Paid into 2 cash ISA's this year - what will happen?

le_loup

sparkiemalarkie wrote: »

I have been given 2 completely opposite pieces of information from Nationwide staff. I would be daft to think that either of them were right. So, I need to check again.

Well, the first piece of information was clearly incorrect as evidenced by the T&Cs.
The second we all want to be correct but is not evidenced by the T&Cs.
The change in wording from withdrawal to transfer is very encouraging and it will be great if you can get a further positive response from them.
I'm sure that, whilst 2.5% is not exactly exciting, it's better than 1.5%.
Keep up the good work, many of us crusaded about the first Flexclusive ISA and won.

sparkiemalarkie

Hi, I contacted Nationwide again just to make completely sure that I wasn't shooting myself in the foot.

My message :-
So, just to clarify :-
I am allowed to transfer £1,250 each month from my Web ISA issue 3 to my regular Saver ISA and this will be seen as a transfer and NOT a withdrawal and deposit. (If it is 'seen' as a withdrawal and deposit it will take me over my annual ISA allowance).
This complies with HMRC and Nationwide's Terms and Conditions.


Response :-
Thank you for your message.

I confirm that you are allowed to transfer £1,250 each month from your Web ISA issue 3 to your regular Saver ISA and this will be seen as a transfer and not a withdrawal and deposit.


It might be useful information to someone else.


Now....just one more thought .... is it a calendar month?


sparkie

le_loup

Great news.
Was the advisor different to the original Josh Hadland guy who gave the first positive reply?
BTW, the scheme is calendar months.

sparkiemalarkie

Yes, someone different.


The regular Saver ISA - not the greatest of interest rates, but it's not bad when compared to what's available at the moment.
I think it's worth transferring money across because the Web ISA 3 finishes on 30th Sept and then I will need to find a home for the balance.


Web ISA ISSUE 3
Balances of £1,000+ include an introductory fixed bonus rate until 30 September 2014. After this date the rate reverts to 0.50% AER tax-free variable.


sparkie

t0rt0ise

I asked Nationwide by email what the address is that we need to put on a transfer out form. I was given an address, looked it up on the Post Office's postcode finder and it said that that postcode no longer existed. So I emailed them back and told them and they gave me a different address instead. But it does show that they don't really know what they are doing!

bryanb

Not particularly relevant in this case but for info.
I paid my full allowance (I know the rules but confused dates) into 2 separate ISAs in 2010. HMRC contacted me, then voided the second ISA and told the provider to refund me after stopping basic rate tax. It took a 18 month - 2 years before it happened.
I guess that's their standard procedure.

le_loup

sparkiemalarkie wrote: »

Yes, someone different.

Well, would you believe it?
I have just got a reply from NW to the same question you asked and got a completely different answer:


Transfers between ISA accounts count as transfers and do not effect your ISA allowance. Please note, the Regular Saver ISA and Flexclusive ISA accounts do not accept transfers from other ISA accounts and this would be a breach of the terms and conditions of the account.


Which is what we thought the T&Cs said, so take care.

sparkiemalarkie

le_loup wrote: »

Well, would you believe it?
I have just got a reply from NW to the same question you asked and got a completely different answer:


Transfers between ISA accounts count as transfers and do not effect your ISA allowance. Please note, the Regular Saver ISA and Flexclusive ISA accounts do not accept transfers from other ISA accounts and this would be a breach of the terms and conditions of the account.


Which is what we thought the T&Cs said, so take care.

Oh gosh, now what should I do?
At the moment I have only transferred £10 across - as a practice- ......
The wording ' other ISA accounts' might mean accounts outside Nationwide.
I've had 2 different people tell me that I can transfer between the Web ISA issue 3 and my regular Saver ISA..........
what now?

I wonder what would happen if I continued to transfer my money across and NW decided that I had broken the t&c

sparkie

Archi_Bald

sparkiemalarkie wrote: »

Oh gosh, now what should I do?

Keep your powder dry and keep moving £1,250 a month from your Web ISA issue 3 to your regular Saver ISA.

Also keep that secure message from Nationwide in a safe place.

I confirm that you are allowed to transfer £1,250 each month from your Web ISA issue 3 to your regular Saver ISA and this will be seen as a transfer and not a withdrawal and deposit.

You also have got the Nationwide ISA T&Cs on your side. Perhaps, if you haven't yet done so, store a copy of them in a safe place.

In the extremely unlikely event that Nationwide would try to go back on the written word they gave you and you would have to take this to the FOS, Nationwide wouldn't have a leg to stand on.

sparkiemalarkie

Well, I logged onto my Nationwide account today and all the money that I had transferred across from my Web ISA issue 3 to my regular Saver ISA has all been moved back again.


I also received a letter from Nationwide telling me that I am unable to transfer funds into this account from any other cash ISA and that the money has now been returned and it will not affect my previous or current years subscription.


"If this occurs a second time we may close your Regular Saver ISA and transfer the funds to an instant access ISA which offers a rate of between 0.25% - 0.05% AER Tax free variable depending on the balance of the account......"


Mmm......


sparkie