Nationwide 18 month Member Exclusive ISA maturing?

howryoo

Thanks @roked for sharing your experiences on a matured NW ISA.

Nationwide's maturity options don't seem as slick as other institutions, but ....

So if like you I'm considering their Triple Access account, I'd have to wait until it matures into an ISA Maturity Account, apply for the Triple Access (or any other account apart from the choice of 2 fixed rate accounts they presented), then move funds as part of the opening process?

Does the current Member Excl. FRISA just gets renamed to the Maturity ISA Account and assigned a different rate, but retains its account details?  So if I decided to apply with an external provider, I could use my existing details?

Did you consolidate two NW ISAs into one (or has anyone else?  Simple online affair?)?

intalex

A strategy crossing my mind is to wait for the maturity ISA, open the triple access ISA and transfer all but £10k into it, and then initiate a "full" transfer of the £10k maturity ISA to a Santander 1-year ISA (earning the £50 e-voucher), and the funds in the triple access ISA can await better fixed options whilst earning 1.50% (or higher if increased) in the meantime.

Silverbird65

Just read the terms it said you can only withdrawn from the triple ISA to another nationwide acct. Not external xfer out . Have a look I might be wrong . I haven't opened it yet incase. Thanks

isasmurf

Silverbird65 said:

Just read the terms it said you can only withdrawn from the triple ISA to another nationwide acct. Not external xfer out . Have a look I might be wrong . I haven't opened it yet incase. Thanks

You can always transfer out. It is a requirement of all ISAs.

Withdrawal means removing from the ISA and is different to transferring out to an ISA elsewhere 

Silverbird65

Oh ok thanks just didn't want to tie my funds down . Like you waiting for BOE and time for banks to react.👍

Silverbird65

Can I just verify sorry just got alot to end up tied in a 1.5 triple. I must be reading it wrong. I can xfer out? Why don't they just say that. By the way you were spot on the details have come up to xfer into triple access on accts. Thanks again for your patience.

refluxer

howryoo said:

Does the current Member Excl. FRISA just gets renamed to the Maturity ISA Account and assigned a different rate, but retains its account details?  So if I decided to apply with an external provider, I could use my existing details?

My 18 month Nationwide FRISA hasn't matured yet, but I'm fairly sure that is normally what happens when a fixed rate ISA converts automatically into a 'maturity' ISA - ie. new name and new rate but the same account details.

I would imagine it's like that for exactly the reason you mention - that a transfer request could be part-way through, in which case a sudden change of account details would cause issues.

Silverbird65

I think you misunderstood. I am opening triple access acct with matured funds as am waiting for better rates. Not completely sure whether you canxfer out externally. Cheers

refluxer

Silverbird65 said:

Can I just verify sorry just got alot to end up tied in a 1.5 triple. I must be reading it wrong. I can xfer out? Why don't they just say that. By the way you were spot on the details have come up to xfer into triple access on accts. Thanks again for your patience.

You can transfer out of any Cash ISA, as far as I know. If it's a fixed rate ISA then there will be a penalty to pay and if it's an easy/limited access Cash ISA, then a transfer would normally be penalty-free. As always though, you must read the T&Cs to be sure.

You're right in that the T&Cs specific to that account don't mention anything about transferring out but no. 47 in their general Cash ISA T&Cs states " You can generally transfer money you hold with us in a cash ISA to another ISA manager or transfer money held in an ISA with another ISA manager to a cash ISA you hold with us. Your ability to withdraw money or pay money into an ISA will, however, be subject to the specific ISA product terms and conditions."

I had a quick scan through and, despite them referring to it as a '1 Year Triple Access ISA', I couldn't find any mention of transfer penalties so I would infer by that that there are none. Despite it having '1 Year' in the account name, it's presumably not the same as (for example) a '1 Year Fixed Rate @ X%' Cash ISA, where there would be a transfer penalty.  

That is just my take on it though - for official confirmation and for peace of mind I would phone Nationwide, especially if there are large sums involved.

refluxer

Silverbird65 said:

I think you misunderstood. I am opening triple access acct with matured funds as am waiting for better rates. Not completely sure whether you canxfer out externally. Cheers

I wasn't answering your question - I was answering howryoo. I've just answered your question above