Nationwide 0.75% 18 month ISA plus £50 bonus *** now withdrawn

someone

Riskman point is in normal circumstances true. If it was 0.75% for 18 months, 0.70% for 24 months then you probably would be better off with 24 months than risk been out of fix during non ISA season.

However ISA season is not what it once once.

• PSA has reduced the number of people who get short term gains out of ISAs combined with much more generous ISA allowance means banks are less incentives to market ISAs with thinner margins or loss leaders.
  
• Those with ISA pots will now gravitate to larger sums meaning having to pay headline rate of tens of thousands (if transfers are excluded) or hundreds of thousands (if account permits transfers in).
  
• Rates are very low and may have improved in 12-18 months
  

Also, 18 months may be the timeframe people need to keep savings around for.

refluxer

Rich2808 said:

Some things to be wary of in the terms and conditions including this:
"you can't open this account if:
you have already used up your ISA allowance for 2020-21 - whatever the type of ISA you have paid into and/or
you have paid into a cash ISA with another provider this tax year unless you will be transferring that ISA into this account."
This appears to rule out anyone transferring prior year ISA funds - only 2020-21 cash ISA investments can be transferred in (and must be transferred in in full).
Why should NW care which tax year the £10k comes from?

I agree - this seems really odd. Does anyone know for a fact that you can actually transfer an ISA in from a previous tax year ? Surely this should only apply to 'new money' and not to transfers (which have not been paid into during the current tax year) ?

I would like to open this Nationwide ISA and transfer a Sainsburys ISA into it (from the 2018-2019 tax year, no 'new money' paid into it since), but I opened a Principality Cash ISA in the current tax year (Oct 2020). This wouldn't normally be a problem but their wording implies I can't do this ?

Richchad

refluxer said:

Rich2808 said:

Some things to be wary of in the terms and conditions including this:
"you can't open this account if:
you have already used up your ISA allowance for 2020-21 - whatever the type of ISA you have paid into and/or
you have paid into a cash ISA with another provider this tax year unless you will be transferring that ISA into this account."
This appears to rule out anyone transferring prior year ISA funds - only 2020-21 cash ISA investments can be transferred in (and must be transferred in in full).
Why should NW care which tax year the £10k comes from?

I agree - this seems really odd. Does anyone know for a fact that you can actually transfer an ISA in from a previous tax year ? Surely this should only apply to 'new money' and not to transfers (which have not been paid into during the current tax year) ?

I would like to open this Nationwide ISA and transfer a Sainsburys ISA into it (from the 2018-2019 tax year, no 'new money' paid into it since), but I opened a Principality Cash ISA in the current tax year (Oct 2020). This wouldn't normally be a problem but their wording implies I can't do this ?

As I have mentioned in a previous post I have completed a Nationwide ISA transfer form to transfer money from Charter bank as they won't let me do it online, the form lets me select part or all of the money to be transferred, I have select only part of it and it is from previous tax years so it will be interesting to see if it goes through or not.

The form also let me select not to transfer until end of notice period which isn't until June which I was told is within their 90 day limit, but I assume if a problem they would let me know well before then.

d63

refluxer said:

Rich2808 said:

Some things to be wary of in the terms and conditions including this:
"you can't open this account if:
you have already used up your ISA allowance for 2020-21 - whatever the type of ISA you have paid into and/or
you have paid into a cash ISA with another provider this tax year unless you will be transferring that ISA into this account."
This appears to rule out anyone transferring prior year ISA funds - only 2020-21 cash ISA investments can be transferred in (and must be transferred in in full).
Why should NW care which tax year the £10k comes from?

I agree - this seems really odd. Does anyone know for a fact that you can actually transfer an ISA in from a previous tax year ? Surely this should only apply to 'new money' and not to transfers (which have not been paid into during the current tax year) ?

I would like to open this Nationwide ISA and transfer a Sainsburys ISA into it (from the 2018-2019 tax year, no 'new money' paid into it since), but I opened a Principality Cash ISA in the current tax year (Oct 2020). This wouldn't normally be a problem but their wording implies I can't do this ?

 my (partial) cash ISA transfer from the yorkshire building society only involved old money from previous tax years, as i decided to put the entire £20k of this years allowance (2020-21) into a S&S isa instead on account of the terrible cash isa rates on offer. in fact some of the money transferred into this new fixed rate nationwide account  originally came from a transfer out from a nationwide cash isa made back in april of last year when they cut the rate of interest from 1.4% down to 0.25%. (ouch!)  so -- around and around it goes, where it will stop, i sure dont know!
anyway, so far as i can tell none of this seems to have caused any problems as yet and indeed this week i even received through the post some kind of nice shiny certificate of investment to prove it. 

pbartlett

yes i know for a fact you can do this as i have done it. Apri last year i opened a triple access isa at nwide - put 20k in. Just transferred the lot to the new nwide 0.75 isa.

fleemkt

Looking at the terms, it states 'Once you’ve opened your account, you can’t pay any more money in', what would constitute the account 'opened'?  Transfer in or new funds?

It says 'You just need to put in at least £1'.  If this is available in the new tax year, would I be able to fund the account with 21-22's allowance and transfer-in ISA from another provider (or vice versa)?

pbartlett

During the application process online, you are asked an either-or question (you can't do both) - either xfer from another provider or xfer from a Nationwide account. Once the application form is complete, you can't add any more money.

If you want to do both you have to apply for two ISAs

intalex

pbartlett said:

During the application process online, you are asked an either-or question (you can't do both) - either xfer from another provider or xfer from a Nationwide account. Once the application form is complete, you can't add any more money.

If you want to do both you have to apply for two ISAs

So technically, if one chooses the option to transfer an existing Nationwide ISA (with no current year funds), and the wizard doesn't have any other option to transfer in an external ISA (with current year funds) or to add current year funds during/after application, then surely it's not possible to meet the "current year funds" requirement of opening the ISA through no fault of oneself ?

AlwaysLearnin

To anyone opening with a transfer, did your account show online as soon as opened (presumably with a nil balance, pending transfer)? 

someone

AlwaysLearnin said:

To anyone opening with a transfer, did your account show online as soon as opened (presumably with a nil balance, pending transfer)? 

No, mine initially didn't appear in the list until it was funded by the transfer.