new bonus.

Details and how to apply for the current e-ISA offer are available from the following page: http://www.nationwide.co.uk/savings/cash_isa/eisa/default.htm
Please do not transfer the funds into your FlexAccount first as they will loose there ISA status. Once the new account has ben opened please follow the steps below to close and transfer the amount to the new e-Isa.

This account must be closed online, to do this:
- open a new e-ISA (as above)
- sign On to the Internet Bank
- click on the 'My Accounts' tab at the top of the screen to display the Account List
- click on the e account you wish to close
- click 'Other Services' from the menu on the left hand side of the screen
- under the heading 'Financial Transactions', select the account you wish to close, and
- choose the button 'Request Closure'.
- an option will appear to close transfer the balance to the new e-Isa
- please allow up to 5 working days for the transfer to show online.

If you need to speak to us about your ISA product please contact our ISA helpdesk, you can contact them on 08456 02 87 81. They are available on this number Monday to Friday, 9am until 7pm and on Saturdays, 9am until 12pm.

Regards,

Liam Petrie

Customer Consultant

http://www.nationwide.co.uk

Nationwide

Safehouse_2

As someone who has been trying close an old e-ISA and open a new one this week, I've found conflicting advice on the Nationwide website. The whole "ISA consolidation form" thing which is mentioned in some places on their website is incorrect. I have that very form in front of me now, and the form states "e-ISA applications must be made online". You can't open the e-ISA using their consolidation form.
I went and spoke to someone in branch on Friday, and they said I had to apply online for the e-ISA, and then use the method described in Craig W's post above to transfer funds from the old e-ISA.

(Of interest, the Nationwide form for "External Transfer In" of ISAs from elsewhere DOES have e-ISA as an option, and appears to allow you to open an e-ISA via the consolidation form. Very confusing!)