Confused!

Flakie

Hello all. Advice needed please. My husband and I both have an ISA with Nationwide. Mine is due to end tomorrow and his will end in October. Mine has about £18000 in it and his has £21660. They are offering 3.8% which we are happy with. They are both fixed rate. We would like to add some to the amount notwithstanding the interest they will have both accrued and haven’t paid anything in to any other ISA over the past year. When we open the new fixed rate ISA and paid the proceeds of the old ones over plus the interest can we add more to each one as we haven’t paid anything in anywhere else? Hope that makes sense but can’t get my head round what I read on here or elsewhere! Many thanks, 

Dazed_and_C0nfused

Flakie said:

Hello all. Advice needed please. My husband and I both have an ISA with Nationwide. Mine is due to end tomorrow and his will end in October. Mine has about £18000 in it and his has £21660. They are offering 3.8% which we are happy with. They are both fixed rate. We would like to add some to the amount notwithstanding the interest they will have both accrued and haven’t paid anything in to any other ISA over the past year. When we open the new fixed rate ISA and paid the proceeds of the old ones over plus the interest can we add more to each one as we haven’t paid anything in anywhere else? Hope that makes sense but can’t get my head round what I read on here or elsewhere! Many thanks, 

When you say paid the proceeds of the old ones do you mean transfer them from the old ISA to the new one, without the money leaving Nationwide?

El_Torro

You each have a £20k ISA allowance every year. This allowance is for any new money going into an ISA. Any growth in an ISA does not eat into this £20k.

Flakie

Dazed_and_C0nfused said:

Flakie said:

Hello all. Advice needed please. My husband and I both have an ISA with Nationwide. Mine is due to end tomorrow and his will end in October. Mine has about £18000 in it and his has £21660. They are offering 3.8% which we are happy with. They are both fixed rate. We would like to add some to the amount notwithstanding the interest they will have both accrued and haven’t paid anything in to any other ISA over the past year. When we open the new fixed rate ISA and paid the proceeds of the old ones over plus the interest can we add more to each one as we haven’t paid anything in anywhere else? Hope that makes sense but can’t get my head round what I read on here or elsewhere! Many thanks, 

When you say paid the proceeds of the old ones do you mean transfer them from the old ISA to the new one, without the money leaving Nationwide?

Yes, sorry. Didn’t make myself clear! Yes, the whole lot will be going over but I would like to add some more on opening the new one if I can as you can only add funds on opening the new one I believe. That’s why I thought I could add more funds as I’ve not paid anything in anywhere else. Hope that makes sense! Thanks. 

Dazed_and_C0nfused

Flakie said:

Dazed_and_C0nfused said:

Flakie said:

Hello all. Advice needed please. My husband and I both have an ISA with Nationwide. Mine is due to end tomorrow and his will end in October. Mine has about £18000 in it and his has £21660. They are offering 3.8% which we are happy with. They are both fixed rate. We would like to add some to the amount notwithstanding the interest they will have both accrued and haven’t paid anything in to any other ISA over the past year. When we open the new fixed rate ISA and paid the proceeds of the old ones over plus the interest can we add more to each one as we haven’t paid anything in anywhere else? Hope that makes sense but can’t get my head round what I read on here or elsewhere! Many thanks, 

When you say paid the proceeds of the old ones do you mean transfer them from the old ISA to the new one, without the money leaving Nationwide?

Yes, sorry. Didn’t make myself clear! Yes, the whole lot will be going over but I would like to add some more on opening the new one if I can as you can only add funds on opening the new one I believe. That’s why I thought I could add more funds as I’ve not paid anything in anywhere else. Hope that makes sense! Thanks. 

That is determined by the rules relating to the particular ISA you are interested in.

Fixed rate products do often have limited funding windows but you need to read the terms and conditions of the one you are interested in to be sure.

slinger2

There's nothing in the ISA regulations that stops you doing it. So it all depends on the Nationwide terms and conditions for that account. I think you can only pay into their fixed rate ISAs on the day you open it. Whether even that's possible for a maturing account I'm not sure, you'd have to ask Nationwide.

There are various options. You could simply open another Nationwide ISA and put the new money in there. Or you could let the current fixed rate ISA mature into an easy access ISA and then move that money into another fixed rate ISA, adding some new money there on the same day. You'd think that would work.

flaneurs_lobster

Flakie said:

 That’s why I thought I could add more funds as I’ve not paid anything in anywhere else.

Sorry to belabour the point, have you paid any money into your existing Nationwide ISA in this financial year? 

Flakie

flaneurs_lobster said:

Flakie said:

 That’s why I thought I could add more funds as I’ve not paid anything in anywhere else.

Sorry to belabour the point, have you paid any money into your existing Nationwide ISA in this financial year? 

No. It’s a fixed rate one so anything going in had to be out in on the day. That’s why I’d like to add to them both when opening the new one. 

JGB1955

You'll probably have up to 30 days to add another £20K.... depending on the T&Cs.

slinger2

JGB1955 said:

You'll probably have up to 30 days to add another £20K.... depending on the T&Cs.

I don't think that's true. Nationwide's T&Cs say that you can only pay in on the day you open it. 

thriftyms

Was browsing and just re-activated my very ancient MSE account to say the same thing as above - Nationwide T&Cs state their fixed-rate ISA is 'a lump-sum account so you can't add more money to the account once it has been opened'.