Natwest e-ISA

lisyloo

I can't put 30K into a NatWest one and the online application ends today so I'm likely to miss out on it!

With transfers you open the account empty so it's ready for accepting deposits and then send off the transfer forms.
So yes you can open it empty now (I've done it today) and then sort out your transfers later.
You have to do it this way in fact as you aren't in control of the deposits.

lisyloo

although I think I did see somewhere that they are a bit misleading saying that you get the full rate as over the whole year it doesn't work out at that rate because of the first month at the lower rate. Does that make sense?

Yes.
It's is misleading as it's unlikely anyone will get 3.5%.
Theorectically if you opened now (March) and deposited on 16th April then you'd get a full year, but with transfers you aren't in control of when the deposits happen. You request it and it happens when the employees at the bank get round to your application in the queue.

So yes, it is misleading.
Personally I think people should stop making so much of a fuss over a tiny amount as it's a great deal that people should be taking advantage of.

sunnysideup_nw1

Can I ask, has anyone actually managed to successfully apply for a Natwest e-isa in the last two days? I've tried 4 times since 8.30 last night and I get an error message about the service being temporarily unavailable.

foreversummer

Yes, applied for one for myself and hubbie this morning. Absolutely no problem whatsoever.

lisyloo

Can I ask, has anyone actually managed to successfully apply for a Natwest e-isa in the last two days?

Took me less than 2 minutes on-line today, but I am already a customer.

horngkai

can I apply for this ISA having applied for another ISA this year?

mgns

When applying for the e-isa, did existing Natwest customers get asked which tax year they were opening this for and how they were funding it?

I didn't get asked this but when I helped a family member (non-Natwest customer) these questions came up in the application process.

I'm a bit concerned, as I don't want to jepordise the tax free status of any future transfers in because an online application wasn't processed properly.

can I apply for this ISA having applied for another ISA this year?

When I asked Natwest customer services about this today, they said it doesn't matter - as long as you haven't used up this tax years £5340 allowance or are funding it after the next tax year starts.

However, their T&Cs PDF states on p34:

25.3 The account is available to you only if you have not subscribed
to another Cash ISA, or you have not invested the maximum
amount in a Stocks and Shares ISA in the tax year in which the

subscription is made to the account.

lisyloo

did existing Natwest customers get asked which tax year they were opening this for and how they were funding it?

No I didn't and I can now see mine from my online interface the day after applying.
Can you see yours?

The wording is a little confusing.
Provided you don't have two ISAs active or exceed the allowance you should be fine.
I have already usedmy allowance, but I've opened it ready for next year.
I've done that now as I want the bonus to start 16th April.
I'm relatively confident that the Inland Revenue or Natwest aren't going to prosecute me for having an open ISA with nothing in it for two weeks.

lisyloo

can I apply for this ISA having applied for another ISA this year?

If you have stopped subscribing to your old ISA then you can open a new one.
You cannot subscribe to two at once, you can only have one "active" ISA.
There isn't any process to nomiate one as active, but if you are contributing to it then it's active.

horngkai

I am planning to do what you done lisyloo. Open one account to be ready for next tax year but not funding or transferring it till then. I have used up my current year subscription though, is that alright?