Nationwide e-ISA rate increase

System

ghandi wrote: »

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

Thanks for this information, I have now done this.

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.

Thanks for the information, I've just got the forms and was completing them and found myself stuck when on the consolidation form it states "e-ISA applications must be made online".

I followed the steps provided in the first post on my online N/W account and have opened a new eISA and asked them to move my old eISA N/W funds into the new one. Hopefully this is fine. I hope I don't lose any interest if they action this quickly and I think now I don't need to submit the ISA Consolidation Form (although I'd filled it in.

I will complete the transfer in forms too. Thanks again for all your help.

tangsman

My existing Nationwide e-ISA to new Nationwide e-ISA setup and transfer has now gone through in 6 days.:j

Pretty happy with no paper form filling, telephone calls etc.

ghandi

My E-ISA transferred using the method I stated in 6 days. I have a letter with the new E-ISA details, it's shown in online banking and has the bonus expiry date of 31 Jul 2012 so it's @ 3.1% interest.

shady99

I have opened one of these new e-ISA accounts and opted to transfer in my existing e-ISA fund. I have a couple of questions:-

I have received a letter with a valuation of my existing account and a statement that this has been closed.
The value is now in my new ISA - which is the only one available in the on line list.

So, what happens to the bonus I would have had in my original ISA ? Will I still get this, as the ISA is in effect closed, or as the value is now in the new ISA will I just have to wait for the new bonus data, which will now be larger as more money will be in - net result being about the same ?

Or, should I not have opted to transfer this value you - and has Nationwide now saved patying me a bonus ?

Also, my new ISA tells me it is a Champion ISA and not an e-ISA. Is this noe the same, or have they set me up with the wrong one ? I definetly signed up for the e-ISA option.


Cheers

beansy

ghandi wrote: »

My E-ISA transferred using the method I stated in 6 days. I have a letter with the new E-ISA details, it's shown in online banking and has the bonus expiry date of 31 Jul 2012 so it's @ 3.1% interest.

Where does it show you the interest rate please?

david78

shady99 wrote: »

So, what happens to the bonus I would have had in my original ISA ? Will I still get this, as the ISA is in effect closed, or as the value is now in the new ISA will I just have to wait for the new bonus data, which will now be larger as more money will be in - net result being about the same ?

There is no "bonus". But some of the interest earned is bonus interest. This interest should have been credited to the old account before it was transfered to the new one.

shady99 wrote: »

Also, my new ISA tells me it is a Champion ISA and not an e-ISA. Is this noe the same, or have they set me up with the wrong one ? I definetly signed up for the e-ISA option.

The Champion ISA is a different ISA. If you can see the eISA online with the right account number and balance then it is probably just an error in the letter. If not or you are worried it is best to telephone them and check.

david78

beansy wrote: »

Where does it show you the interest rate please?

You can't see the interest rate in your online account. You need to go here for the latest rate. A little way down the page you can select accounts opened before 1 February and you need to ender your bonus date.

http://www.nationwide.co.uk/savings/cash_isa/eisa/

david78

Summer01 wrote: »

I followed the steps provided in the first post on my online N/W account and have opened a new eISA and asked them to move my old eISA N/W funds into the new one. Hopefully this is fine. I hope I don't lose any interest if they action this quickly and I think now I don't need to submit the ISA Consolidation Form.

Sounds good to me. As you arranged the transfer online you don't need the consolidation form now. You just need to wait.

dlands

Can someone confirm this for me please:

I have the current 2.75% NW eIsa with the my full allowance for the tax year in (£5100).

I now want to move to the 3.10% eIsa so do I:

Open the new one online now and transfer in the current allowance and if I do so can I then start paying in after April 6th for the next years allowance?

Do I lose the 1% bonus part of the existing eIsa as I will be moving it before August?

Many Thanks!

le_loup

Yes
Yes
No