Nationwide ISA Question

grantmo

Hi

I'm not very clued up with these things so any help will be grateful.

I opened an nationwide isa last year which I maxed out and I'm getting 3.1% until 31st oct. I was going to open another one today but the interest rates are not as good.

So I was wondering if I could just add to last years one until October then could I open a new one and transfer funds in then?

Also could I open a new one today and still add to last years one until October? Or would I only be able to add to the new one?

Many Thanks
Grant

david78

You can add this years money to the Online Saver Issue 4 (3.1%).

You can't then open and fund another ISA account though.

This is exactly what I did this morning.

grantmo

So I'd be stick with the low interest rate after October without the chance of opening a new one?

Would I be better opening the new nationwide isa at 2.5% and adding to that. I won't be adding it all at once, probably £500 a month max.

david78

No, you can transfer the Online Saver at the end of October.

dzug1

After October you could transfer the ISA to one with a higher rate - but not necessarily add new money to it depending on what else you had done.

grantmo

So I can pay money till October into the old isa then open a new one then and do a transfer but I can't open a new one until October if I'm paying into the old one?

grantmo

dzug1 wrote: »

After October you could transfer the ISA to one with a higher rate - but not necessarily add new money to it depending on what else you had done.

So I couldn't pay anymore into an isa if I opened a new one in oct even if I hadn't used my full allowance.

Seems like I'm better just opening a new one and paying new money straight to that then?

david78

when you transfer in october the unused allowance transfers as well, so you can carry on paying in to whatever ISA you transfer to.

innovate

david78 wrote: »

.... so you can carry on paying in to whatever ISA you transfer to.

provided that ISA is an instant access ISA, and provided you have transferred all of your 2013-14 contribution.

grantmo

Thanks for your replies.

I'm not sure whether to add to my old one at 3.1% or open a new one at 2.5% just now and add my new funds to that just incase I don't get as good a rate as 2.5% in October. Decisions decisions.

grantmo

Does anyone know if I can open the new nationwide isa with a pound just now to secure it and pay new money into last years isa until October? Then in October just pay into the new isa and transfer last years isa into a new one?
Or can I only pay new money into the new one if I open it with the minimum amount?
Thanks
Sorry for all the questions