Nationwide 18 month Member Exclusive ISA maturing?

ForumUser7

StevieD54 said:

Silverbird65 said:

They have put rates up today to 3.25%

I can’t see these 1,2 & 3 year ISA fixes on the Nationwide website, only 2 triple access ones. Perhaps it’s updating?

Me neither, weird given the first reports were 1:40pm. Perhaps they withdrew the rate already, but that’d be very surprising. Maybe it’s going live tomorrow and they were testing it, saffron Bs has done that before, tested a rate and then removed and released the next day, to check the UI etc. is working

hamski

Only offered to existing isa holders taken out previously 

sparkiemalarkie

SonOfPearl said:

I have received a letter from Nationwide today regarding my maturity options. I decided to renew for 1 year, and was pleased to see that when I did this online the rate was 3.25% (despite the paperwork in the letter stating the rate was 2.75%). The rate must have just been increased. 

How did you renew on line?
My ISA matures on 5th October and I got my letter today, but can't seem to see how to renew.
tia
sx

isasmurf

sparkiemalarkie said:

SonOfPearl said:

I have received a letter from Nationwide today regarding my maturity options. I decided to renew for 1 year, and was pleased to see that when I did this online the rate was 3.25% (despite the paperwork in the letter stating the rate was 2.75%). The rate must have just been increased. 

How did you renew on line?
My ISA matures on 5th October and I got my letter today, but can't seem to see how to renew.
tia
sx

Select online at the bottom of https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

SonOfPearl

isasmurf said:

sparkiemalarkie said:

SonOfPearl said:

I have received a letter from Nationwide today regarding my maturity options. I decided to renew for 1 year, and was pleased to see that when I did this online the rate was 3.25% (despite the paperwork in the letter stating the rate was 2.75%). The rate must have just been increased. 

How did you renew on line?
My ISA matures on 5th October and I got my letter today, but can't seem to see how to renew.
tia
sx

Select online at the bottom of https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

My letter gives the link nationwide.co.uk/frisa1 which re-directs to the link given by isasmurf above. 

sparkiemalarkie

Thank you...shows you how well I read my letter!!

sx

howryoo

As the 3.25% rate (1 year) is only available to those with maturing fixed rate ISAs or a Fixed Term ISA Maturity account, it shows you how desperate they are at retaining those they've hooked in back in April 2021.

Worth holding off longer though?

Regarding ambiguity on their Triple Access ISA withdrawal terms, I'm sure you'll be able to transfer out (penalty free) using one of your three 'lives' in that 12 month window.  I think they just mean that you can only withdraw out to one of their accounts - be it current account or instant savings accounts?  As opposed to an external nominated account?

Surely you'd be able to transfer out to keep in its tax wrapper and be penalty free if 3 or below?

Frogletina

I messaged Nationwide earlier tonight as although I had given instructions to transfer to Santander, Nationwide then brought out the new rate for matured funds. My Isa matured only 3 days ago. The different interest between the two accounts is just over £90, so not fully compensated by the £50 from Santander.

The advisor sent a message to cancel the transfer and I was given the link to apply for a transfer to the new rate.

However, tonight the transfer to Santander has taken place and my funds have gone, leaving me with an empty matured account. I'll ring them in the morning to see what I can do.

Update: it has only just happened as now I've checked again and the matured account has now vanished from my list of accounts.

New update: Have been told it is too late to cancel as has gone through. I know I have up to 14 days to cancel via Santander but if they send the money back to Nationwide they would no longer be classed as matured funds so the advisor logged a complaint. 

If the matured funds hadn't dropped to something like 0.25%, I would have held on longer.

SonOfPearl

hamski said:

My wife opted for 1 year option a few weeks ago when rate was 2.35% , it’s now showing as 2.75% , she tells me that nationwide will increase the rate to the latest offer for this isa. 

Did Nationwide confirm this is how it works? My partner also opted (online) for the 1 year ISA when the rate being offered was 2.75% but their old ISA maturity date is not until next week, so since their new ISA isn't open yet hopefully the rate will be the new 3.25% rate.

Silverbird65

Yes that is there guarantee if the rate changes you get the latest at maturity. Mine had matured and was in the maturity acct and I cheekily fill the maturity instruction  and was able to get the 3.25 for both my husband and self. It had already matured that day.  You will be fine.