Nationwide Fixed Rate ISA - No additional deposits?

humfer

Just finished end of 2 year fixed with Lloyds and to be honest they seem to have fallen behind on rates now compared to others. Looking at NW 2 year fixed (2.5% vs Lloyds 2.2%). Just checking and see it says .....


Paying in You can make just one lump sum payment by paying in cash or a cheque at any Nationwide branch. Once open, you will not be able to pay in additional funds.


So this means once I do the transfer I can pay no additional money in for the 2 years? Guess I could pay more into current Lloyds now and then transfer the lot (current balance + 2013/4 allowance) but I'd still not be able to pay any 2014/5 allowance into it the year after. Think this is the case but I'm pretty stupid and just want to check!

rb10

Yes, that's correct. Nearly all fixed rate accounts operate in this way - they do not permit any additional deposits during the term.

You can of course open a new ISA for your 2014/15 allowance when the time comes.

david78

With the Nationwide, you can open Additional Cash ISAs with them in the same year to use up your allowance. So additional deposits can be made, but only by creating these additional accounts.

humfer

rb10 wrote: »

Yes, that's correct. Nearly all fixed rate accounts operate in this way - they do not permit any additional deposits during the term.

You can of course open a new ISA for your 2014/15 allowance when the time comes.

Thanks. Yeh but Lloyds allows the additional deposits which added to the good rates in the past made it the best for me. Ah well time to move to someone else

rb10

humfer wrote: »

Thanks. Yeh but Lloyds allows the additional deposits which added to the good rates in the past made it the best for me. Ah well time to move to someone else

Lloyds is the exception and not the rule here.