We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Help to Buy - Nationwide

Options
Hi all
My daughter appeared on the Martin Lewis Money show and asked a question about help to buy isas.  She is 18,  Nationwide was suggested as the best so she opened it up and has a few grand in there and adding £200 a month.
She received a letter today saying the rate is going from 2,5 percent to 1 percent.  So question is, 
- can she move part of it elsewhere to another ISA (help to buy or other type)
- is she stuck with it?
- seems a tad much to lob 1.5 percent off when base rate only went down .0,65
Thanks
Self confessed Florida expert :) with over 320 trips there!
Co host of the Disneybrit and Eye on Orlando Podcasts
and Craig Duncan Soul Show on Orlando Sky Radio :)

«1

Comments

  • margaretx9
    margaretx9 Posts: 212 Forumite
    Third Anniversary 100 Posts
    edited 24 April 2020 at 1:41PM
    She can move it to other banks and building societies which still accept help to buy isa transfers like Halifax and Santander and YBS.
    Halifax are still paying 1.75%.

    Nationwide are useful in that they are a split isa provider so you can invest in other cash isas too to use your £20k allowance - although their rates are now pretty poor all round.
  • disney_cjd
    disney_cjd Posts: 1,249 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    She can move it to other banks and building societies which still accept help to buy isa transfers like Halifax and Santander and YBS.
    Halifax are still paying 1.75%.

    Nationwide are useful in that they are a split isa provider so you can invest in other cash isas too to use your £20k allowance - although their rates are now pretty poor all round.
    Thank you - I will take a look at those for her.  Cheers
    Self confessed Florida expert :) with over 320 trips there!
    Co host of the Disneybrit and Eye on Orlando Podcasts
    and Craig Duncan Soul Show on Orlando Sky Radio :)

  • I'm with virgin money - offering 2% now and just cut from 2.5%.
  • blue_max_3
    blue_max_3 Posts: 1,194 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm with virgin money - offering 2% now and just cut from 2.5%.
    Are you sure? Can't see it.
  • MDMD
    MDMD Posts: 1,555 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    edited 24 April 2020 at 10:43PM
    I'm with virgin money - offering 2% now and just cut from 2.5%.
    Are you sure? Can't see it.
    It’s probably been withdrawn from new applicants, even transfers. The only mainstream providers I’m aware of accepting transfers are YBS, HSBC (must apply by post for these) and Halifax (must call them to apply).
  • ratechaser
    ratechaser Posts: 1,674 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    edited 25 April 2020 at 9:28AM
    MDMD said:
    I'm with virgin money - offering 2% now and just cut from 2.5%.
    Are you sure? Can't see it.
    It’s probably been withdrawn from new applicants, even transfers. The only mainstream providers I’m aware of accepting transfers are YBS, HSBC (must apply by post for these) and Halifax (must call them to apply).
    Thank you, wasn't aware that the HSBC one was still an option, you have to scroll down the page quite a way before it mentions still being open for transfers.

    1.75% puts it at the top of the pile I think, just above Halifax 
  • MDMD
    MDMD Posts: 1,555 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    MDMD said:
    I'm with virgin money - offering 2% now and just cut from 2.5%.
    Are you sure? Can't see it.
    It’s probably been withdrawn from new applicants, even transfers. The only mainstream providers I’m aware of accepting transfers are YBS, HSBC (must apply by post for these) and Halifax (must call them to apply).
    Thank you, wasn't aware that the HSBC one was still an option, you have to scroll down the page quite a way before it mentions still being open for transfers.

    1.75% puts it at the top of the pile I think, just above Halifax 
    One consideration for me is that HSBC has a higher rate but only on the first £12,000, after which the rate drops to basically nothing. Halifax pays the same rate on the whole balance.
  • disney_cjd
    disney_cjd Posts: 1,249 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    We have gone with HSBC - thanks.
    Self confessed Florida expert :) with over 320 trips there!
    Co host of the Disneybrit and Eye on Orlando Podcasts
    and Craig Duncan Soul Show on Orlando Sky Radio :)

  • margaretx9
    margaretx9 Posts: 212 Forumite
    Third Anniversary 100 Posts
    edited 25 April 2020 at 1:43PM
    We have gone with HSBC - thanks.
    Yes HSBC are fine for now - once the balance gets over £12,000 (which would take over four and a half years minimum from opening) they aren't such an attractive option.
    But then for your daughter that will be at least two years in the future - perhaps more - so no point worrying about that now! She might well have bought her first home by then - particularly if prices come down and are cheaper for those who can still fund a mortgage.

    I have to say NW's help to buy isa rate cut is appalling - the whole point of the society when founded as a mutual was to help the young and poorer to buy a home not pay big bucks to their Board of directors. When they treat customers worse than banks - you do wonder what exactly is the point of big mutuals. Many of the smaller local societies are great - but some of the big players have just go too big, complacent and arrogant!
  • Aidanmc
    Aidanmc Posts: 1,305 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Anyone know when Nationwide interest rate reduction for the Help to Buy comes into effect? Seem to have lost the letter they sent recently!
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.