Moving Nationwide cash ISA?

The_stingemeister

My current Nationwide cash ISA is due to end in a month. It's going to be moved to an instant access lower rate ISA with them, by them. I thought I could just open a new (better interest) ISA with them and transfer the old ISA money across. But the highlighted paragraph below seems to say I need to open it from another outside ISA source. I've already used up my £20k ISA allowance with a different bank. So could I transfer, say £10, from the outside ISA and then do the internal Nationwide transfer?

You can transfer money from another cash ISA product you have with us but, to begin with, you can only use our transfer-in process to transfer money you have in an ISA with another ISA manager when you open your account. You will soon be able to use the transfer-in process at any time.

Does this make sense? By the way the accounts are the old and the new Triple Access Online ISA.

Rodders53

Nationwide will have an internal ISA transfer option within their online banking system (app or website) if you seek it out.  It's certainly there for my triple access ISA with them and offers me a 1Yr 3.8% option, amongst others.

Rarely is a cash input initial payment needed when transferring an existing ISA to a provider. 
(Never in any of the transfers my wife and I have done to date).

Simple enough to call NW if you need confirmation.

The_stingemeister

Rodders53 said:

Nationwide will have an internal ISA transfer option within their online banking system (app or website) if you seek it out.  It's certainly there for my triple access ISA with them and offers me a 1Yr 3.8% option, amongst others.

Rarely is a cash input initial payment needed when transferring an existing ISA to a provider. 
(Never in any of the transfers my wife and I have done to date).

Simple enough to call NW if you need confirmation.

Thanks. The bold part of my post that was on the Nationwide website is confusing,.

clairec666

I think the information Nationwide have given isn't very clear and can be interpreted in different ways.

I interpreted it to mean "transfers in from other providers can only be done at the time of opening your account", and no restrictions for transferring from another Nationwide ISA

refluxer

You can fund a Nationwide Cash ISA with an internal transfer, without the need to transfer or pay in from another source.

I would just open the new ISA account and if an internal transfer isn't offered as an option as part of the application process, then wait until the account is open (and visible in online banking) and see what subsequent transfer-in options are available then.

elkiedee

I did exactly this at the beginning of this year - I had opened a 1 year triple access cash ISA in January 2024, and transferred my existing savings from a previous Nationwide ISA, paying very little interest on over £20K, with no trouble. In January 2025 I opened a similar 1 year triple access cash ISA about a week before that account matured, and then transferred my money on the maturity date.

The interest rate was slightly lower (and has dropped since) but it's still better than keeping it in the maturity instant access cash ISA. I did it online and it was very easy, and I didn't have to wait for weeks - I had had some problems transferring other ISA money from and to different providers in spring 2024.

This year I may well do the same thing - if I do then decide to transfer my ISA from Nationwide to another ISA provider, in this tax year or next, triple access gives me the chance to do that.