Nationwide Fixed rate ISA maturing

anotherbob

My wife and I both have Fixed rate ISAs with Nationwide. These are about to mature. We have the option to reinvest in either Loyalty fixed rate ISAs, or Instant ISA savers. If we do nothing they will mature into Fixed Term ISA Maturity accounts. We could close the accounts on maturity. (Each ISA is worth £6078)
We don't need the money for anything now or in the foreseeable future. I would appreciate any guidance on how best to proceed.

xylophone

Do you want to retain the ISA status?

If so, do you wish to remain with Nationwide?

You could each approach another provider and ask for a transfer out to be arranged.

http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Or you might keep the cash ISAs with Nationwide (instant access and flexible) but also ( assuming you don't have these accounts) open a Nationwide Flexdirect account each and a joint Flexdirect.

You would then transfer £2500 into each of these from your ISA accounts.

You would make sure to cycle in/out £1000 a month from an external account.

You could also each open a Flexclusive regular saver, using cash in your ISAs.

Before the end of the tax year, you would "repay" your ISAs from the Flexdirect accounts and immediately move the money back in again on or after 6 April 2018.

When the Flexdirect 5% year ends and the regular savers mature you could convert the Flexdirect accounts to Flexaccounts, "repay" your ISAs and open new regular savers as soon as possible.

You could then decide whether or not to keep the ISAs with Nationwide or transfer out to a new provider.

CazzieBe

I have a silly little ISA maturing and was wondering should I just cash it in and leave £1000 in it as I would lose my ISA entitlement. We have given all our ISA allowance to our financial company🤓 Or just cash it all in?

eskbanker

CazzieBe wrote: »

I have a silly little ISA maturing and was wondering should I just cash it in and leave £1000 in it as I would lose my ISA entitlement. We have given all our ISA allowance to our financial company🤓 Or just cash it all in?

Could you clarify exactly what you mean by losing your ISA entitlement (bearing in mind you have an annual ISA allowance of £20K per person) and also giving all your allowance to 'our financial company' (does this perhaps mean you've invested £20K into a S&S ISA)?

anotherbob

xylophone wrote: »

Do you want to retain the ISA status?

If so, do you wish to remain with Nationwide?

You could each approach another provider and ask for a transfer out to be arranged.

http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Or you might keep the cash ISAs with Nationwide (instant access and flexible) but also ( assuming you don't have these accounts) open a Nationwide Flexdirect account each and a joint Flexdirect.

You would then transfer £2500 into each of these from your ISA accounts.

You would make sure to cycle in/out £1000 a month from an external account.

You could also each open a Flexclusive regular saver, using cash in your ISAs.

Before the end of the tax year, you would "repay" your ISAs from the Flexdirect accounts and immediately move the money back in again on or after 6 April 2018.

When the Flexdirect 5% year ends and the regular savers mature you could convert the Flexdirect accounts to Flexaccounts, "repay" your ISAs and open new regular savers as soon as possible.

You could then decide whether or not to keep the ISAs with Nationwide or transfer out to a new provider.

Thanks for taking the time and for your suggestions. Clearly I need to look in more detail as to what we might do with these ISAs. Up to now they have just been tucked away gathering dust (and little else). It looks like comparatively hard work to get the least worst interest just now.