Nationwide Members ISA Bond?

codetown

Yes, I asked at Nationwide and they know nothing about it. They have a central ISA office which does all the transfers.

Either you try to get to them (Nationwide ISA office) on the phone or you take a gamble and see what happens!

libra10

My OH and I both have TOISA's and ISA's in the Nationwide Members Bonds.
I transferred both my accounts from Bradford & Bingley last year, with very little trouble. We have a local branch in the village and can also view the accounts online.

We're satisfied with the accounts and the interest definitely accumulates more quickly without tax being deducted.

MiserlyMartin

Is it me?, but I find transferring ISA's to be a pain in the bum. I meant to transfer them all last year to better payers, but never seem to get the time to phone up to sort it. The problem is, that they all seem to shut at 5pm

I would love to speak to Nationwide to clear this up once and for all. Its after 5 so I've asked them the question via the online banking message facility. Lets see what they say.

codetown

I have applied for the transfer out of Nationwide ISA Members Bond anyway (even not knowing excatly if the 60 days notice is necessary or not).
I wanted to have all my ISA in a single account, so this is convenient for me.

Will let you know how it goes and how long it takes!

MiserlyMartin

The reply from Nationwide reads as follows:

"I can confirm that you do not need to give 60 days notice If you want to transfer your ISA Bond out to another provider.

In order to transfer your existing Nationwide Members ISA Bond to another financial provider, you will need to advise us in writing of your new financial provider and forward your original Nationwide ISA passbook or bond certificate to the address below. Alternatively, for Instant Access ISA accounts, you may complete a C115 form at your local branch.

ISA CAU
Account Management Team
Kingsbridge Point
Swindon
SN38 8NL

The Central Administration Unit (CAU) will complete the transfer in accordance with the terms and conditions of your account. They will send the transferred funds by cheque directly to your new financial provider, along with details of your account and will advise you when this has been completed.

If you wish to find out how your transfer is progressing, you can contact us on 01793 576757, Monday - Friday, 9.00am-5.00pm or Saturday 9.00am-3.00pm."

This sounds good. I wonder if it makes any difference you do it this way or if you send your new providers transfer form off and let them manage it? Does anybody know which way is best?

codetown

You have to go trough Nationwide.
Without proof of your investment (the bond certificate) how would you know is it really you? They would definitely refuse the request of a third party (A&L) without a guarantee on your side.

MiserlyMartin

Cheers. I've found out that they allow partial transfers too. Does anybody know the maximum investment limit for the Members Bond? I've looked on the Nationwide site - can't see any mention of a limit. Can only assume there is no limit. Does anyone know?

codetown

Well,
if you refer to the Members ISA Bond, the investment is limited to 3000 pounds a year, as it is a normal cash ISA (even if presented as a bond).

david78

There is no limit. Nationwide restrict the number of deposits into the bond account to 1 per tax year.

You can split your tax free allowance between the bond and their instant access ISA (they are treated as one wrapper by HMR&C) so if you put £500 into the instant access ISA, you can only put £2500 into the bond ISA.