New Nationwide ISAs

MrsWenger

YorkshireBoy wrote: »

Your question is answered in condition 10 of the product T&Cs, which is yes they can.

Thank you very much YorkshireBoy.

intalex

Rich2808 wrote: »

You can do this here - but its a bit more complicated if you are not an existing customer.

https://www.nationwide.co.uk/products/isas/transfer-your-isa#tab:TransfermanageacashISA

Couldn't open the account (with a transfer) online as Family Building Society not on their list for transfers-in, so went into a branch yesterday who said I can only open the account with a £0 balance and transfer if my fixed rate ISA I want to transfer in was maturing in the next 14 days (mine is just under 2 months from maturing).

So it seems there is no way to get the account opened now just to get the clock ticking from a single-access anniversary point of view. Instead, I've filled out the manual forms ready to be sent just before the 14-day window prior to maturity.

If a better interest account appears before then, this plan may change

le_loup

intalex wrote: »

If a better interest account appears before then, this plan may change

That's why you shouldn't rush. Two months is a long time coming and anything could happen.

intalex

le_loup wrote: »

That's why you shouldn't rush. Two months is a long time coming and anything could happen.

This account appeals to me (aside from the competitive interest rate) because it allows the one penalty free withdrawal per year. This is useful if I want to transfer to a better paying ISA or to withdraw the entire balance if I need to use the money.

The rush is only to get the anniversary clock ticking so that the window for a 2nd withdrawal opens up sooner rather than later.

le_loup

Oh, and it appeals to me too. I have already set up two accounts for exactly the reasons you give.

intalex

Finally got this process initiated in-branch, pretty quick too < 10 mins including printing / signing a couple of pages. Now just a waiting game for other ISA to mature and the transfer to be completed.

The staff who processed it for me said he processed at least a hundred of these applications in just the past week.

Can't imagine the amount of admin time that will be wasted if another more competitive rate ISA comes along in the near term and another transfer exodus happens.

Hopefully Nationwide realise it is easier to keep the rate on this one at the top of the charts instead :-)

planteria

the rates are just too low to provide any attraction. i use my ISA allowance for Investment, and the current rates available don't really encourage 'Saving' ISAs.

Malchester

Have opened one on line with this new tax year deposit and set up transfer of a maturing two year ISA elsewhere (matures in 6 weeks time( and everything seems to have gone through OK

intalex

Looks like the account has been "quietly" withdrawn... must have been heavy demand either side of the last tax year-end!

nrsql

Hmm - did a search for it and went to page not found so looks like it might be gone.
Fortunately I had a small cash isa just in case it was useful and transferred to the loyalty one.
Had an old Virgin cash isa (because I like to distribute). Had to get a transfer form. Took a long time to arrive and requested 3 of them - wait to see if the others arrive.
The Virgin one I had recorded as 0.75% but when I went to get the account number it was 1.21%. Not much good to say about Virgin products but they should be congratulated on raising the rates for existing products - unless I had transferred it and forgot about it.