Nationwide 18 month Member Exclusive ISA maturing?

roked

roked said:

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

Quick update on this, had notification this morning that they were processing my request and this afternoon, the money is gone out of the account. So it looks like there is no issue with moving funds out / in and then requesting it after maturity (it is now 3 weeks after in my case). 

Edit 11th oct : all done. Its up and running at 4% and backdated to the 7th i.e. when I applied

savit4l8er

What's the chance of NW tweaking their rates again? Still marginally ahead of others.  Why would one take their money elsewhere?

Perhaps because the penalties are a bit steep in comparison to some (mainly the 2yr)

Is it better to take a slightly lower rate but know you can get out with a 60, 90,  or 120 day penalty rather than a 90 or 180?  That might appeal but may only be viable at a certain point if rates are high enough and there is a sufficient period of time left to make it worthwhile.  For sure,  the 180 day on the NW 2 term knocks you back so far, there would need to be a pretty solid jump to cover it and timing is vital, no good in the last throws. 

They need to up the rates to 4.25 and 4.75 perhaps. Others may get there in the not too distsnt future so they could get in now to retain money.  I think that may negate the now or wait question for a few. I don't believe they are going all out as an ISA provider from what I gleaned on a call so this is their chance.

howryoo

savit4l8er said:

What's the chance of NW tweaking their rates again? Still marginally ahead of others.  Why would one take their money elsewhere?

Perhaps because the penalties are a bit steep in comparison to some (mainly the 2yr)

Is it better to take a slightly lower rate but know you can get out with a 60, 90,  or 120 day penalty rather than a 90 or 180?  That might appeal but may only be viable at a certain point if rates are high enough and there is a sufficient period of time left to make it worthwhile.  For sure,  the 180 day on the NW 2 term knocks you back so far, there would need to be a pretty solid jump to cover it and timing is vital, no good in the last throws. 

They need to up the rates to 4.25 and 4.75 perhaps. Others may get there in the not too distsnt future so they could get in now to retain money.  I think that may negate the now or wait question for a few. I don't believe they are going all out as an ISA provider from what I gleaned on a call so this is their chance.

I'm also wondering if Nationwide are looking at tweaking their rates to seal the deal with some of the recently matured 18 monther's (?) funds.

Even if they're not offering fixed ISA deals to the general public, they could potentially retain the loyalty of some their customers who may have stayed with them by taking out their Triple Access ISA currently paying 2%, by offering them a second chance to take up offers currently only available to maturing ISAs.

Paragon have increased their Triple Access ISA to 2.36%, and it also looks highly likely a couple of ISA providers will exceed and surpass Nationwide's 1 year offer of 4%..... 

intalex

After a prolonged wait on an ISA transfer, I just managed to get funds back into my maturity ISA (~6 weeks after original maturity) and thereafter completed the application for a 2-year fix. 4.50% AER will do for me as things stand, but I'll remain mindful of my 14-day cooling off period too...

Hopefully new account shows up and old one closes down by Monday...

refluxer

intalex said:

After a prolonged wait on an ISA transfer, I just managed to get funds back into my maturity ISA (~6 weeks after original maturity) and thereafter completed the application for a 2-year fix. 4.50% AER will do for me as things stand, but I'll remain mindful of my 14-day cooling off period too...

Hopefully new account shows up and old one closes down by Monday...

Can I ask how you were able to do this ? I still have funds sat in the maturity ISA but am unable to apply for the 4.5% 2 year fix online because it's now beyond 30-days since the original FRISA matured.

When you put a maturity date further back than 30 days ago, it says... "Your bond maturity date cannot be greater than 30 days in the past. Please check you've entered your account maturity date correctly." 

intalex

Nationwide were responsible for the prolonged wait, so on the application form I just put in 13/10/2022 as the original maturity date, and cleared it with an Nationwide agent that I've done this, who said it should sitll be fine.

refluxer

intalex said:

Nationwide were responsible for the prolonged wait, so on the application form I just put in 13/10/2022 as the original maturity date, and cleared it with an Nationwide agent that I've done this, who said it should sitll be fine.

OK, thanks. Looks like I might still be able to apply by post, just not online. Not ideal. Might see if I can do it in branch.

From https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

If your fixed rate ISA has matured

Your fixed rate ISA will have matured into an instant access Fixed Term ISA Maturity account.

You can still reinvest into a new Fixed Rate ISA after your account has matured. You'll only be able to reinvest online in the 30 days after your maturity date. Follow the instructions on this page to do so. Once 30 days have passed, you’ll need to send us your maturity form in the post if you want to reinvest into a new Fixed Rate ISA.

refluxer

Just for info in case this is useful to others, I was able to transfer my Nationwide Fixed Term Maturity ISA into their 2-year fixed rate ISA @ 4.5% in my local branch today. (As per my message above, you cannot do this online if it's more than 30 days since the previous Nationwide fixed rate ISA matured).

In retrospect I should have done it when the original ISA matured but rates were rising at the time and it was looking like the rates they were offering would be beaten within a week or two, whereas rates have plateaued and many providers have actually dropped their's.

As 4.5% is better than the current highest-paying Cash ISA (publicly) available, I thought it was worth a punt and decided it was worth a trip into town (rather than relying on the post) in case they pulled it any time soon. Obviously only time will tell if this was a wise decision !

savit4l8er

In the end it was one of the best, had some good interest already and I think at renewal time, there will be another attempt to retain the business but perhaps rates won't be changing so much by then so the decision might be easier. 

doire_2

refluxer said:

Just for info in case this is useful to others, I was able to transfer my Nationwide Fixed Term Maturity ISA into their 2-year fixed rate ISA @ 4.5% in my local branch today. (As per my message above, you cannot do this online if it's more than 30 days since the previous Nationwide fixed rate ISA matured).

In retrospect I should have done it when the original ISA matured but rates were rising at the time and it was looking like the rates they were offering would be beaten within a week or two, whereas rates have plateaued and many providers have actually dropped their's.

As 4.5% is better than the current highest-paying Cash ISA (publicly) available, I thought it was worth a punt and decided it was worth a trip into town (rather than relying on the post) in case they pulled it any time soon. Obviously only time will tell if this was a wise decision !

Where did you see the 4.5% ISA from Nationwide? I can see a bond but not an ISA