Nationwide split isa allowance query

book12

Read on the bank's website that i bank with that the interest rate of the isa i hold will be decreased to 0.80% in the next few months. I've been putting money in that isa since April 2015. I want to transfer my money to Nationwide as their interest rates are better by using the 'transfer-in process'.

I am planing to open their regular saver isa where i will deposit money monthly. I am also planning to open their instant access isa for the tranfer-in of money from the other bank, and this account won't have monthly deposit in it, and just want it to accumulate interest.

Can this kind of splitting of isa allowance allowed?

Vortigern

Yes, Nationwide will allow you to this.

le_loup

Vortigern wrote: »

Yes, Nationwide will allow you to this.

One of the few that will.

grumbler

So, is it as simple as, say,

• applying for their Flexclusive ISA with £1 initial deposit,
• transferring my old ISA into it,
• applying for their Regular Saver ISA and then drip-feeding it from Flexclusive one and/or other sources?

I used to be on top of these things, but there were too many changes recently and I feel a bit rusty.

roddydogs

You need £750 PM going into a flex a/c for this.(you can of course take it straight out)

colsten

roddydogs wrote: »

You need £750 PM going into a flex a/c for this.(you can of course take it straight out)

The actual terms for the pre-req are:

This account is available to customers aged 18 or over who meet one of the following criteria:

Hold a FlexOne account and be aged 18 or over, or

hold a FlexAccount with a Visa debit card (not cash card or cash card+) and have:
- been paying in £750+ a month for the last 3 months (excluding internal transfers); or
- completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or

Hold a FlexDirect or FlexPlus account.

grumbler

Thank you for replies.
Yes, I am maintaining £750 for the free travel insurance.
The question was mainly about opening two new cash ISAs at the same time and depositing to both, that IIRC used to be not allowed. I almost opened the new 'Flexclusive' yesterday for transferring the old one into, but cancelled the application on the step when I had to deposit at least £1 to open it.

masonic

grumbler wrote: »

The question was mainly about opening two new cash ISAs at the same time and depositing to both, that IIRC used to be not allowed. I almost opened the new 'Flexclusive' yesterday for transferring the old one into, but cancelled the application on the step when I had to deposit at least £1 to open it.

Subscribing to two different cash ISAs in the same tax year is still not allowed, but ISA managers are permitted to treat multiple products held with them as belonging to the same overall ISA if they so choose. Nationwide is one of a few who do this.