Nationwide 18 month Member Exclusive ISA maturing?

hamski

howryoo said:

hamski said:

I went for the 3.25% option on the 23rd sept , anyone know if the 14 day cooling off period allows me to cancel and move it to this option.

Was your 0.75% account automatically closed and a new fixed rate account opened?

Have you received a closing statement in the post?  If not, where would you download a copy 

See my follow up post at 12 30pm

howryoo

hamski said:

Nationwide branch agreed to move my isa on to the new rate and back date it to the 23rd sept . Fantastic service from them.

I'm not sure your 12:30pm comment answered my questions.

The second question was about statement availability.

The first perhaps should have read:

Was your 0.75% account automatically closed when your new fixed rate account opened?

hamski

I opted for the 3.25 option one day before the cut off date . I don’t know if the 0.75 account was closed.
I received a letter and certificate confirming my choice .I went into branch on the 12th day of the cooling off period and requested the new rate.

ScarletBea

qsk said:

Anyone who has gone through the process: can you top up with this year's allowance while transferring the matured one? If so at what stage? Thanks. 

Hi @qsk , yes.
When you're filling in the maturity form there's a question about the funds: if it's only the matured ISA or if you'd like to add more - and you can add funds from this year's allowance or transfer from another NW account (I think it's only NW but not 100% sure). I transferred a bit from my easy access I still had with them to make it a round number, haha 

refluxer

howryoo said:

Was your 0.75% account automatically closed when your new fixed rate account opened?

I think intalex's post above might give a clue to this. They funded a new Nationwide ISA with a figure identical to the current balance of the Fixed Term ISA Maturity account which then left that account open - this was essentially just like doing an internal transfer between two normal savings accounts, only these two happen to be ISAs. Hopefully the Nationwide knows not to count this as 'new money' from this tax year, with it going from ISA to ISA.

I don't have personal experience of transferring ISA funds internally like this but I do know that every time I've applied to transfer the whole balance of one ISA to another using the normal ISA transfer process, the old ISAs were always closed.

So... I would deduce from this that it's the method you use to move your funds that determines whether the original account is subsequently closed or remains open.

Those are only my observations though - if you want to make sure you get things right, I would contact Nationwide.

sparkiemalarkie

hamski said:

I opted for the 3.25 option one day before the cut off date . I don’t know if the 0.75 account was closed.
I received a letter and certificate confirming my choice .I went into branch on the 12th day of the cooling off period and requested the new rate.

Were they able to sort that in the branch or did they have to contact head office?

sx

hamski

It was sorted in branch at the cashier desk as there was nobody available at the front desk ,no ringing head office or checking with anybody else. I was very impressed with the service.

NXebbo

ScarletBea said:

qsk said:

Anyone who has gone through the process: can you top up with this year's allowance while transferring the matured one? If so at what stage? Thanks. 

Hi @qsk , yes.
When you're filling in the maturity form there's a question about the funds: if it's only the matured ISA or if you'd like to add more - and you can add funds from this year's allowance or transfer from another NW account (I think it's only NW but not 100% sure). I transferred a bit from my easy access I still had with them to make it a round number, haha 

I can clarify the situation with this.

The product ‘Fixed term ISA maturity’ can accept funds in a few ways, internal transfers from ISA and non-ISA are fine but it does not accept electronic faster payments or external ISA transfers in. Payments will bounce or the transfer will be rejected if you try this. If you don’t already have an NW ISA which allows withdrawals and you are transferring from another provider as ISA funds, the only workaround is to open the Triple Access ISA and request a transfer in, then when that’s complete, use one of the options below to consolidate it. Note that products could change while you’re waiting for such a transfer to complete.

Paper form - You can only add funds from a Nationwide account in your name. If it’s coming from another Nationwide ISA you can put that as the account number you want to transfer from and the subscription will automatically be kept. If your finding from multiple NW accounts all the money must be in one account before you submit that form.

Online or phone - As above but there’s a couple of strange limitations - must be done no earlier than 23 days before maturity or 30 days after. The additional funding account can be anything up to 20k or a full closure of that account, even if it’s coming from another ISA. You can’t do £20000.01 or greater without doing a closure, like I say, even if it’s an existing ISA.

TojoRalph

What are folks thoughts and opinions on the available two years at 4.50%? I know there are a lot of if's, but's and maybe's with regards to future rates, but I kind of feel that as ISA rates go, it's not going to be beaten by much over 24 months, or maybe not at all if rates drop. So from where I am sitting, having reasonable lump in the two year option is a worthy consideration. Thoughts?

ScarletBea

TojoRalph said:

What are folks thoughts and opinions on the available two years at 4.50%? I know there are a lot of if's, but's and maybe's with regards to future rates, but I kind of feel that as ISA rates go, it's not going to be beaten by much over 24 months, or maybe not at all if rates drop. So from where I am sitting, having reasonable lump in the two year option is a worthy consideration. Thoughts?

I chose that option, others might think differently...
I also agree that in a year or so, rates will have started to come down. Then again, I don't have a crystal ball haha