Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

2010

Reading the T&C it says 
2. How to open your account You can open an account: • on nationwide.co.uk • on our Internet Bank or Banking app • by calling your local branch to make a telephone appointment. You just need to put in at least £1. You can save up to this year’s ISA allowance (£20,000 in the tax year 2021/22). If you have existing ISAs with us or with another provider, you can transfer them into this account by going to nationwide.co.uk/isas.

Then further down it says:  Once you have paid in money to open your account you cannot make any additional payments into the account.

So if you open it with £1 you then can`t add anymore money into it, surely this can`t be correct.

Do they mean you can get it opened with £1 and then you have a limited time to get the rest of your funds into it?

Rich2808

2010 said:

Reading the T&C it says 
2. How to open your account You can open an account: • on nationwide.co.uk • on our Internet Bank or Banking app • by calling your local branch to make a telephone appointment. You just need to put in at least £1. You can save up to this year’s ISA allowance (£20,000 in the tax year 2021/22). If you have existing ISAs with us or with another provider, you can transfer them into this account by going to nationwide.co.uk/isas.

Then further down it says:  Once you have paid in money to open your account you cannot make any additional payments into the account.

So if you open it with £1 you then can`t add anymore money into it, surely this can`t be correct.

Do they mean you can get it opened with £1 and then you have a limited time to get the rest of your funds into it?

Essentially as part of the application process (online) or form (in branch/post) you are asked to confirm any ISA funds you want to transfer in (which can be from multiple ISAs) and any other deposit you wish to make (e.g. by bank transfer or from another NW account etc). That combined sum becomes your opening balance - even though in practice the ISA transfer may come in after the bank transfer in your account.
What you do not therefore want to do is open it with £1 (by bank transfer) and at a later date request the ISA transfer - as that won't work and the second (ISA transfer) won't be accepted.
So before you apply - be clear about how much you wish to pay in and from what sources if you are after the £50 bonus. 
It is a bit confusing - most fixed rate products give you a time period to request transfers in or make payments in (e.g. two weeks or a month) - so don't get caught out! This product allows one 'investment' as declared at application (multiple sources) or after opening (essentially one source).

DresD

I was just about to transfer some money in with the hope of adding more later but then read that I could only add money at the point of opening it. I stopped just in time. I wonder how long this account will be available? I'd rather wait a while until I can make use of closer to the full allowance.

fleemkt

Has anyone opened this account requesting funds to be taken from their current account?

If so, is it immediate?

pbartlett

not from current account but i did request xfer from an existing nationwide isa and the funds were debited immediately.

fleemkt

Thanks pbartlett.

Just wondered if they debited the current account immediately or whether funds could be pushed through later in the day, such as transfers between accounts via online banking.

pbartlett

well my existing isa said £20,000 at the start, and the moment i had completed the online application form for the new isa it showed zero !

savit4l8er

Compared to some establishments, Nationwide always take the long route, even existing customers have to fill out every detail where as many just pre populate the fields they are able. It is worth the trouble though.
I don't think there will be much time for folk to amalgamate funds, especially for transfers in.

JGB1955

fleemkt said:

Thanks pbartlett.

Just wondered if they debited the current account immediately or whether funds could be pushed through later in the day, such as transfers between accounts via online banking.

I opened my ISA today, but had to wait until the £20K had arrived from my web saver at Principality.  The money went into my Flex account and then back out again in minutes.

I didn't apply from the app but from a web browser - all of the information was pre-populated.  NI number, address, etc etc

savit4l8er

JGB1955 said:

fleemkt said:

Thanks pbartlett.

Just wondered if they debited the current account immediately or whether funds could be pushed through later in the day, such as transfers between accounts via online banking.

I opened my ISA today, but had to wait until the £20K had arrived from my web saver at Principality.  The money went into my Flex account and then back out again in minutes.

I didn't apply from the app but from a web browser - all of the information was pre-populated.  NI number, address, etc etc

I wonder if that is because you hold a Flex or doing an internal transfer rather than a transfer from an external establishment.  I click apply  and even though logged in and a fresh application page loads. Same as last time.