Will Nationwide e-isa swop lose bonus?

The_stingemeister

Have an e-isa with a 1% bonus until 30 June 2011. If I opened a new Nationwide e-isa (better rate of 3%) with Nationwide bank account money and transferred the old isa across to this after, would I forfeit that bonus? Or should I wait 'til July 1st?


Also can anyone help me with this (to me) gobbledegook from the Nationwide website?

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.


"have your ISA open" in particular??

le_loup

No, you won't lose the 1% bonus. The new rate is 3.1% not 3.0%

The_stingemeister

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.


"have your ISA open" in particular??[/QUOTE]

Any ideas? Does it mean open with non-isa money to start, then once opened with cash in, then transfer old isa to new isa?

CLAPTON

well go the n/w website

click the e-isa
click 'apply'
click 'yes' to do you have a flex ac/ etc
click 'no' to do you want to transfer in from another supplier
then the option of transferring your existing n/w ISA opens up
click 'yes'

then just continue

libra10

I've just opened the new Nationwide e-ISA at 3.10%

I filled in the forms and Nationwide transferred my Santander Direct ISA funds.

It was an amazingly fast process - within around 2 weeks or less.

Thought I would also add other ISA funds to this new account as fixed rate bonds mature, meaning fewer ISA accounts to keep track of.

Good luck