Nationwide / Halifax

katies_mum

I`m looking at transferring into the Nationwide 3.10% or the Halifax 3%, but I see part of the Nationwide rate is variable and all of the Halifax rate is variable so now I`m not sure what to do.
Which one might be a better bet, I was looking at fixed rates ones but realise once opened I can`t put anything in it for 2011/2012 so then would need to find an account for this as well. would like to keep all our ISA money in one place.
Santander doesn`t accept transfers in (our existing ones are with Santander and paying rubbish rate)
Any help would be great. Many thanks.

blueberrypie

Keeping all your ISA money in one place isn't necessarily the best thing to do. But if you really want to, you could have more than one ISA account with the same provider - e.g. you could transfer your current ISA funds into a Halifax 4-year fixed-rate ISA paying 4.4% and open an instant-access, variable-rate ISA for your 2011/12 funds at 3%.

Because rates are often better for "new money", it's often a good idea to have an ISA for the current year's funds running alongside one which allows transfers in.

Remember that with an instant-access ISA you can transfer out anytime, so you're not committing to keeping funds there if better rates are available elsewhere.

Rich1976

katies_mum wrote: »

I`m looking at transferring into the Nationwide 3.10% or the Halifax 3%, but I see part of the Nationwide rate is variable and all of the Halifax rate is variable so now I`m not sure what to do.
Which one might be a better bet, I was looking at fixed rates ones but realise once opened I can`t put anything in it for 2011/2012 so then would need to find an account for this as well. would like to keep all our ISA money in one place.
Santander doesn`t accept transfers in (our existing ones are with Santander and paying rubbish rate)
Any help would be great. Many thanks.

I have just transferred to Nationwide bcause the rate lasts until end of July last next year where as Halifax is only 12 months I think. The whole process took 7 days:j

luci

Nationwide has an 18 months fixed rate of 3.55% which may be a better option than their 3.1% variable.

katies_mum

Thanks for your replies. This is maybe a dumb question but the Halifax and Nationwide rates are variable so could that could mean that once they get your hard earned cash the rates could drop? The 18m fixed sounds good it would end approx September 2012, are the ISA rates usually rubbish apart from around March - April time or is it worth a dabble. We both have £10,000 in an ISA at the moment wanting to add this neaxt years allowance as soon as we can.
Thanks

rb10

katies_mum wrote: »

This is maybe a dumb question but the Halifax and Nationwide rates are variable so could that could mean that once they get your hard earned cash the rates could drop?

Not a dumb question at all; it's perfectly valid.

The answer is yes, they could.

However:

1) Remember the Nationwide account includes a fixed bonus, so is guaranteed not to drop below that [fairly low] rate.

2) Neither Halifax nor Nationwide have a history of dropping rates on accounts unreasonably. Personally, I trust both of them, and would trust them to raise rates if BOE rate went up, and not to drop them unless BOE rate fell.

3) Both are instant access, so you can transfer out at any time. Put the savings rates page of their website in your internet favourites and check it once every couple of months. You can then transfer without penalty to a higher rate, if one became available.

katies_mum

Many thanks for taking the time to explain that.

I think we`ll open one or the other by a transfer (I`m sure I can do it all online) then I`ll pay in the amount for 2011-2012 as soon as its time and then as you say keep an eye on it. Just want to get the money moved from Santander. Got a lot on at the moment and want to get it sorted asap. I do like the idea of a fixed rate then its done with for a while so to speak but can`t pay in next years allowance so thats no good and would just prefer us to have one account each as its easier to keep track of for us.
Just got to decide which one now. Would happily have stayed with Santander if they had let me transfer my existing ISA in, so their loss.

rb10

katies_mum wrote: »

I think we`ll open one or the other by a transfer (I`m sure I can do it all online)

Application can be done online, but the transfer can't be. This is because Santander will need to see your signature on the transfer document before they close the existing ISA and send it to Nationwide or Halifax.

katies_mum wrote: »

Just got to decide which one now.

That's an easy decision.

If you have a Halifax current account, then Halifax pays 3.2% whilst Nationwide pays 3.1%. So go with Halifax.

If you don't have a Halifax current account, then Halifax only pays 3%. So go with Nationwide.

katies_mum

Many thanks, never thought of it like that. Nationwide it is.

How do I sort the transfer please, just thought it was a matter of putting account numbers in online and the Nationwide or Halifax would do it all...

Many thanks

blueberrypie

If you're transferring *to* Nationwide, ask Nationwide for an ISA transfer form. (You might be able to download it from the Nationwide website.) Complete it, give it back to Nationwide, and they will request the money from the current provider. You must have the transfer done directly between the ISA providers, not by withdrawing/redepositing the money yourself.

katies_mum

Thanks blueberrypie, I appreciate I`ve not to withdraw or close our ISA`s, but just assumed that you opened the new account and then everything was transferred over for you when you gave them the info about the existing accounts.
Am I right in assuming we open the new accounts (there will be one for me and one for hubby) I try and see if I can download a tranfer form, or go into Nationwide for one. Complete this and then do I have to take it into a branch or does it go to a specific office?
Thanks, not quite as simple as I had thought.