Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

fleemkt

Gem-gem said:

I put an application in on the 25th March. I have phoned them twice and they have the application and are processing it. I have been told that it should be complete by end of next week, which will be over one month to transfer the ISA across. They said that they have a backlog to work through. 

Mine's been over three weeks - same, have been told backlog, but it seems some have had theirs processed quicker?

I assume your external provider was on Nationwides electronic list?

They just haven't initiated the request with the provider and they aren't able to check their systems as their teams haven't yet processed the application onto their systems.

I thought there were regulations stipulating ISA transfers had to be completed within a timeframe (of 14 days)?  Maybe I'm mistaken or it's changed recently?

This is the longest I've had to wait for a transfer to take place; the quickest was within two days!

wiseonesomeofthetime

My Post Office ISA matured 22 April 2021.


Got email from them 23 April 2021 to say transfer request had been made by Nationwide, and then another to say funds have gone.


Now just waiting for something to appear in online or mobile banking at Nationwide end.


Been advised up to 15 working days, by Nationwide.

TojoRalph

Just called Nationwide regards my application submitted on the 10th April and I was advised as follows.

As of todays date, Nationwide are working on applications received up to the 27th March. I did query this at length along with trying to get a timeline on progress, i.e. are Nationwide getting through 1, 2 or 3 days worth of applications a day or are they simply drowning? In response I was advised that they were/are drowning, applications were closed on the 15th April and the CS team now get a daily update (what to tell customers who call), and this does not include any progress forecast. In addition I received a reassurance that the start date of the ISA and interest will be the application date for both new monies and monies transferred in.

Uglymug

WARNING - ACCOUNT ON HOLD DUE TO SECURITY FAILURE

I've successfully transferred ISAs for both myself and my wife.
So to get the £50 bonus I've opened a current account in my name without problems (it helped that I was already registered on-line with them).

It's a different story for my wife (she's not interested in finances and leaves everything to me) I tried to register her on-line and on my initial attempt managed to get a customer number and for them to send a pass number (by post), unfortunately when using these to registering I found my wife had to phone them and register a phone number, after a load of persuasion I managed to convince my wife to phone them, she just had to go through a few security questions, name, DOB, address etc. They then asked about her account details, she turned to me and asked what accounts she had which was enough for her to fail the security and put her accounts on hold. (There's also a ream of other security prompts I entered when registering her which I'll probably have to coach her in for any future attempt)
So just a warning to anyone else to have all your facts to hand because the Nationwide are making it very awkward to get the £50 bonus.
So basically looks like the nationwide have succeeded and made it too difficult for me to get the £50 bonus for my wife's ISA (however they were very happy to let me transferring circa £30K of her Isa).

eskbanker

Uglymug said:

So just a warning to anyone else to have all your facts to hand because the Nationwide are making it very awkward to get the £50 bonus.
So basically looks like the nationwide have succeeded and made it too difficult for me to get the £50 bonus for my wife's ISA (however they were very happy to let me transferring circa £30K of her Isa).

Or to put it another way, Nationwide have reasonable and sensible security precautions, which should be reassuring to those committing significant sums to their custody....

Uglymug

eskbanker said:

Or to put it another way, Nationwide have reasonable and sensible security precautions, which should be reassuring to those committing significant sums to their custody....

The Nationwide were quite happy to take the circa 30K with minimal checks, I did not realise that when I tried to get the extra £50 that was part of the deal it would involve 3 security vans with a platoon of armed guards and a risk of the fraud squad kicking my front door down. I wonder how long it will take for the banks to apply similar conditions before they pay any interest.

Rich2808

I expect they are just overloaded and under-resourced.

Of course it would help if they put the correct information on the transfer requests in the first place - they failed to provide the roll number (account number) when they requested my transfer so my existing provider couldn't action it! This is despite NW themselves being an ISA provider that does not allocate a separate current account number to each savings account - so they also have a generic sort code, account number and a roll number for the account number - so shouldn't make that mistake. So I am still waiting 4 weeks on for my transfer - and 3 weeks after they first requested the transfer incorrectly! 

TojoRalph

When I spoke to Nationwide, they commented that they could see they did not have a record of your NI Number. I asked if that was not recorded on the application? They said they did not know as my application had not been processed. I explained I was asking if it was a STANDARD of the application to request an NI No? they did not know. Doh. So I suggested I either a) give them a note whilst on the call or b) update my records online. At that point I was advised that the only way they could take a note of my NI number was by me either going into a branch or sending a letter. Now that I found incredible.

uptdale

This is getting a bit silly.  My old provider, Shawbrook, was not on the NW list for electronic transfers, so on 18 March I rang NW for the transfer pack.  It came promptly, I sent it to NW straightaway, and the ISA was transferred from Shawbrook on 31 March (at least, according to Shawbrook).  So far so good.  But over a month later, it has still not appeared on my NW online page.  I chased them once, and got the usual story about the issue being so popular, etc (i.e. they did not gear up for the demand they should have expected).

My wife and I have had NW accounts for years, and we both applied for this one at the same time.  In contrast, my wife's transfer (from Virgin Money, which was on the NW list for electronic transfers), appeared on her NW online page about 3 weeks ago, although the transfer itself was only a little faster.  You would think that the transfer itself was the harder bit, but the delay is all to do with updating my account.

pbartlett

Very annoying, but hopefully you will get backdated interest from the application date.