Nationwide fixed ISA Missleading

owitemisermusa

Any penalities if you need to retrieve your cash before the end of the one year term?

10_66

Closure is subject to loss of 90 days interest with no part withdrawals permitted.

m_dorph

When I transferred a previous years ISA into Nationwide last year I was in the opposite position. During the transfer time, the interest rate offered on their fixed term ISA went up - and I got the higher rate.. So it can work both ways!

bristolleedsfan

Hungerdunger wrote: »

I called at my local Nationwide on Friday to collect transfer forms and asked what would happen if the rate changed before the transfer was completed.

The cashier told me they would honour the rate currently in force when I deposited the application with them.

Thinking about it, I've deposited my £3,600 with them for this year and asked for a previous ISA to be transferred into the same ISA account, so as the account will be up and running in the next day or two it would be pretty difficult for them to pay interest on the transferred portion at a different rate. Wouldn't it?

Being as no additions to the fixed rate account are allowed and being as a certificate will get issued from the date of your 3600 investment, strictly speaking Nationwide should ask you to complete a seperate fixed rate application form for the ISA money that you are transferring in and that fixed rate account would then start from the date that your existing ISA provider transacts the transfer out at the prevailing rate that Nationwide receives the transfer in cheque.

Ive recently transferred three ISA(s) into Nationwide for which i completed three fixed rate application forms because it was apparent that all three transfer cheques would be transacted on different occasions.

Had I opened a Nationwide ISA fixed rate account for my 2008/09 ISA allowance i would have made a seperate fixed rate application for it.

moneysaver

bristolleedsfan wrote: »

Being as no additions to the fixed rate account are allowed and being as a certificate will get issued from the date of your 3600 investment, strictly speaking Nationwide should ask you to complete a seperate fixed rate application form for the ISA money that you are transferring in and that fixed rate account would then start from the date that your existing ISA provider transacts the transfer out at the prevailing rate that Nationwide receives the transfer in cheque.

Ive recently transferred three ISA(s) into Nationwide for which i completed three fixed rate application forms because it was apparent that all three transfer cheques would be transacted on different occasions.

Had I opened a Nationwide ISA fixed rate account for my 2008/09 ISA allowance i would have made a seperate fixed rate application for it.

You are correct, this happened to me yesterday. At that point they told me the 6.15% for the transfer was not guaranteed.

Moneysaver

forevergrey

Having contacted head office, I'm now getting conflicting information. They are saying that the fixed rate is only guaranteed if in force at the date of the cheque from the previous provider.

Having relayed this back to the branch who told me it would be on receipt of forms, they insist they had an internal memo confirming their account but are going to check again.

Not sure where this leaves some of us at the moment!

10_66

Before I started a transfer of an existing ISA to N'wide (end of Feb), I rang up to ask about which rate would be applicable if there was any change during the transfer period and was told by someone on the ISA Helpdesk that the rate at the time of making the application is the one which will be set for the year. I asked if he was certain, as there's nothing written to confirm this, and he said he was certain because he'd been told off by his seniors following a complaint someone had made about him when he'd told the customer what's stated on the T&C's (ie interest may change before account transfer's completed), instead of rate applicable at time of application. Doesn't make sense that their T&C's suggest something different from what they apparently do.

Hungerdunger

I called at my local branch (Carmarthen) again today and again they confirmed that the rate I get will be the one in force when my application was accepted (i.e. yesterday).

bristolleedsfan

10_66 wrote: »

Doesn't make sense that their T&C's suggest something different from what they apparently do.

Nationwide are "proud to be different." :laugh:

ffacoffipawb

bristolleedsfan wrote: »

Nationwide are "proud to be different." :laugh:

More like "proud to be indifferent." :laugh: