Nationwide ISA Question

rb10

grantmo wrote: »

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

No.

There's a different reason depending on what you mean by 'the new Nationwide ISA', as they have several different ISAs.

The Web ISA has a minimum opening balance of £1k, so you couldn't open it with £1.

The Easy ISA and Flexclusive ISA don't allow transfers in, so although you could open them with £1 of this year's allowance (putting the remainder into your 4.25% Flexclusive), you couldn't then transfer across your other ISA in October.

Their fixed rate ISAs do not permit additional deposits after the account has been opened.

grantmo

It was the flexclusive isa at 2.5% I was thinking about opening with a £1 but I was hoping if I did that then I could still pay into last years isa as I'm getting 3.1% with that. Then in October I could open another isa for transfers and transfer my old isa into that. I would then have 2 isas open my flexclusive 2.5% to pay new money into and the other isa I will open to tranfer last years isa into plus whatever I've added to it from now to October.

I think I'm over complicating things.

The reason in thinking about opening the flexclusive one just now is in case I don't get an isa as good as 2.5% in October.

grantmo

Ok I think I'm getting my head round this now.

The way I see it I have 2 options?

Pay new money into last years isa until October when the rate drops then open a new isa to transfer everything over and continue paying new money into that.

Or I could open a new isa just now (flexclusive 2.5%) and start paying into that then in October I would have to open another isa to transfer my old isa into. I would then have 2 open my flexclusive one for new money and the other new one I open in oct to transfer last years. I would then have the option to transfer the flexclusive to that one too if the rate is better?

My heads in a spin ha ha!