Nationwide fixed ISA Missleading

sparky.shark

I guess we have to wait and see, for me I have to wait at least a month for the transfer request from both abbey + barclays. Though I'm sure others will let us know how they get on as and when their transfers go through.

I like the fact that now all my ISA's are in one place and hopefully all fixed at the same rate for 2 years. Less agro.

forevergrey

Dan29 wrote: »

What does this mean (if the rate drops) for people who've applied enclosing a cheque and a transfer form?

As I understand it, if Nationwide pull the fixed rate then they have to write to you offering you the option to accept the new rate or decline it.

When I asked where I would be in the transfer process if I declined, the branch wasn’t sure!

hosser

I've just opened new ISA's with Nationwide for both myself and my wife for the 08/09 tax year using our full £3600 allowances in the 2 year fixed rate 6.15%. I have also applied at the same time to transfer both mine and my wife's 07/08 Isa's into a 1 year fixed rate 6.15%. I enquired about the rate not being guaranteed and that they state in their t & c's that the rate may have changed when the transfers happen. I was informed that they will honour the rate when the applications were made. All branches seem to be saying this, so I guess it must be true. If not, they're playing a risky game by lying.:p

RayWolfe

People will NOT be lying.
What appears to you as a conspiracy is either a true statement or a c00k-up.

bristolleedsfan

forevergrey wrote: »

As I understand it, if Nationwide pull the fixed rate then they have to write to you offering you the option to accept the new rate or decline it.

Ive noticed that whilst 6.15% fix is still showing on Nationwide website, on money facts its been replaced by Birmingham Midshires despite BM rate not being higher.

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

sparky.shark

bristolleedsfan wrote: »

Ive noticed that whilst 6.15% fix is still showing on Nationwide website, on money facts its been replaced by Birmingham Midshires despite BM rate not being higher.

http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rates-isa.aspx

But if you do a manual search (not best buys) it is on page 2.

Milarky

bristolleedsfan wrote: »

Ive noticed that whilst 6.15% fix is still showing on Nationwide website, on money facts its been replaced by Birmingham Midshires despite BM rate not being higher.

Up until yesterday they had a huge wall poster behind the cashiers with a picture of an egg and '6.15%' fixed for 1/2 yrs. I should have looked today as well but I suspect they will consider the cash still pretty cheap at that price and will want to run the current offering into the new tax year for a few months at least [had LTSB really pulled their ISA prematurely?] Whether the popularity of the ISA causes them difficulties (and delays to customers) of course is probably not on their minds at present!

sparky.shark

Cash isa's especially fixed accounts is easy money for the banks and in some cases guaranteed as you are unlikely to withdraw until the term.

Helps in this current market turmoil, could be a well played strategy to keep them higher fro the moment.

beansy

If you are an existing N.Wide customer and have been for a few years you get an even better rate of 6.25% in a Members ISA Bond.

Milarky

beansy wrote: »

If you are an existing N.Wide customer and have been for a few years you get an even better rate of 6.25% in a Members ISA Bond.

This ISA now pays just 5.50% to 5.30% - expect that to be 5.25% to 5.05% after 1st May