Nationwide e-ISA rate increase

le_loup

I don't think anyone ever said that you could OPEN one of these accounts off-line.
Why are you muddying the waters further for the poor souls here who can't follow some easy instructions?

Safehouse_2

Because I'm sure that many people reading this thread are interested in opening an e-ISA. And if they go to the Nationwide website to find how to do so, they will find conflicting advice on how to do that, especially with regard to transfer in of ISA funds from elsewhere. That's where I found the water to be muddied.
So to unmuddy the waters - ***open your e-ISA online***. I think we're agreed on that bit.

System

I have spoken to N/W as I used all my last years ISA allowance and wasn't sure if I could open a new ISA for 2011/12 without putting a min of £1 into it.

I was told my only option is to consolidate my old N/W ISA to the new account, and I will be sent a form.

For my other external transfer from another bank I need to complete a transfer in form. So looks like until I get a copy of these forms and complete them I can't do much more.

david78

Summer01 wrote: »

I have spoken to N/W as I used all my last years ISA allowance and wasn't sure if I could open a new ISA for 2011/12 without putting a min of £1 into it.

I was told my only option is to consolidate my old N/W ISA to the new account, and I will be sent a form.

For my other external transfer from another bank I need to complete a transfer in form. So looks like until I get a copy of these forms and complete them I can't do much more.

This isn't correct. There are things you need to do now! Don't wait for the consolidation form as you can't open the eISA using it. You will need it later, however, so its good that you have organised it.

Here are the steps.

1. Open your eISA online now (you wont put anything in it yet).

2. Wait for your eISA to show online.

3. If you have another eISA you want to transfer from, do this online leaving the old eISA open with £1 in it. If your other ISA with
Nationwide is not an eISA just wait for the consolidation form.

4. Fill in the consolidation form to move your old ISA with Nationwide (which can be an old eISA or any other cash ISA with them) to the new eISA. You need to wait for the welcome letter for your new eISA as you need the account number for the consolidation form. Hand the completed consolidation for to your branch and ask them to check it and stamp it with the date. This determines when you get interest from. They will either process it in the branch or send it to the head office. The consolidation only takes a few days usually. You will see interest credited on the old account, the balance moved over, and the old ISA closed if you look online.

5. Fill in the transfer form to transfer any ISAs from other banks. Hand this into your branch or send it off in the reply-paid envelope they provide.

Aletank

david78 wrote: »

This isn't correct. There are things you need to do now! Don't wait for the consolidation form as you can't open the eISA using it. You will need it later, however, so its good that you have organised it.

Here are the steps.

1. Open your eISA online now (you wont put anything in it yet).

2. Wait for your eISA to show online.

3. If you have another eISA you want to transfer from, do this online leaving the old eISA open with £1 in it. If your other ISA with
Nationwide is not an eISA just wait for the consolidation form.

4. Fill in the consolidation form to move your old ISA with Nationwide (which can be an old eISA or any other cash ISA with them) to the new eISA. You need to wait for the welcome letter for your new eISA as you need the account number for the consolidation form. Hand the completed consolidation for to your branch and ask them to check it and stamp it with the date. This determines when you get interest from. They will either process it in the branch or send it to the head office. The consolidation only takes a few days usually. You will see interest credited on the old account, the balance moved over, and the old ISA closed if you look online.

5. Fill in the transfer form to transfer any ISAs from other banks. Hand this into your branch or send it off in the reply-paid envelope they provide.

If we transfer the way described in Post 30 by Craig W - Would we lose the interest ?

Thanks Again

david78

Aletank wrote: »

If we transfer the way described in Post 30 by Craig W - Would we lose the interest ?

Thanks Again

No you don't lose it.

However, I am not sure I would trust the list in post 30.

It says "an option to transfer will appear" but will it? I would just transfer all but £1 online and keep the eISA open for a little while, then do the closure bit by paper a few days later.

When you send in (or hand in) a consolidation form to transfer the remains of the old eISA to the new eISA, they will then transfer the interest (and the £1) and close the old eISA.

le_loup

david78 wrote: »

It says "an option to transfer will appear" but will it? I would just transfer all but £1 online and keep the eISA open for a little while, then do the closure bit by paper a few days later.

If it didn't appear you would not be able to transfer "all but £1 online"!
I'm afraid you are adding fears and complication to a simple process. And I can't understand why, I and many other have set up, transferred and closed theses accounts with consummate ease.

jimbow25

The interest date is weird - most of these accounts will be opened in March and April and the bonus rate applies until 31st July 2012 and yet the interest is paid annually on 31st August - why?!

Pleased to see a relatively decent rate for transfers in though.

ghandi

You now get the option online, when you apply for a 'new' E-ISA, to transfer in from an existing E-ISA.

Click on apply now and it is the 3rd item you are asked to select after

1) do you have one of the following card accounts,

2) do you want to transfer funds from another provider,

and then

3) do you want to transfer from an existing E-ISA into a new E-ISA

You then enter your old E-ISA account number as part of the application process.

HTH

tangsman

I answered NO to question 3 although this is what I want to do once the new e-ISA is open. Hope I haven't screwed up.

The instructions given in earlier posts are what I've chosen to follow.

I want to carry out the transfer and closure of my existing e-ISA to the new one through the Internet Banking Menu options.