Nationwide ISA?

Fabio79

Hi there I have just opened a flex account with Nationwide and I have 16K in Premium bonds but i'm thinking of merging it all with a ISA with Nationwide.

Eventually we want to buy a house but we're not first time buyers so that rules out a help to buy ISA so what i'm thinking is will Nationwide look favourable to us if we have all our money under one roof?

Also does a ISA improve your credit rating?

YorkshireBoy

Fabio79 wrote: »

Hi there I have just opened a flex account with Nationwide and I have 16K in Premium bonds but i'm thinking of merging it all with a ISA with Nationwide.

What rate of interest does the Nationwide ISA pay? As a couple, you could get over £130K in current accounts paying 3-5% AER. You could even get £7,500 at 5% AER with Nationwide in their FlexDirect account, rather than the FlexAccount which you seem to have opened? And if you're saving monthly, then 6% AER is available on up to £1,600 a month (or 5% AER on £1K per month at Nationwide).

...will Nationwide look favourable to us if we have all our money under one roof?

How will they know? I mean, you could have £200,000 with another bank, and a £300,000 S&S portfolio.

Also does a ISA improve your credit rating?

No. Why would it?...it's not credit!

Mickygg

If you mean will they look favourable to you for mortgage interest rates, no it won't make any difference. They will be interested in your deposit to pay regardless of where the funds are held.
If you mean better interest rates for your money, again no difference there either.