Nationwide fixed ISA maturity

poppystar

This ISA matures at the end of September ie after the next BoE meeting.

If I select a new fixed ISA with them it is 3.8% (whatever the term) and as with most maturity scenarios that rate, if chosen now, would be honoured even if the rates reduce between now and then. So a known 3.8%

Obviously it is currently possible to get a higher rate on a fix elsewhere. If I open another fixed ISA elsewhere the transfer will have to be set for the end of September. 

I’m mindful that the next BoE meeting is before then. I’m assuming that any other provider, if they reduce their rates between BoE meeting and the maturity of this ISA, wouldn’t honour the rate at the account opening as it wouldn’t be funded by then.


Is this assumption correct? 

flaneurs_lobster

Might you be able (if the terms of the new ISA allow) deposit the minimum required now (of new money) to secure the rate? Then transfer the old ISA balance at maturity. You would normally have ~28 days to complete deposits.

Assumes you have some ISA allowance left in this financial year.

poppystar

flaneurs_lobster said:

Might you be able (if the terms of the new ISA allow) deposit the minimum required now (of new money) to secure the rate? Then transfer the old ISA balance at maturity. You would normally have ~28 days to complete deposits.

Assumes you have some ISA allowance left in this financial year.

Thank you, I really hadn’t thought of that as a strategy. I have still got some of this year’s allowance left. I’ll have a look at the T&Cs of a few higher rate ISAs and see if I can make it work. 

35har1old

poppystar said:

flaneurs_lobster said:

Might you be able (if the terms of the new ISA allow) deposit the minimum required now (of new money) to secure the rate? Then transfer the old ISA balance at maturity. You would normally have ~28 days to complete deposits.

Assumes you have some ISA allowance left in this financial year.

Thank you, I really hadn’t thought of that as a strategy. I have still got some of this year’s allowance left. I’ll have a look at the T&Cs of a few higher rate ISAs and see if I can make it work. 

Shawbrook I think would let to set the transfer date to what you require and with the added bonus if you went for a longer fix you would be able to add new money each year to end of term

Kent Reliance would also have similar terms
First transfer has to be submitted within 7 days but actual tranfer could be within you timeframe
Other transfers
within 30 days
But can also add new money at any stage

Albermarle

Anyway it seems unlikely there will be any change at the next BoE meeting.
In any case, small changes in current rates may well not affect a longer term fix rate .