Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

eskbanker

pbartlett said:

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

Recommended practice for cash ISA transfers, as per https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/693198/Appendices.pdf, is for interest to be backdated to when the old provider sent the money (and so stopped paying interest on it), rather than the date of applying for the new account (or requesting the transfer):

For electronic payments, interest on the transferred funds should be backdated either to the date the payment was initiated, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier

roked

I was a bit surprised this week to log on to my nationwide account and see my ISA sat there that I have been waiting for the transfer to go through on. There was no information from either nationwide or virgin that the transfer was actually happening (in fact I had nothing from virgin at any point) and it shows as hitting the account on the 30th but backdated to the 11th April. I am very happy with this as the virgin one matured on the 24th, so have 2 weeks of 2.1% interest, wish that was the same all the time in the current climate..

pbartlett

eskbanker said:

pbartlett said:

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

Recommended practice for cash ISA transfers, as per https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/693198/Appendices.pdf, is for interest to be backdated to when the old provider sent the money (and so stopped paying interest on it), rather than the date of applying for the new account (or requesting the transfer):

For electronic payments, interest on the transferred funds should be backdated either to the date the payment was initiated, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier

thanks @eskbanker but i believe nwide have a special condition that states interest will accrued from.application date. happy to be corrected.

"

1. Earn interest on your Cash ISA as soon as we receive your transfer application, provided that your funds are free to move and not subject to any notice period."

https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/cash-isas

eskbanker

pbartlett said:

eskbanker said:

pbartlett said:

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

Recommended practice for cash ISA transfers, as per https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/693198/Appendices.pdf, is for interest to be backdated to when the old provider sent the money (and so stopped paying interest on it), rather than the date of applying for the new account (or requesting the transfer):

For electronic payments, interest on the transferred funds should be backdated either to the date the payment was initiated, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier

thanks @eskbanker but i believe nwide have a special condition that states interest will accrued from.application date. happy to be corrected.

"

1. Earn interest on your Cash ISA as soon as we receive your transfer application, provided that your funds are free to move and not subject to any notice period."

https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/cash-isas

Fair enough, I hadn't realised that was in Nationwide's Ts & Cs - an unusual clause when it results in them underwriting the performance of companies outside their control, but their choice!  So, the message to the poster you were replying to should presumably be 'don't forget that you're entitled to get backdated interest from the transfer application date'....

fleemkt

Believe it or not, I'm now entering week 6 without any movement.  Anyone else?

Also, re. backdating of interest - what if you now have to serve notice (due to their slowness) where you originally didn't have to?

sparkiemalarkie

fleemkt said:

Believe it or not, I'm now entering week 6 without any movement.  Anyone else?

Yep, I'm the same.
Initially I had a text to contact Nationwide as there was a problem.
I asked to transfer the current years ISA when I applied. The transfer process took so long that we moved into a new tax year and there wasn't any current Tax year money in the ISA  when they tried to process it  (it was now last years money). Nationwide said that a simple email from them to Skipton would sort it out....5 weeks on I'm still waiting...................

sx

TojoRalph

The story so far with my ISA application, which is like many others.
10th April: Submit application to be funded with NW current account monies and old ISA monies from Santander.
6th May: Santander receive request to transfer old ISA monies to NW.
7th May: No ISA when logging on, monies still in NW current account and old ISA monies with Santander.   

pbartlett

fleemkt said:

Believe it or not, I'm now entering week 6 without any movement.  Anyone else?

Also, re. backdating of interest - what if you now have to serve notice (due to their slowness) where you originally didn't have to?

Not sure what you are asking. If you have ticked the box saying "don't serve notice" then there will be no notice - the transfer will go immediately once requested even if now you have penalties to pay.

wiseonesomeofthetime

Logged into my Nationwide to see my ISA there. No prior communication, and none since.

Transferred from Post Office. All completed in 13 days (end of fixed rate to time in my app).

bubieyehyeh

I applied over a month ago, and after two weeks I got a text saying there was an issue. It seemed to me the issue was Nationwide incompetence, since they had the correct information, just used it wrong. I'd not heard anything since, so I send a secure message and was told applications are taking 4-5weeks due to backlog. However due to the issue they had, that restarted my 4-5weeks. Really not impressed.