Maturity options, Nationwide members Fixed Rate 2 year ISA (FRISA)

savit4l8er

My 2 year fixed rate FRISA will mature around the start of October so it's early days to to consider what might be on offer but I thought I would start this thread so that anyone with an earlier maturity date could post what sort of deal NW were offering. I remember last time the rates on offer were raised at least once to retain business as other providers increased their rates. However, with rates likely to reduce now, that could go in reverse.  It was also helpful to know how they switched the funds into a maturity account or something and what options that opened up.  Back in 2022 there was a 1 yr and 2 yr option on offer so again, what products are available would be good to know. 

refluxer

savit4l8er said:

It was also helpful to know how they switched the funds into a maturity account or something and what options that opened up.  

Nationwide fixed rate ISAs usually mature into an easy access/maturity ISA by default and, IIRC, the account number remains the same which makes arranging transfers-out to other providers in advance easier, although it's always worth seeing what renewal rates are on offer as these are often competitive (and only available to customers with maturing Nationwide fixed rate ISAs)

Albermarle

You will not for sure what will be on offer from NW, until they contact you with maturity options around 3 weeks before the maturity date.

savit4l8er

refluxer said:

savit4l8er said:

It was also helpful to know how they switched the funds into a maturity account or something and what options that opened up.  

Nationwide fixed rate ISAs usually mature into an easy access/maturity ISA by default and, IIRC, the account number remains the same which makes arranging transfers-out to other providers in advance easier, although it's always worth seeing what renewal rates are on offer as these are often competitive (and only available to customers with maturing Nationwide fixed rate ISAs)

That's how I remember it as well.  I think last time the rate on offer increased whilst my funds were in the maturity ISA and there was an option of 1 or  2 years or both.

I appreciate any rate available to me won't show until closer to the maturity date but hoped some with earlier dates than myself might offer an insight into how good or bad they are. 

It might be beneficial in terms of looking at alternatives that could be taken advantage of if the opening period during which funds can be deposited crosses with my maturity. Or initiate a transfer to another provider ticking the option to wait until the maturity date of the NW ISA.  I do have a good option open to me, 5.5 for the better part of a year but it means a bit of juggling. 

savit4l8er

The rate available is 4.5 for 1 year. It seems to be available to all. Do I remember slightly better rates being offered to those who had a fixed maturing two years ago compared to those offered to all? Those who had funds about to move into a maturity ISA seemed to have preferential rates.  
Anyway, I'm thinking it over, it's not bad, on par with some of the better offers about but not particularly rewarding which I think was the original aim in the past. I wanted to combine it with the above.

refluxer

When I mentioned the renewal rates only being available to Nationwide customers above, I was meaning more that they sometimes offer certain fixed rate ISAs as renewal options at times when they aren't available to all (rather than the renewal rates being higher than the rates of accounts available to those without an existing, maturing fixed rate ISA). 

That certainly was the case when I renewed a Nationwide fixed rate ISA a year or two ago - I was able to renew at a time when they weren't otherwise offering fixed rate ISA accounts. Presumably this was at a time when they wanted to hold on to existing ISA cash but didn't want to generate extra funds from customers opening new accounts.

savit4l8er

You will be right re the fixed rate offerings but they were in the end very competitive at the point I took one although there had been a couple of increases along the way, possibly due to BOE rises and the fact some might take funds elsewhere.  I don't feel there is anything recognising the loyalty part just now but perhaps they have offered the £100 to those who had current accounts rather than ISA's and savings alone  for many years. They have made it a bit messy to reinvest some and move some. If you reinvest you don't have the option to leave any in the maturity ISA for transfers out by alternative providers. Looks like one has to do transfers requests out first or open a second ISA with them for the remaining money to facilitate that. I'm pleased I have other options but had they offered something more enticing overall, I might have been more inclined to stay. 

Edit.

Should it help anyone else, the rate for the 1yr is now showing 4.2 on their website but if you instruct them before maturity, I am told the 4.5 will be honoured.
After maturity, the rate on offer will be what you get.

Probably wise to check that yourself to ensure the same information is provided but it makes sense.

I suppose it gives one some time to make a decision if needed.