Nationwide ISA

Mellypoos

Hi

Hoping someone can help me please.

I recently opened an Instant ISA saver with Nationwide and transfered my current Santander ISA into it. My partner also opened one and put money for our house deposit in it. The interest appeared much better than Santander and it was advertised as having instant access and access to our money whenever. Thsi really suited our needs as we are getting married and buying a house and we knew we would need access to the money.

However, I never received a passbook or card and when I registered for online banking there appears to be no way to trnasfer money out of the account unless it is to another Nationwide account - which we dont have.

The branch gave me a passbook but wouldnt allow me to trnasfer and made me withdraw a large sum of money and take it to Santander (where I have my current account) myself. Neither secure or convenient! My partner banks with Danske Bank (previosuly Northern) and so he wouldne be able to do this as they have no branches in Scotland.

Does anyone know whether it is even possible to transfer money from a Natiownide ISA to another provider in branch or online and whether they will charge me for the pelasure?

Otherwise I might have to transfer my ISA again!

Thanks
mel

CLAPTON

Mellypoos wrote: »

Hi

Hoping someone can help me please.

I recently opened an Instant ISA saver with Nationwide and transfered my current Santander ISA into it. My partner also opened one and put money for our house deposit in it. The interest appeared much better than Santander and it was advertised as having instant access and access to our money whenever. Thsi really suited our needs as we are getting married and buying a house and we knew we would need access to the money.

However, I never received a passbook or card and when I registered for online banking there appears to be no way to trnasfer money out of the account unless it is to another Nationwide account - which we dont have.

The branch gave me a passbook but wouldnt allow me to trnasfer and made me withdraw a large sum of money and take it to Santander (where I have my current account) myself. Neither secure or convenient! My partner banks with Danske Bank (previosuly Northern) and so he wouldne be able to do this as they have no branches in Scotland.

Does anyone know whether it is even possible to transfer money from a Natiownide ISA to another provider in branch or online and whether they will charge me for the pelasure?

Otherwise I might have to transfer my ISA again!

Thanks
mel

looking at their website it says

You can:
withdraw up to £500 per day in cash at any Nationwide branch

transfer to any other Nationwide account at any branch subject to the terms and conditions

transfer money via the Internet Bank (This link will open in a new window) to a Nationwide current account or an instant access savings account

so it looks as if you can't do a simple bank transfer to a non N/Wide account or get a cheque


Nationwide often require you to have a flexaccount (current a/c) for many of their saving products where the only way of getting money out is via their flexaccount

here they don't insist you have a flexaccount but make it ridiculous to use as a general savings a/c

maybe consider opening a flexaccount which gives you full access to their full saving range

bowlhead99

Generalising, the savings accounts at banks and building societies (whether ISA or not) that pay the best rates don't come with facilities you get on current accounts like the ability to write cheques or transfer out to other people or other banks etc etc. Even if they're instant access they are sometimes designed to be standalone accounts that just work in tandem with a current account to move money to and from the outside world. The current account is where you do your day to day business.

I closed my Nationwide ISA a while back, transferring it out to an S&S provider. But I have a couple of other savings accounts with them and if I try to set up a payment to another bank, I can only do that from my current account; the savings ones don't come up as options, only for internal nationwide transfers.

It wouldn't take you very long at all to set up a Nationwide current account and then you could pull the money out of the ISA into that if you needed it and out to other banks electronically via the internet or their smartphone app.

While you're doing that, you'll notice that Nationwide actually offer 5% on the first £2500 in their top paying current account if you meet the terms and conditions, so may be an idea for you and partner to both get those, as 5% less tax is more than any instant access ISA you could find, even if you're a 60% taxpayer

CLAPTON

one further thought

as you say you have a santander current account are you making use of the 20,000 at 3% that's available on the 123 a/c: not tax free but if you plan to buy a property soon it will provide a better return

colsten

CLAPTON wrote: »

one further thought

as you say you have a santander current account are you making use of the 20,000 at 3% that's available on the 123 a/c: not tax free but if you plan to buy a property soon it will provide a better return

between 2 people, you could have 3 of these, room for £60,000, and most likely paying a lot more interest than any ISA.

To get the money out of a Nationwide ISA, you need to either ask Nationwide for a cheque, or open one of their current accounts. The FlexDirect, paying 5% AER on up to £2,500 for a year, would seem to be a good account to have in any case.

Nationwide are not unique with the arrangements to withdraw money from ISAs. It's the same with Santander, and possibly other banks.