consolidating ISA accounts and transferring (Nationwide)

wheelz

I asked Nationwide about transferring my 2 old nationwide ISAs into a new one (and also opening a new one for current year's money). I got this answer and find it a bit disappointing that I'm being discouraged to do it online, that's why I messaged them to check whether the way I was doing it was correct. You could even think they just want you to go into the branch.



They say:

"For your 2 Nationwide ISA's we recommend that you consolidate these before transferring them which means your interest will be paid out on closure of the ISA's and paid into your new ISA where as if it was a simple transfer of the 2 old ISA's the account would stay open the interest would only be paid out on the capitalisation date, meaning you would not be maximising the amount of interest you are earning.

Again you can consolidate the ISA's on line but to avoid complications and for the transfers to go smoothly I would recommend you pop into your local branch and they can do all this for you then and there, even help you complete all the forms."


Is anyone familiar with what I want to do online with Nationwide?
I don't understand their bit about the interest. They say closure of accounts, that sounds scary but once the money has been transferred yes they should be closed. Why can't I just open the ISA and then move my money into it. They should then close them as they are empty.

colsten

I reckon what you can do online with your ISAs online is a bit limited, not least because some of us (<<whistles innocently) did exploit some loopholes in their system a couple of years ago. Also, one of the things that probably doesn't happen in an online transfer is calculating the interest.

They are completely correct, you will do better if any interest earned in your old ISAs will be transferred into your new ISA, alongside the existing balance.

Just pop into a Nationwide Branch and they'll do there and then what you need to have done at the welcome desk. At least mine did. Ring ahead to be sure your Branch doesn't operate an appointment system for ISA transfers.

What they aren't correct about is their spelling of ISAs..................sigh.

wheelz

Excellent service from Nationwide (branch), they consolidated two old Isas, opened a new one and transferred it all into the new Isa (Flexclusive 8). It has only taken 4 days for my accounts to be emptied (scary as your accounts sitting there with £0 balance), then they disappear completely for a day and then the new account is there :j:T

Kernel_Sanders

wheelz wrote: »

Excellent service from Nationwide (branch), ..... It has only taken 4 days for my accounts to be emptied (scary as your accounts sitting there with £0 balance), then they disappear completely for a day and then the new account is there :j:T

It's just an internal transfer; why is it excellent service that it took four days?

davidrholmes

Check the interest rates you are getting on old nationwide ISAs as the latest may be paying lower rates.

You can do this in your online banking which shows you the rate if you look at the transaction records for the ISA account.

Flexclusive 7 is currently showing 1.75% and allows new money and transfers in from other nationwide ISAs.

rexel

can I transfer money from external isa into nationwide flexclusive isa issue 7

Vortigern

rexel wrote: »

can I transfer money from external isa into nationwide flexclusive isa issue 7

If you have an existing Flexclusive Issue 7 you may be able to transfer in.

If you don't have one already you'll get issue 9