Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

TojoRalph

A slow Sunday so I thought I would update the story so far.
10th April: Apply for ISA. Funded by NW current account monies & Santander old ISA monies.
6th May: Santander receive request to transfer old ISA monies to NW.
7th May: No ISA, new monies still in NW current account and old ISA monies with Santander.
10th May: Letter from NW dated 6th May confirms application, advises up to15 working days from 6th May.
11th May: Monies leave Santander account.
15th May: Receive letter from NW dated 10th May containing ISA declaration.
17th May: No ISA, new monies still in NW current account and old ISA monies in cyber space.
28th May: The second "up to 15 working days" deadline to complete passes and no communication or change.
29th May: Contact Nationwide. Advised by Nationwide they are looking at 15th June to complete.

colsten

TojoRalph said:

A slow Sunday so I thought I would update the story so far.
10th April: Apply for ISA. Funded by NW current account monies & Santander old ISA monies.
6th May: Santander receive request to transfer old ISA monies to NW.
7th May: No ISA, new monies still in NW current account and old ISA monies with Santander.
10th May: Letter from NW dated 6th May confirms application, advises up to15 working days from 6th May.
11th May: Monies leave Santander account.
15th May: Receive letter from NW dated 10th May containing ISA declaration.
17th May: No ISA, new monies still in NW current account and old ISA monies in cyber space.
28th May: The second "up to 15 working days" deadline to complete passes and no communication or change.
29th May: Contact Nationwide. Advised by Nationwide they are looking at 15th June to complete.

The main Q is: when are they paying interest from, on what amount? If from April 10, which some providers would do, you’ll be fine. If not, you should be raising a formal, written, complaint as this sort of slow processing is simply unacceptable, even in lockdown times.

pbartlett

interrst is paid at 0.75% from the date of application.

colsten

pbartlett said:

interrst is paid at 0.75% from the date of application.

In which case, I would say the longish delays are just a minor irritant

Father_Christmas

Mine is finally showing on internet banking after almost 2 months from application. April 6th - June 3rd. 

My question is has anyone noticed it says “account redesignated from instant access ISA (TFR)” as a transaction on their statement? Any idea what this means? I’ve never had a isa with nationwide previously and have transferred in from elsewhere. 

pbartlett

It means when they transferred the money in from your old ISA, they transferred it to  new, instant access Isa with NWide.

They then re-designated that account to an 18 month 0.75% fixed account.

Was the account opening date (ie and interest start date) backdated to the application date\?

Father_Christmas

pbartlett said:

It means when they transferred the money in from your old ISA, they transferred it to  new, instant access Isa with NWide.

They then re-designated that account to an 18 month 0.75% fixed account.

Was the account opening date (ie and interest start date) backdated to the application date\?

Yes it was I think. It says account bond current start date 6th April. But first transaction not until 6th may when isa transferred in and then 3rd June funds transferred from a nationwide current account. Assume interest is paid from the April date but it’s not too clear tbh. 

pbartlett

https://www.dailymail.co.uk/money/saving/article-9676853/Close-3-500-Nationwide-savers-left-waiting-months-Isa-bonus.html

gt94sss2

So I am still one of 3,500 it seems...

Rich2808

Finally got my transfer done after applying in late March.
Am surprised they had as many as 250,000 applications - I am sure this account sounded like a good idea for NW at the time but has caused them endless headaches and many of their customers a lot of hassle.
Spend your £50s wisely!