Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

wiseonesomeofthetime

Baoser said:

wiseonesomeofthetime said:

Needs to still be open in April for me to consider as fully subscribed this year. 

Can you not transfer from another provider to Nationwide? If you don't top anything up surely you won't exceed the yearly allowance?

I had transferred away from N/W last year (but in this current tax year). I'm now thinking of transferring my Virgin ISA to N/W. Can I still do that if I've already opened a fixed cash ISA and transferred out of N/W? I haven't exceeded my ISA allowance yet.

Sadly not. Fixed until 22 April 2021. No access.

2010

Our best available fixed interest rate, just for our members.

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.

Nationwide really looking after their member`s once again with an account most can`t open.

Rich2808

ivormonee said:

I've struggled with the wording, the application form and the terms of this account. To say it's "badly worded" is an understatement. To get some clarification I called Nationwide and spoke to someone. The adviser had to keep putting me on hold to check things out with more "senior" colleague(s). An hour later I was none the wiser and the customer services adviser/ savings specialist was more unclear than I was.

A by product, probably, of having to work from home, with limited facilities to learn or benefit from adequate training. In the meantime, I'm still in limbo regarding the account's "Nationwide rules, processes and procedures".

Can't help but agree about the appalling wording -  I might expect it from a small local society or challenger bank but not the largest building society in the UK with 15 million customers!
The statement 'once you have opened the account you cannot pay any more money in' is particularly comical!  An ISA transfer by definition might not be paid in until possibly 15 days after you open it!
How about 'you may only make a single investment into the account either via a direct deposit or ISA transfer'?
Let alone the wording above which seems to prevent prior year ISA funds being transferred in - even though the application process permits it!

pbartlett

irrespective of the wording this is what seems to happen

you apply for the account and you are given the option of transferring money in from an existing external isa or from a nationwide account

if you choose an existing external isa then you fill out an isa transfer form

if you choose an existing nationwide account then you can choose either to transfer a nationwide isa or money from eg a nationwide current account

Richchad

Looks like I am going to have to open a new ISA as can't transfer my fixed ISA with Charter as term ends in June, so no £50 bonus but 0.75% is about the best 18 month ISA at the moment.

Reading the summary you can only fund the ISA from an existing NW account, so I have to transfer money to my new savings account opened on 16th March, however I am still waiting for a pass number to register for NW online banking to be able to do this.

Not sure how long it will take NW to post documentation to me.

I can't believe I am going to all this trouble for 0.75%... a sign of the times I suppose.

Update

To fund my NW savings account I have to transfer 20k from a Coventry BS account, however they don't seemed to have heard of faster payments, won't be in my current account, to transfer, until Monday, checked with NW and I can't open the ISA until all money in the savings account as it does it all immediately, just hope ISA applications aren't pulled on Monday...!

pbartlett

This what I did if you want to transfer a NW ISA and also an external ISA for the £50 bonus

1. log onto internet banking, apply for the ISA. There are two buttons - one to xfer from NWide, the other to xfer from external provider. Seems no way to do both in the same application.

2. choose the NWide xfer, complete the application and you then get a new account number. The xfer from your old NWide ISA takes place overnight.

3. repeat the above process and apply for a second new ISA, this time choose the external provider  button, complete that. 

You end up with two ISAs at 0.75%. The second one you also get £50 bonus if over £10k

Bobblehat

OH has £10K in a PO saver that is about to drop to 0.01% ..... she has an existing NW current account and has no existing ISA's. Could she open an EA ISA now with say Charter (or another) with the £10K, let that fully open, then apply for this NW ISA using the Charter (or another) ISA as the transfer in? 

Have I missed something, or could timing be a problem. Even if my plan doesn't work, she will need to move the £10K from the PO anyway, so it could sit in the ISA until something better came up? All comments/suggestions welcome!

Richchad

Bobblehat said:

OH has £10K in a PO saver that is about to drop to 0.01% ..... she has an existing NW current account and has no existing ISA's. Could she open an EA ISA now with say Charter (or another) with the £10K, let that fully open, then apply for this NW ISA using the Charter (or another) ISA as the transfer in? 

When I looked at the transfer in list of providers Charter wasn't on the list, they said I would have to order a transfer pack by post, so maybe pick a provider on their list to save time, timing maybe a problem, depends how long they allow applications for.

Can you open a new ISA for this tax year and transfer this tax year, maybe someone on here can answer that one?

Bobblehat

Richchad said:

Bobblehat said:

OH has £10K in a PO saver that is about to drop to 0.01% ..... she has an existing NW current account and has no existing ISA's. Could she open an EA ISA now with say Charter (or another) with the £10K, let that fully open, then apply for this NW ISA using the Charter (or another) ISA as the transfer in? 

When I looked at the transfer in list of providers Charter wasn't on the list, they said I would have to order a transfer pack by post, so maybe pick a provider on their list to save time, timing maybe a problem, depends how long they allow applications for.

Can you open a new ISA for this tax year and transfer this tax year, maybe someone on here can answer that one?

Thanks for the heads up on Charter .... I found the list, looks like Coventry is a better bet for OH as she's got a RS with them, so no wait for ID etc needed. I chatted with NW CS and mentioned the hypothetical scenario as outlined in my previous post and they said that they couldn't see a problem with it as long as the 0.75% offer and the £50 bonus offer were still available by the time the EA ISA was opened, so it looks like you can transfer an ISA that was opened this tax-year.

Can anyone can spot something I haven't thought of?

Richchad

Bobblehat said:

Thanks for the heads up on Charter .... I found the list, looks like Coventry is a better bet for OH as she's got a RS with them, so no wait for ID etc needed. I chatted with NW CS and mentioned the hypothetical scenario as outlined in my previous post and they said that they couldn't see a problem with it as long as the 0.75% offer and the £50 bonus offer were still available by the time the EA ISA was opened, so it looks like you can transfer an ISA that was opened this tax-year.

Can anyone can spot something I haven't thought of?

I am in the process of transfering money from an easy access account to fund the NW ISA and forget the £50 bonus, however you have made me think should I be opening an easy access ISA like you and then transfer in to NW..

The risk is I suppose that it can all take time and I miss the boat for the sake of an extra £50....hmmm.