Nat West 2 year fix

barbuda

Hi all,
I have just opened a 2 year cash isa with Nat West (omg that was the stupidest application I have ever made) however leaving that to one side...
I have opened the account but not paid anything into it, then all the shenanigans with Farage erupted, and I am not sure I really want to give any money to Nat West.
Does anyone know if as I have not paid any funds into my Nat West isa, can I just ignore it and open a new cash isa elsewhere?
I have tried Inland Revenue forums etc but they are as bad as Nat West!
Cheers

Doctor_Who

You can open as many cash ISAs as you like, but you are limited to subscribing (adding new money) to only one of them per tax year. So, if you haven't funded the NatWest cash ISA you are free to open and fund another cash ISA this year.

aaj123

Curious how you think the Farage issue impacts you as a 2 year fixed ISA customer. 

barbuda

Thanks Doc for your speedy diagnosis ;-)

fabsaver

Yes as above if you decide not to fund the account you can ignore it and open another elsewhere.

I would suggest calculating the financial cost of your decision. Currently the best available alternative pays only 5.61%, compared to 5.9% with NatWest. Is your ethical choice worth losing the extra interest? Only you can decide but I know which I would choose.

Doctor_Who

fabsaver said:

Yes as above if you decide not to fund the account you can ignore it and open another elsewhere.

I would suggest calculating the financial cost of your decision. Currently the best available alternative pays only 5.61%, compared to 5.9% with NatWest. Is your ethical choice worth losing the extra interest? Only you can decide but I know which I would choose.

Good point. Also considering the number of posts where people are having issues just opening the NatWest account the OP would seem to have already jumped over most of the hurdles.

barbuda

Thanks aaj and fab,
After getting several headaches while making the isa application (other institutions are tremendously more user friendly) and then becoming aware of their dodgy ethical approach, I decided that I really don't like the way Nat West goes about its business.
Also I think we are due at least 2 more interest rate increases (which only became apparent after the USA decision this week) so maybe there are higher isa rates to come.
I think Nat West have been prodded by its largest shareholder to offer better rates in a bid to stimulate the market, and if that is true, then competition may be on its way...... ??
Anyway thanks for your input, but I will hold fire for now..