Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

roked

Miró said:

TojoRalph said:

Thought I would update the story so far with my ISA application based on logging in and written NW communications.

17th May: No ISA, new monies still in NW current account and old ISA monies in cyber space.

Ditto!!!!!!

I can only go from my experience but it seem to take a 1 week (inc a weekend) for my account to appear online. I am guessing there is 4-5 working days to get it processed and online and if you have a weekend, your hit harder. If you are lucky, it should be there tomorrow or Wednesday (as they dont seem to do anything on a Monday either)

fleemkt

roked said:

I can only go from my experience but it seem to take a 1 week (inc a weekend) for my account to appear online. I am guessing there is 4-5 working days to get it processed and online and if you have a weekend, your hit harder. If you are lucky, it should be there tomorrow or Wednesday (as they dont seem to do anything on a Monday either)

In  my experience, it appears they don't seem to be doing anything any day of the week!

My application was at the beginning of April!

If it's hard to pay / transfer money in; imagine trying to get your money out on matuirty!

pbartlett

Well at least everyone should get interest backdated !

fleemkt

Lets hope 'everyone' do have their interest backdated, even where they've had to serve a notice period as a result of Nationwide's delay (whereas they wouldn't have had to if it was completed within the usual two weeks).

Hopefully, they'll plan to have resources in place to deal with maturing ISA's in ~ 17 months' time!

Baoser

If the interest is backdated to the application date, would that mean we get double interest? So interest credited from N/W for money they haven't received yet and interest from our current provider where the funds are still sitting?

In my case it would be 0.75% from N/W and 0.4% with Virgin. 1.15% on my ISA balance. Result!

fleemkt

Baoser said:

If the interest is backdated to the application date, would that mean we get double interest? So interest credited from N/W for money they haven't received yet and interest from our current provider where the funds are still sitting?

In my case it would be 0.75% from N/W and 0.4% with Virgin. 1.15% on my ISA balance. Result!

That's the least they could do to soften the blow for the delays many have encountered.

In my case, why should I be out-of-pocket for something beyond my control?

The alternative would be to calculate the difference from say day 16 after application date.  Depending on the balance involved, this can amount to approx. £14.50 a month based on 50k and 0.35% difference in interest.

fleemkt

Thinking about it, backdating interest may be more cost-effective for them compared to bringing people in to deal with the demand, but it doesn't do their brand any good.

Miró

fleemkt said:

roked said:

I can only go from my experience but it seem to take a 1 week (inc a weekend) for my account to appear online. I am guessing there is 4-5 working days to get it processed and online and if you have a weekend, your hit harder. If you are lucky, it should be there tomorrow or Wednesday (as they dont seem to do anything on a Monday either)

In  my experience, it appears they don't seem to be doing anything any day of the week!

My application was at the beginning of April!

If it's hard to pay / transfer money in; imagine trying to get your money out on matuirty!

I'm anticipating a struggle to get the £50 bonus when it's due!!!!

uptdale

Encouraging news.  I've just had an email to say I've qualified for the £50 cashback.  But still no sign of my new ISA on my Nationwide online account.  It will be 7 weeks tomorrow since the cash left my previous provider (Shawbrook Bank)!

wiseonesomeofthetime

I have had an email stating I have qualified for the £50 cashback and must ensure my current account stays open until end of June for the payment to be made. (No intention of closing it tbf).

My ISA appeared in my list of accounts 13 days after maturity of the ISA with an external provider.