Nationwide ISA Prize Draw - Enter By April 30 2020

colsten

Seems worth a go, even if you aren't planning on putting much into a cash ISA this new tax year, and despite the terrible interest rates on offer. I opted for the 1 Year Triple Access Online ISA, 1% AER.

Full T&Cs: https://www.nationwide.co.uk/products/savings/landing-page/isa-prize-draw

Good luck to everyone who is joining in 

NOTE: even if you are planning to fund a Nationwide ISA with an ISA transfer, you must still make a cash deposit which will count against your 2020-21 ISA allowance. Annoying 'feature'.

masonic

Good to see that the HTB ISA is included

epm-84

Note Nationwide are cutting their interest rates significantly in May, which is probably why they are trying to incentivise people to make deposits now.

Triple Access Online will be going down to 0.4% and Help2Buy will be going down to 1%: https://www.moneysavingexpert.com/news/2020/04/nationwide-to-cut-interest-on-flexdirect-account-to-2--from-may/#savingscuts

colsten

Feel free not to take part -  it increases the chances of those who do 

You don't have to put more than £100 into the ISA to take part in the draw. The draw is on May 21 2020, and Nationwide will notify winners within 30 days of the draw. Any time after the draw, or after the draw + 30 days if you prefer, you can transfer your ISA in full to whatever your preferred ISA is. You can even withdraw your balance and close the account if you don't plan on having any ISA at all. It's much of a no-brainer, really, for anyone who can spare £100 for a couple of months. 

fleemkt

I believe the Triple Access Online ISA was at 1.21% before dropping to 1%.

Correct me if I'm wrong, but if I opened up one of these and transferred in 2019-20's ISA with another provider, I still need to add £100 to qualify, right?

So that this mean I am unable to subscribe the balance of £19,900 (2020-21's allowance) with another ISA manager until I transfer out the £100 later in May after the draw has taken place?

colsten

fleemkt said:

Correct me if I'm wrong, but if I opened up one of these and transferred in 2019-20's ISA with another provider, I still need to add £100 to qualify, right?

So that this mean I am unable to subscribe the balance of £19,900 (2020-21's allowance) with another ISA manager until I transfer out the £100 later in May after the draw has taken place?

Correct, you would not be able to subscribe to another cash ISA until your transferred the Nationwide cash ISA you subscribed to with the £100. You can subscribe to other types of ISA (S&S, LISA, IFFY) at any time, within the annual ISA limit and the limit of the ISA type.

epm-84

colsten said:

Feel free not to take part -  it increases the chances of those who do   

Just providing some important information, that opening a new Nationwide ISA, needs to be aware of.

epm-84

colsten said:

fleemkt said:

Correct me if I'm wrong, but if I opened up one of these and transferred in 2019-20's ISA with another provider, I still need to add £100 to qualify, right?

So that this mean I am unable to subscribe the balance of £19,900 (2020-21's allowance) with another ISA manager until I transfer out the £100 later in May after the draw has taken place?

Correct, you would not be able to subscribe to another cash ISA until your transferred the Nationwide cash ISA you subscribed to with the £100. You can subscribe to other types of ISA (S&S, LISA, IFFY) at any time, within the annual ISA limit and the limit of the ISA type.

Of course not all cash ISAs allow transfers in and some, like Virgin Money, only allow you to open them if you not subscribed to another cash ISA in the current financial year, even though they allow transfers of previous year's subscriptions in.

colsten

epm-84 said:

Of course not all cash ISAs allow transfers in and some, like Virgin Money, only allow you to open them if you not subscribed to another cash ISA in the current financial year, even though they allow transfers of previous year's subscriptions in.

Keep those reasons coming for why people should not have a go. 

margaretx9

I assume you are automatically entered if you make a deposit - and don't  need to do anything else?
Small chance of success - but you never know!
Quite a sharp cut on their help to buy isa - given economic conditions perhaps they don't want too many new first time buyers with 80%+ LTV mortgages on their  books!
Will the board - who supposedly work for the members - be taking pay cuts too. Last year the CEO received a total pay package of £2.4 million!
https://www.nationwide.co.uk/-/media/MainSite/documents/about/corporate-information/results-and-accounts/2018-2019/Report-of-the-directors-on-remuneration-2019.pdf

masonic

margaretx9 said:

I assume you are automatically entered if you make a deposit - and don't  need to do anything else?

That is what this information provided by Nationwide suggests.