is this right for me

carlbhoy

hi all, looking for advice, i have a three year fixed rate isa with Nationwide maturing in a couple of weeks, i'm about to start having a house built so i will need to get instant access to the money when needed, about every six weeks or so i've been told, i was wondering if i transferred it into this account http://www.nationwide.co.uk/savings/webisa/landing-page.htm as the interest is only paid yearly would i still earn any interest, been in the Nationwide today and was told i would, but not being able to grasp everything she was telling me i would like somebody to back this up, could anybody help me?

badger09

carlbhoy wrote: »

hi all, looking for advice, i have a three year fixed rate isa with Nationwide maturing in a couple of weeks, i'm about to start having a house built so i will need to get instant access to the money when needed, about every six weeks or so i've been told, i was wondering if i transferred it into this account http://www.nationwide.co.uk/savings/webisa/landing-page.htm as the interest is only paid yearly would i still earn any interest, been in the Nationwide today and was told i would, but not being able to grasp everything she was telling me i would like somebody to back this up, could anybody help me?

Yes, you will earn interest on money transferred to this ISA account. Although it is paid annually on 31 August, it is calculated daily.

Don't forget to use Nationwide's transfer service though http://www.nationwide.co.uk/isas/transfer-isa/default.htm#tab1

innovate

If you are going to spend the money anytime soon, it might not be worth having the ISA transferred for interest, or putting the money into one or more interest -paying current accounts. If it takes longer, there are better interest alternatives elsewhere. Check out the ISA board.

One other thing to consider might be a FlexDirect current account where you get 5% interest on up to £2.5K for 12 months from opening. Must deposit £1K a month though from a non-Nationwide source to get this deal. Won't make you rich, but I suppose any additional money will help when you build a house.