Transferring Nationwide Members ISA

LankyMoneySaver

I'm looking to transfer my Nationwide Members ISA (probably to the Abby ISA). Does anyone know what the deal is with giving 60 days notice if I am transferring out to another ISA? Does this only apply to withdrawals or will I be penalised 60 days interest if I don't give notice I am going to transfer out?

Has anyone had experience of transferring a members ISA? If so how long did it take, is there anything special you need to do or did the new ISA provider manage to take care of everything ok as they are meant to?

LittleVoice

I asked this question at a branch the end of last year. I was told that if the request came in from the other provider, they would take it as giving notice so there would be a 60-day delay before the funds would be released to the other provider and therefore no penalty.

I asked for the sake of information because at the time I was actually transferring in and just wondered about the opposite direction. However, if I were transferring out I thinik I would try to take a "belt and braces" approach and also write to NW and ask them to note that I would be transferring out but that this was on the basis of giving notice.

Old_Slaphead

LankyMoneySaver wrote: »

I'm looking to transfer my Nationwide Members ISA (probably to the Abby ISA). Does anyone know what the deal is with giving 60 days notice if I am transferring out to another ISA? Does this only apply to withdrawals or will I be penalised 60 days interest if I don't give notice I am going to transfer out?

Has anyone had experience of transferring a members ISA? If so how long did it take, is there anything special you need to do or did the new ISA provider manage to take care of everything ok as they are meant to?

In my experience NW didn't apply the 60 day notice - money was xferred to my new provider (KRBS) in approx 21 days. This isn't the first time that NW haven't applied the notice period - they did a similar thing when I closed a members bond (nb I also checked to ensure that there was no interest penalty). Don't know whether this 'benefit' is uniformally applied however.

MiserlyMartin

Ditto. I transferred out of the Members ISA Bond and was told the 60 days only applies to withdrawals - not transfers out. Within 21 days also it was done.

Went into the branch and gave all the forms/ID etc and they did it for me and sent it all off to head office.

LittleVoice

Interesting.

I'll give the CS person benefit of the doubt - perhaps I should have heard her say there would simply not be a penalty rather than they would take the transfer as being a transfer with notice that would have to elapse.

bilbo_2

MiserlyMartin wrote: »

Ditto. I transferred out of the Members ISA Bond and was told the 60 days only applies to withdrawals - not transfers out. Within 21 days also it was done.

Went into the branch and gave all the forms/ID etc and they did it for me and sent it all off to head office.

will lloyds (the new isa provider) sort out the transfer for me or will i have to go into the nationwide branch and sort it out with them