ISA consolidation.

MEL1981

Hello. I am helping an older relative get some of their finances in order. They have 4 x separate fixed rate cash ISA's with Nationwide that have various maturity dates and various fixed rates. A couple are classed as Bonds when we look at them (Fixed rate cash ISA's still but description says Bond).

Stupid question - but can we combine them all into one ISA as they are all Nationwide? Even though they have different maturity dates and have not yet matured there will be no penalty on the account?

I have searched the internet and Nationwide says you can transfer money online but it doesn't give any details (an no option under each account to transfer money). I wouldn't be taking money out of the account as I understand that then loses it's tax free status.

Maybe a silly question - so apologies if so.

Thank you

Mel

35har1old

MEL1981 said:

Hello. I am helping an older relative get some of their finances in order. They have 4 x separate fixed rate cash ISA's with Nationwide that have various maturity dates and various fixed rates. A couple are classed as Bonds when we look at them (Fixed rate cash ISA's still but description says Bond).

Stupid question - but can we combine them all into one ISA as they are all Nationwide? Even though they have different maturity dates and have not yet matured there will be no penalty on the account?

I have searched the internet and Nationwide says you can transfer money online but it doesn't give any details (an no option under each account to transfer money). I wouldn't be taking money out of the account as I understand that then loses it's tax free status.

Maybe a silly question - so apologies if so.

Thank you

Mel

Usally there are penalties to transfer before maturity.
The only way to combine them is to have a instant access ISA that allows transfers in at anytime

Barkin

I'm in the process of doing the same for my Mum.

Due to her age, she doesn't want fixed rate/term accounts, so she opened a new easy access ISA.

When the first fix matured, she transferred it to the EA account, and she'll do the same with the other fixes as they mature.

Other options are available...

35har1old

Barkin said:

I'm in the process of doing the same for my Mum.

Due to her age, she doesn't want fixed rate/term accounts, so she opened a new easy access ISA.

When the first fix matured, she transferred it to the EA account, and she'll do the same with the other fixes as they mature.

Other options are available...

Does the ISA allow staggered transfers in?

Barkin

35har1old said:

Barkin said:

I'm in the process of doing the same for my Mum.

Due to her age, she doesn't want fixed rate/term accounts, so she opened a new easy access ISA.

When the first fix matured, she transferred it to the EA account, and she'll do the same with the other fixes as they mature.

Other options are available...

Does the ISA allow staggered transfers in?

I guess there may be exceptions, but I've personally not come across an EA ISA that doesn't.

slinger2

The obvious thing to do is consolidate then into a 1 Year Triple Access Online ISA. This pays 4% variable. When the first fix-rate one matures transfer it to a Triple Access ISA and then as the others mature you can add them into the same ISA.

There will be penalties involved if you move the fixed-rate ISAs before they mature.

Sarahspangles

Nationwide’s ISA range is limited to fixed rate, fixed term products. If your mum wants to consolidate these she would have to pool them in another provider’s easy access ISA, and could then choose to move the total back to Nationwide if she wanted. But the earliest date she can achieve this is the maturity date of the last of the Nationwide ISAs to mature. If there’s no penalty for earlier closure that’s only a good option if the interest rate is higher for the account you’re moving to.

When she decides, she needs to ask the new ISA provider to arrange the transfer. You provide details and they ‘pull’ the money across. We’ve had good rates from Leeds, Yorkshire, Coventry and Principality over the last few years.

slinger2

Sarahspangles said:

Nationwide’s ISA range is limited to fixed rate, fixed term products. If your mum wants to consolidate these she would have to pool them in another provider’s easy access ISA, and could then choose to move the total back to Nationwide if she wanted. But the earliest date she can achieve this is the maturity date of the last of the Nationwide ISAs to mature. If there’s no penalty for earlier closure that’s only a good option if the interest rate is higher for the account you’re moving to.

When she decides, she needs to ask the new ISA provider to arrange the transfer. You provide details and they ‘pull’ the money across. We’ve had good rates from Leeds, Yorkshire, Coventry and Principality over the last few years.

I believe that's not true. The 1 Year Triple Access Online ISA is a fixed-term but variable rate and lets you add throughout the 1 year term.

wmb194

MEL1981 said:

Hello. I am helping an older relative get some of their finances in order. They have 4 x separate fixed rate cash ISA's with Nationwide that have various maturity dates and various fixed rates. A couple are classed as Bonds when we look at them (Fixed rate cash ISA's still but description says Bond).

Stupid question - but can we combine them all into one ISA as they are all Nationwide? Even though they have different maturity dates and have not yet matured there will be no penalty on the account?

I have searched the internet and Nationwide says you can transfer money online but it doesn't give any details (an no option under each account to transfer money). I wouldn't be taking money out of the account as I understand that then loses it's tax free status.

Maybe a silly question - so apologies if so.

Thank you

Mel

Usually when people talk about consolidation it's closing accounts with multiple institutions and moving them to one, not multiple accounts with a single institution. Just four accounts with Nationwide doesn't sound overly difficult to manage.

There will be penalties to close the fixed rate Isas early: you need to check the T&Cs.

If you look in Nationwide’s browser based internet banking and look for, IIRC, ‘account settings’ in the menu on the left after you’ve clicked into an account there should be an option for, ‘close account.’ If you have an instant access Isa it should give you the option to place the proceeds there.