Missed NW loyalty maturity date. 30 September 2022 at 2:56PM in ISAs & tax-free savings 26 replies 1.3K views

ANGLICANPAT

Circumstances made me take my eye off the ball  so  being desperately short of time 2 weeks ago , I  only scanned the  maturity instructions  for the .75 loyalty isa  , and came away with the wrong impression that letting it run over into the fixed term isa  maturity  would , as they suggested in the blurb, ' give a little more time to decide' what to do with it    At .35% I just  thought it was instant access . I know, stupid.   OH and I each have one  , both close to the isa limit , so  a really bad mistake. Feeling gutted. 

Mine  matured yesterday , so  my options appear to be only to leave it  at .35% , or   cash it in  within the 14 days and lose the isa  status ?

OH's  matures today ,  and I  I was hoping I could do a last minute instruction online  to transfer to the  triple access isa  , but  looking , found it has already been moved to the new fixed term isa maturity  with no online option  that I can see to move it anywhere.  The only time limit I saw for letting them know , was under the heading   DECIDE LATER  "if we dont hear from you by the maturity date your money will move automatically  into  a fixed term isa maturity" 

  ' BY '----- Id have thought  meant by the end of today ?    
Not sure what options  I have really ,  looks like Ive  lost the status on both our accounts ?  Have I missed anything  please or do I just need to suck it up ?

intalex

Options (amongst others I'm sure):
1. Open ISA elsewhere and transfer out
2. Open Triple Access ISA with NW (currently 1.50%) and transfer balance across, and wait for better options
3. Not sure, but you might still be able to take up the "special" deals they offered on nationwide.co.uk/frisa1 

savit4l8er

I understood the fixed term ISA is instant access and you can transfer elsewhere. It's tells you in the "blurb", instant access  

If you apply for one elsewhere, the new institution will collect the funds. 

Looking at the pages for the new fixed rates, there is  text below and then the instant access info.

Plus a quick call NW now informed I could go for a triple access as a option, they told me that as an option to move off the fixed term. Maybe you should call them. Perhaps you open the triple and give the instructions to withdraw from the fixed term.  

Sounds like your safe. 

Hammer_Time

I would phone them up to check. Their website states its an instant access account, I believe you could keep your isa status and transfer to another provider asking them to arrange this. Hopefully at the end of the day you leaving it late will get you a better rate of interest.

JGB1955

I'm fairly sure that the Fixed Term Maturity account is instant/easy access.  It's fixed term, not fixed rate.  As it happens, my Loyalty ISA matures on Thursday - it's going straight into the Nationwide 1 year FRISA paying 3.25% (equivalent to 4.1%). 

refluxer

As mentioned above, it really isn't the end of the world. Your funds are now in an easy access Cash ISA so you are free to transfer to another ISA any time you like. I almost always allow this to happen with my maturing fixed rate ISAs (once I've checked that the default option is easy access and not another fixed rate), as I don't like being pressured into making a decision. The added advantage at the moment is that rates are only heading upwards, so holding off simply gives you access to higher rates.

The only complication for you is if the online maturity options are now lost and you were wanting to take advantage of one of them, as Nationwide aren't currently offering any ISAs at the moment so those options may not be visible now your ISA has matured. If that is the case, it might still be possible to take advantage of those offers but a phone call or branch visit would be needed to find out.

The last I heard, the 1 year fixed rate Cash ISA offer upon maturity was 3.25% which isn't bad but can already be beaten by Virgin (3.5%) or UBL (3.6%). I wouldn't be surprised if rates reach 4% for a 1 year fix in the next month or two.

ANGLICANPAT

Thanks everyone,   yes I finally managed to get through  .      A fixed term is an instant    and the stuff I read about it only being able to be withdrawn into another NW acc thats already open , wasnt  as Id interpreted it , so  its all good , it sits where it is until I  find a company to transfer it to .   Many thanks  .  Think I need a holiday , dont know about anyone else , but all the different bank accounts, rules and various regs and limited access and constant need to move etc   is getting to me !  

ANGLICANPAT

Just been rechecking the paper blurb I was sent .  I dont seem to have the same paperwork as  Savit41  . His/hers  mentions the roll over option as  instant access .  Nothing on my paperwork does   . Page one of the letter just says that maturing  isa will roll over automatically to the fixed term  isa maturity , and Im provided with a summary box for that  which doesnt mention easy access and neither is it mentioned  in the four  questions  about the account  overleaf. which also talk about the account in a way that makes you think its very restrictive in what you can do..  May have been in the full t/c's  which I didnt look up  before panicking !   Thankfully alls well that ends well . 

refluxer

The account terms don't mention instant access as far as I can see, but do say you can withdraw your money at any time and there is no mention of a penalty so by inference it is an easy access account, I guess.

Describing it as a 'Fixed Term ISA Maturity' is a bit misleading, as 'Fixed Term' makes it sound like there is one with this account which would then not make it easy access. It's presumably called that because it's a maturity account which has been created from a fixed term (rate) ISA. A bit confusing, really.

savit4l8er

ANGLICANPAT said:

Just been rechecking the paper blurb I was sent .  I dont seem to have the same paperwork as  Savit41  . His/hers  mentions the roll over option as  instant access .  Nothing on my paperwork does   . Page one of the letter just says that maturing  isa will roll over automatically to the fixed term  isa maturity , and Im provided with a summary box for that  which doesnt mention easy access and neither is it mentioned  in the four  questions  about the account  overleaf. which also talk about the account in a way that makes you think its very restrictive in what you can do..  May have been in the full t/c's  which I didnt look up  before panicking !   Thankfully alls well that ends well . 

I took a couple of screenshots from the website so that is why you won't see them on the document.  I agree with you, it was not necessarily the easiest to understand maturity document .Sometimes, the folk who create these letters need to have them looked over by someone else. 😉

refluxer

Ironically, the 18 month Nationwide FRISA I thought was maturing on 7th Oct actually matured today !

When transferring in from another ISA (as I had done 18 months ago), it turns out the maturity date is based on the date you opened the account, rather than the date the transferred funds appear. Thinking about it, this actually makes sense because Nationwide backdate the interest.

Just to confirm that if you don't select any maturity options and the ISA automatically converts into a 'Fixed Term ISA Maturity', the option to transfer into the other FRISAs offered at maturity is lost and they're not available when applying for new accounts via online banking either, due to them not being currently available to anyone who doesn't have a maturing NW ISA.

I don't know whether they would be offered if you contacted them directly however, as I'm likely to be transferring away to a provider with a higher rate fairly soon anyway, this doesn't affect me personally.