Nationwide 18 month Member Exclusive ISA maturing?

howryoo

I'm sure there are a good few people who've subscribed to this approx. 18 months ago....

What have you done / are going to do with your matured funds?

FatherTireseus

Moving mine to a Virgin Money 1 year fixed rate cash ISA paying 3.02%. 

I did debate whether to leave it for a bit longer until the next BoE interest rate meeting in case general rates on offer increased substantially after that.  But I decided I might as well move it now. 

With ISAs, you can at least move even fixed rate ISAs to other providers for better interest rates, usually on payment of a penalty of so many day's interest.  I've done that with a couple of my cash ISAs this year, judging that the low existing rate of interest was worth taking the penalty hit on, for a much better rarate elsewhere. 

steveksullivan

FatherTireseus said:

Moving mine to a Virgin Money 1 year fixed rate cash ISA paying 3.02%. 

With ISAs, you can at least move even fixed rate ISAs to other providers for better interest rates, usually on payment of a penalty of so many day's interest.  I've done that with a couple of my cash ISAs this year, judging that the low existing rate of interest was worth taking the penalty hit on, for a much better rarate elsewhere. 

Last para is a good reason to move to Virgin ISAs as long as their rates are comptetitive with their much lower interest penalties for early access .......

Frogletina

I'm moving mine to the Santander 1 year fixed Isa. This will give me the £50 incentive as well

howryoo

I'm also considering the Santander, but unsure when to apply to start the transfer in process.

Do you think it's doubtful for Santander to have another increase after 01.10.22 following BoE rate increase?

Silverbird65

I have the same ISA with nationwide. I ruled out Virgin sadly because of the very poor customer service my husband has encountered with his ISA. They never respond to messages or the phone calling is never answered. I haven't done anything yet the ISA rolls into a ridiculously low rate but I wasn't sure what to do should I wait or just put in 2.75 which isn't bad.

roked

I have the same ISA also, for the sake of a week or two i.e. until the BOE meeting and the providers catch up with the expected rise, I just opened the nationwide tripple access one @ 1.5 and moved the money straight in to there as part of the application process. Will then look to move it to the best one later

P.s. if you have more than one nationwise isa maturing, just moved them all in to one before applying and then ask for that to be your deposit. That means you get interest from the day you apply. There is no consequences in moving between ISAs with Nationwide in terms of your yearly ISA allowance etc.

Silverbird65

How did you do that. When I apply on my app it asks me to make a deposit from my savings acct. I don't want this year's alkce in it just to put maturing funds in . Do you open separately from your acct. Thanks

roked

Silverbird65 said:

How did you do that. When I apply on my app it asks me to make a deposit from my savings acct. I don't want this year's alkce in it just to put maturing funds in . Do you open separately from your acct. Thanks

No I did it from my account. 

Has it already moved in to the ISA maturity account? If so, it should be in your list just after you say no to transferring from a non Nationwide account.

If it hasn't, I think you have to wait for that, especially as you do not want to close the fix early or you will get an interest penalty

Silverbird65

I will wait till it matures tomorrow and is in  maturity acct. I then open a triple access on line via my acct app and option is on drop down acct to xfer from  if I understand. I understand you can xfer out then to future better rates Thanks so much I just want to wait for boe as I have large amount to invest. 

roked

Silverbird65 said:

I will wait till it matures tomorrow and is in  maturity acct. I then open a triple access on line via my acct app and option is on drop down acct to xfer from  if I understand. I understand you can xfer out then to future better rates Thanks so much I just want to wait for boe as I have large amount to invest. 

Yeah definitely wait until tomorrow until you can see the maturity account. You will see a complete list of all your accounts and balances on the screen when you select it and then you simply say how much you want to transfer from that account and then you will see that new account a day or two later with the opening balance amount.