Nationwide 18 month Member Exclusive ISA maturing?

hamski

If it was within the 14 day cooling off period they might do it worth a try anyway.

refluxer

roked said:

Has anyone been successful in getting the maturity rate after it has matured? I am debating about trying it but I think I might fail as i moved it to the tripple access anyway and moving it back to the maturity account is probably not allowed. The showstopper would be anyway if you cant do it after the maturity, hence the question

I am currently mulling it over, although my funds are still (temporarily) in the maturity account while I decide what to do.

The product page for the Fixed Term Maturity ISA does state that there are no restrictions with respect to both paying 'new money' into it and transfer existing ISAs into it (either internally from another NW ISA or from a different provider) so it looks to me like it operates just like any other conventional Easy Access ISA, in which case there shouldn't be anything to stop you transferring your ISA funds back into it ?

The current FRISA terms state that "You can only open this account if you have a maturing fixed rate ISA, or a Fixed Term ISA Maturity account" which implies to me that you can take advantage of these exclusive FRISA rates, even after your previous FRISA has matured.

Incidentally, it's curious to see that it's possible to keep a Fixed Term Maturity ISA open with a zero balance, as both of these maturity ISA conditions imply that that shouldn't be possible...

Restrictions on withdrawing money from your account

1. You can make partial withdrawals from the account using the Internet Bank or the Banking app.
2. If you make a withdrawal in branch, you must withdraw the whole of the balance or transfer the whole of the balance to another Nationwide cash ISA or to an ISA with another ISA manager. The account must then be closed.

These are only my observations rather than any kind of advice though - if you want to make sure you get things right, then contacting Nationwide would be the best thing to do.

intalex

Can you move funds from triple access ISA (or from current account for new funds) into maturity ISA? Definitely sounds like worth a try regardless - worst case you consume 1/3 withdrawal...

howryoo

intalex said:

Can you move funds from triple access ISA (or from current account for new funds) into maturity ISA? Definitely sounds like worth a try regardless - worst case you consume 1/3 withdrawal...

Also interested in this and whether anyone has tried going from Triple Access ISA to their new 1yr 4% offer if triple access only opened recently.  Does the Triple Access ISA even have a 14 day cooling off period?

refluxer

howryoo said:
Also interested in this and whether anyone has tried going from Triple Access ISA to their new 1yr 4% offer if triple access only opened recently.  Does the Triple Access ISA even have a 14 day cooling off period?

As you can close or transfer the balance away from a NW Triple Access ISA at any time without penalty, then I would imagine it doesn't need a cooling off period.

As I mentioned previously, you can't currently transfer from the Triple Access ISA to a NW FRISA because those FRISAs are currently only available to those with a maturing FRISA or a Fixed Term Maturity ISA. You'd only be able to do that if the fixed rate ISAs were available to all, which they're currently not.

I haven't read anything in any of the T&Cs that would suggest you can't transfer the balance of a Triple Access Cash ISA back to a Fixed Term Maturity ISA though, if it is still open. I have never transferred a Nationwide ISA internally myself though, so make sure you read up on this and follow the correct procedures to preserve the ISA status of your cash. Contact Nationwide if you're unsure about anything.

savit4l8er

There should be a cooling off period. For example, you might put your first payment in the current tax year into it and change your mind a few days later about its suitability and want to close it. 

It should then not count as a subscription into an ISA that tax year. 

intalex

From past experience, Nationwide internal transfers of ISA balances are normally seamless (assuming easy access) and preserve overall ISA allowances. I have both triple access (some balance, pending full transfer out elsewhere) and maturity ISAs (empty) but am not pursuing the new fixed ISA deals with Nationwide, hence am not in a position to test if transfers into the maturity ISA work, but hopefully someone with both accounts and an interest in the Nationwide deals can give it a go.

silvermum

Can I check my thinking on this:

For a fairly large sum (over £40k) would it make sense to open both the 1 year and 2 year and divide it between the two?
If rates went a lot higher then I could 'upgrade' the rate for the 1 year 'pot' of money only (for a 90 day interest penalty).

Is this a sensible 'hedge' or is there a flaw in my thinking here?

roked

Thanks all for the feedback. Based on that and I figured in the end, the worse thing that will happen is they say no and I have a few days of the low rate in the maturity account, I have given it a go. 

I can confirm there was no problem with moving funds back into the maturity account online (I still had it open), it seems to be pretty much the same as any easy access isa with nationwide. Of course, I have now reduced my allowed penalty free withdrawal options with the triple access, not too worried about that yet

Will let you all know how it goes

howryoo

I wonder if Nationwide will release their current offerings to everyone, or even just to their members (currently on easy access ISA, triple access ISA) for a limited time?

This is assuming they haven't managed to attract / retain as many 18 monthers (?) as they'd hoped?

There may be some who may be interested.  Sure, you may ask why bother if funds are already with them - I guess as soon as a competitive rate appears, those easy access funds with them will disappear so probably wise to try lock them in now?