Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

Rich2808

Now available to apply for on the website.
https://www.nationwide.co.uk/products/savings/member-exclusive-fixed-rate-isa/features-and-benefits
Some things to be wary of in the terms and conditions including this:
"you can't open this account if:
you have already used up your ISA allowance for 2020-21 - whatever the type of ISA you have paid into and/or
you have paid into a cash ISA with another provider this tax year unless you will be transferring that ISA into this account."
This appears to rule out anyone transferring prior year ISA funds - only 2020-21 cash ISA investments can be transferred in (and must be transferred in in full).
Why should NW care which tax year the £10k comes from?

MDMD

I think that’s just sloppy wording-  it should have an “and” there somewhere.

Edit: Elsewhere it seems to imply that was the intention through- it says the max balance is £20k:

“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 2020/21)”

I think they are trying to limit the balances and the cashback they pay as only those in a variable ISA elsewhere can realistically pay in and get cashback and only up to £20k. Although they don’t mention the interest in that account.

The application form doesn’t stop you doing this:

pbartlett

I have a just a logged onto my nationwide account, applied for the isa and transferred well over 20K from my existing nationwide isa into it

whole process took 2 mins!

 I think that the 20k statement is misleading you clearly can transfer your existing isa into the new account, whether it be nationwide or an existing external one

Richchad

Rich2808 said:

Says to qualify you have to have an account open today. So in theory if you apply online for a savings account you may be eligible - it doesn't say there have to be any funds in it.?
Probably easiest to open is their instant access saver - you have 76 minutes!
https://www.nationwide.co.uk/products/savings/instant-access-saver/features-and-benefits

Yeah, I opened a savings account yesterday, but have to wait for password details before I can log onto website.

Unfortunately my existing fixed ISA I wanted to transfer doesn't end until June so looks like I can't get the £50 bonus, however still maybe worth saving a new ISA at 0.75% I suppose.

Rich2808

pbartlett said:

I have a just a logged onto my nationwide account, applied for the isa and transferred well over 20K from my existing nationwide isa into it

whole process took 2 mins!

 I think that the 20k statement is misleading you clearly can transfer your existing isa into the new account, whether it be nationwide or an existing external one

It may well be sloppy wording - and the application process may allow prior year transfers - but it is quite definitive! Given you can only make a maximum one single payment into the account (so presumably cannot make transfers in either from multiple providers) you don't want to be in a situation of NW saying you aren't entitled to the £50 bonus. Sorry to be picky - but terms and conditions matter particularly when you have a conditional bonus involved!
I have used up my isa allowance and don't want to transfer in my cash ISA investment (below £10k) as its on a better fixed rate!
It just needs to be clarified by NW.

"You can’t open this account if you’ve:

• already used up your ISA allowance this tax year – whatever the type of ISA you’ve paid into
• paid into a cash ISA with another provider this tax year, unless you’ll be transferring that ISA into this account."

pbartlett

well i opened it and transferred my existing nwide isa in. That is done. My existing isa now shows a zero balance. I am also going to fill out the online isa transfer form to transfer in 10k from virgin money - we will see if

a. they accept it and

b. if i get the £50

Downandoutinbeverleyyorks

pbartlett said:

well i opened it and transferred my existing nwide isa in. That is done. My existing isa now shows a zero balance. I am also going to fill out the online isa transfer form to transfer in 10k from virgin money - we will see if
a. they accept it and
b. if i get the £50

"Transfers from a Nationwide stocks and shares ISA will not count" - ooops.

Downandoutinbeverleyyorks

MDMD said:

Some blurb on the press office section of their website:
According to the link further up this thread, there is apparently a 180 day interest penalty to withdraw but on £10k that is about £40, so even if you withdraw the £10k as soon as the bonus is paid you make a profit.
The £50 is only available for transfers in.

Apart from the fact that you'd lose interest on your money while it's in limbo going into and back out of the account, would you really go to all the trouble of opening and closing an account for just £10, especially if you already have at least £10,000 in a savings account?

Rich2808

Downandoutinbeverleyyorks said:

pbartlett said:

well i opened it and transferred my existing nwide isa in. That is done. My existing isa now shows a zero balance. I am also going to fill out the online isa transfer form to transfer in 10k from virgin money - we will see if
a. they accept it and
b. if i get the £50

"Transfers from a Nationwide stocks and shares ISA will not count" - ooops.

More explicit that that! Suggest they cancel and transfer from somewhere else?
Transfer in ISA savings of £10,000 or more from another provider and we’ll give you £50

ISA Member Cashback

To qualify for £50 cashback, you must transfer £10,000 or more in ISA savings from another provider into a Member Exclusive Fixed Rate ISA.

This term is weird - you will open your account before your ISA funds will be transferred in - very poor wording!
Once you’ve opened your account, you can’t pay any more money in.

roked

I agree with the comments above, the wording on this product is very conflicting. It seems to suggest you have to put in new money to the account for this year and then still transfer a min of £10k from another provider from this year to get the cashback. This is while it suggests you cant add any other money after account opening. 
I have not used any of my allowance for this year yet so I am thinking the approach is to open an easy access ISA with another provider, put £10k in that and then open the nationwide one and deposit some more money in there and transfer the other one. The issue now being that what ever way we do this, no one will know in time if it works due to the time it takes to pay the cashback out