Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

Yorkshire_Pud

I applied seven days ago online and selected one payment in from past years isa and got the acknowledgement that the application was received.
As of today, nothing. Not even a holding email or notification anything is happening.

Brit2020

So can I open an ISA today with another provider with 10k - and then open the nationwide one and transfer it over, for the £50?

Overseer

Nationwide do not say how long the offer will last for existing customers to benefit the £50 ISA transfer in of £10k from another ISA, could I open an ISA with another bank then transfer it to N/W to benefit the £50 ? 

Brit2020

Overseer said:

Nationwide do not say how long the offer will last for existing customers to benefit the £50 ISA transfer in of £10k from another ISA, could I open an ISA with another bank then transfer it to N/W to benefit the £50 ? 

Is your comment an answer to me? I was just wondering if its allowed or not? 

handsome0707

Last week, I did a successful transfer to nationwide isa from another provider of over £10K to receive 0.75% interest and a £50 bonus. The wording‘You need to put in at least £1’ implies this as a minimum transfer amount  needed to open an account to earn 0.75% interest fixed for 18 months, However to earn a £50 bonus, you need to transfer a min of 10K (no maximum) as long as you satisfy other account opening conditions.  Yes the £1wording is not very clear to understand, and it’s leading a lot of ppl to believe that you have to open an isa account, fund it 1st with a min of £1 thereby making one think that £1 will come from the isa allowance which most ppl would have opened by now elsewhere and afterwards transfer funds from elsewhere, even I was confused at first until I spoke to NW. There is a way to bypass this £1 confusion. 

What you have to do is, select option to transfer from somewhere else, choose interest to be added yearly rather than monthly and at any stage do not put any details of the account you want £50 bonus. As long as the qualifying £50 bonus account is opened first or in existence, then according to NW, £50 bonus will be paid by 30 Jun 2021.
hope this clarifies 

Brit2020

I'm just wondering whether nationwide allow you to transfer an ISA in (for the £50 bonus) if the donor account has been opened in the same tax year. 

Yorkshire_Pud

handsome0707 said:

Last week, I did a successful transfer to nationwide isa from another provider of over £10K to receive 0.75% interest and a £50 bonus. The wording‘You need to put in at least £1’ implies this as a minimum transfer amount  needed to open an account to earn 0.75% interest fixed for 18 months, However to earn a £50 bonus, you need to transfer a min of 10K (no maximum) as long as you satisfy other account opening conditions.  Yes the £1wording is not very clear to understand, and it’s leading a lot of ppl to believe that you have to open an isa account, fund it 1st with a min of £1 thereby making one think that £1 will come from the isa allowance which most ppl would have opened by now elsewhere and afterwards transfer funds from elsewhere, even I was confused at first until I spoke to NW. There is a way to bypass this £1 confusion. 

What you have to do is, select option to transfer from somewhere else, choose interest to be added yearly rather than monthly and at any stage do not put any details of the account you want £50 bonus. As long as the qualifying £50 bonus account is opened first or in existence, then according to NW, £50 bonus will be paid by 30 Jun 2021.
hope this clarifies 

Why does opting for monthly rather than annual interest affect the process? I’ve done all you did except chose monthly interest on the online form since when I have heard nothing.

fleemkt

Yorkshire_Pud said:

I applied seven days ago online and selected one payment in from past years isa and got the acknowledgement that the application was received.
As of today, nothing. Not even a holding email or notification anything is happening.

I assume this was just on-screen at the end of the online application rather than an email?

Yorkshire_Pud

fleemkt said:

Yorkshire_Pud said:

I applied seven days ago online and selected one payment in from past years isa and got the acknowledgement that the application was received.
As of today, nothing. Not even a holding email or notification anything is happening.

I assume this was just on-screen at the end of the online application rather than an email?

Yes but it had an application reference and info that it would take up to 15 days and I would be kept updated on the process by email or text. Heard nothing yet.

Yorkshire_Pud

I just looked up Nationwides CS times and the ISA section says this isa is taking longer to process than usual, up to 15 days, and not to phone if possible.

On that basis and the Easter holiday I assume they will get it done within the next eleven working days of the industry standard max of 15 days that began last Monday week. As of last Saturday my previous years isa provider hadn’t had a request for the funds so I guess they really are behind. 

Supposed to anticipate demand, market leading rate, £50 bribe, spanning two ISA years, COVID, what could go wrong! Frontline staff bear the brunt not their fault.

So I will be patient and assume it’s all going well.