Nationwide - Fixed cash ISA due to mature in few weeks

Jack's_mum

Very unclear letter about renewal which I also received this week! I did not want to visit a branch or arrange by phone or even by post and initially had almost decided to transfer to another ISA provider. However, after my own search online, I followed the same link also described by uih039 above and was able to renew for 2 years. Rates online are similar to those in the renewal letter. I've got a web reference for this renewal and expect to receive a confirmation letter in due course based on what is stated online. Overall not impressed by Nationwide on this occasion.

Ch1ll1Phlakes

uih039 said:

Although it’s not mentioned in the maturity letter, according to this page you can give instructions to reinvest online:

https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

I can’t see any problem with this as it looks quite straightforward so no branch visit or form by post required.

Am I missing something?

Andrew.

I did see this link before but it's still not clear as most of Nationwide's ISA are Fixed Rate Cash ISA  which when selecting this option on that link does not give the option of an online renewal. Hence why I never mentioned it. If it does work that's great. But the online application process as I described above will also work.

uih039

Ch1ll1Phlakes said:

uih039 said:

Although it’s not mentioned in the maturity letter, according to this page you can give instructions to reinvest online:

https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

I can’t see any problem with this as it looks quite straightforward so no branch visit or form by post required.

Am I missing something?

Andrew.

I did see this link before but it's still not clear as most of Nationwide's ISA are Fixed Rate Cash ISA  which when selecting this option on that link does not give the option of an online renewal. Hence why I never mentioned it. If it does work that's great. But the online application process as I described above will also work.

Yes, it's very confusing. I have a maturing Fixed Rate ISA, whereas the new account is a Fixed Rate Cash ISA. During the process for giving instructions it asks which of these you have. If you select Fixed Rate ISA it gives the option to issue instructions online; if you select Fixed Rate Cash ISA, that option disappears and you can only select post, phone or branch. Anyway, I've given the instruction online and will keep an eye on it.

Very poor communications from the world's biggest Building Society.

subjecttocontract

uih039 said:

Ch1ll1Phlakes said:

uih039 said:

Although it’s not mentioned in the maturity letter, according to this page you can give instructions to reinvest online:

https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

I can’t see any problem with this as it looks quite straightforward so no branch visit or form by post required.

Am I missing something?

Andrew.

I did see this link before but it's still not clear as most of Nationwide's ISA are Fixed Rate Cash ISA  which when selecting this option on that link does not give the option of an online renewal. Hence why I never mentioned it. If it does work that's great. But the online application process as I described above will also work.

Yes, it's very confusing. I have a maturing Fixed Rate ISA, whereas the new account is a Fixed Rate Cash ISA. During the process for giving instructions it asks which of these you have. If you select Fixed Rate ISA it gives the option to issue instructions online; if you select Fixed Rate Cash ISA, that option disappears and you can only select post, phone or branch. Anyway, I've given the instruction online and will keep an eye on it.

Very poor communications from the world's biggest Building Society.

Why would the size of an organisation make any difference to their ability to communicate poorly ?

uih039

subjecttocontract said:

uih039 said:

Ch1ll1Phlakes said:

uih039 said:

Although it’s not mentioned in the maturity letter, according to this page you can give instructions to reinvest online:

https://www.nationwide.co.uk/savings/help/fixed-rate-isa-maturity-options/

I can’t see any problem with this as it looks quite straightforward so no branch visit or form by post required.

Am I missing something?

Andrew.

I did see this link before but it's still not clear as most of Nationwide's ISA are Fixed Rate Cash ISA  which when selecting this option on that link does not give the option of an online renewal. Hence why I never mentioned it. If it does work that's great. But the online application process as I described above will also work.

Yes, it's very confusing. I have a maturing Fixed Rate ISA, whereas the new account is a Fixed Rate Cash ISA. During the process for giving instructions it asks which of these you have. If you select Fixed Rate ISA it gives the option to issue instructions online; if you select Fixed Rate Cash ISA, that option disappears and you can only select post, phone or branch. Anyway, I've given the instruction online and will keep an eye on it.

Very poor communications from the world's biggest Building Society.

Why would the size of an organisation make any difference to their ability to communicate poorly ?

I suppose I expect Nationwide to have a large communications team who carefully create and review communications to customers to ensure they are clear and accurate. In reality it's probably an automated process so very prone to errors like this. Oh well... 

boco803

Thanks for further thoughts and insights into this.

uih039 said:
Yes, it's very confusing. I have a maturing Fixed Rate ISA, whereas the new account is a Fixed Rate Cash ISA. During the process for giving instructions it asks which of these you have. If you select Fixed Rate ISA it gives the option to issue instructions online; if you select Fixed Rate Cash ISA, that option disappears and you can only select post, phone or branch. Anyway, I've given the instruction online and will keep an eye on it.

Very poor communications from the world's biggest Building Society.

@uih039 has hit the nail on the head.

Before I created this post, I've gone on that link and naturally selected cash ISA - didn't even think to select the other option.  Poor comms from Nationwide both on their website and letter.

boco803

When the account matures into their Fixed Term ISA Maturity account, does anyone know if it assigns a new account number or just retains existing details?

refluxer

boco803 said:

When the account matures into their Fixed Term ISA Maturity account, does anyone know if it assigns a new account number or just retains existing details?

Back in 2022, I let a Nationwide fixed rate cash ISA automatically mature into a FT ISA Maturity account and then transferred it into another Nationwide fixed rate ISA a few weeks later and it kept the same account number for all 3 different accounts so, based on my experience (and provided they haven't changed the way they do things), the account number should remain the same.

Update - looks like transferring internally to a new fixed term account means the new account will now get a new account number and sort code, so this has changed since I last did an internal Nationwide transfer.

Albermarle

refluxer said:

boco803 said:

When the account matures into their Fixed Term ISA Maturity account, does anyone know if it assigns a new account number or just retains existing details?

Back in 2022, I let a Nationwide fixed rate cash ISA automatically mature into a FT ISA Maturity account and then transferred it into another Nationwide fixed rate ISA a few weeks later and it kept the same account number for all 3 different accounts so, based on my experience (and provided they haven't changed the way they do things), the account number should remain the same.

Although N/wide have been doing a lot of tinkering about with names and numbers of accounts in the last few months, so that may or may not have an effect.

silvermum

Just set in motion the transfer of my Nationwide FRISA to Virgin's 1 Year FRISA at 4.16% AER. It's not the highest rate, but I already have Virgin accounts, so it's an easy transfer.
Virgin gives you the option to transfer at maturity.
Also the penalty for withdrawal is only 60 days interest.
The only downside is that it's on the 'old' Virgin legacy system, so sort codes beginning '08' rather than '82' (so not on the app...)