Transfer & new account ISA question

profftnt

Hi all,

I'm a new poster here, but reading for a long time on and off. I have a noobish question. I opened a Nationwide 1 year fixed ISA @6.15 (£3600) the other day. I also filled in the paperwork to transfer my two other isa's in (which i have added to over the past few years). My question is will this all go into 1 account hence earning lots of interest on a big amount or will i have two accounts? 1 for the new £3600 and one for all the transferred money so overall the interest will be a bit lower than i first expected. It may sound like a stupid question but i am just confused now looking back.

Thanks

Prof.

sloughflint

All in one account.

sloughflint

Have just looked at Nationwide website. The fixed rate ISA is one rate. It's the variable rate one that is tiered so your question doesn't apply but still one account for future reference if you ever transfer again.

profftnt

Thanks Sloughflint.

Just to confirm when all my money is in Nationwide it will still be one account.

Thank god thought i made a schoolboy mistake and the my big money was going to go into the lower rate of 5.something account - which is still higher than my previous suppliers.

So i can look forward to earning an extra 200 quid interest this year

Thanks.
Prof.

sloughflint

profftnt wrote: »

Thanks Sloughflint.

Just to confirm when all my money is in Nationwide it will still be one account.

Thank god thought i made a schoolboy mistake and the my big money was going to go into the lower rate of 5.something account - which is still higher than my previous suppliers.

So i can look forward to earning an extra 200 quid interest this year

Thanks.
Prof.

I don't know why I looked more but this might be of concern to you from:
http://www.nationwide.co.uk/pdf/savings/P115_ISAs.pdf
You make just one lump sum payment by:
• paying in cash or a cheque at any Nationwide branch
• transferring part or all of your existing cash ISA balance
• once open, you will not be able to pay in additional funds

I haven't got one of these so others may confirm but I read the above as being one payment only ( rather like the Halifax fixed ISA ie no extra deposits) but unlike the Lloyds fixed ISA where you can add more.
Hope I'm wrong for your sake. Why did the branch take your transfer forms and accept your £3.6 k then if I'm correct?

Oh and yes: I confirm that usually transfers and new money ( if allowed) would combine into one account.

profftnt

sloughflint wrote: »

I don't know why I looked more but this might be of concern to you from:
http://www.nationwide.co.uk/pdf/savings/P115_ISAs.pdf
You make just one lump sum payment by:
• paying in cash or a cheque at any Nationwide branch
• transferring part or all of your existing cash ISA balance
• once open, you will not be able to pay in additional funds

I haven't got one of these so others may confirm but I read the above as being one payment only ( rather like the Halifax fixed ISA ie no extra deposits) but unlike the Lloyds fixed ISA where you can add more.
Hope I'm wrong for your sake. Why did the branch take your transfer forms and accept your £3.6 k then if I'm correct?

Oh and yes: I confirm that usually transfers and new money ( if allowed) would combine into one account.

Well i did both at the same time - new money and transfer -so not sure if that counts as one lump. But i did ask the lady and she seemed to imply one account thats why i came on here for confirmation.

The thing about nor more deposits i think applies to the two year one, becasue i was going to take that but then i found out that i couldn't add next years allowance in to my money pot.

worst case scenario is that i have £3600@6.15 and £ lots@5.15 ish which still means i am still £100 better off than if i had put my £3600 into one of the other accounts because the interest rate was really abysmal on them. And i can always then move again.

But i am pretty much certain that it will all go in one account if the rate stays at 6.15% - if it does drop to 5.75% or something by the time the money comes in from the other two places i think then i will get another new 1 year fixed account term with that money at the new rate because it doesn't constitute another isa as i am not adding any more money from my allowance in. Lets just hope that the other 2 providers get a move on and the money gets over sharpish before they decide to change the rate which doesn't seem to have changed for a year already, and on top of that it seems that most banks/BS are not changing the rates even though the base rate when down.

All that matters to me is that i get more money from interest.
Prof.

sloughflint

You beat me to it. I was about to edit my post as I've had a thought.

But i did ask the lady and she seemed to imply one account thats why i came on here for confirmation.

I hope Nationwide staff are more clued up than Lloyds staff


However the Nationwide wording is interpreted ,there's no reason why you shouldn't get the fixed rate for all your money.
Worst case scenario:
one ISA for 08/09 with your £3.6k
one fixed ISA for the transferred money from previous years.

In the future, you can transfer out and put all into one account ( as I originally thought you were doing now). Hopefully it will be one account this time too. These leaflets can be so ambiguous,can't they?

profftnt

sloughflint wrote: »

You beat me to it. I was about to edit my post as I've had a thought.

I hope Nationwide staff are more clued up than Lloyds staff


However the Nationwide wording is interpreted ,there's no reason why you shouldn't get the fixed rate for all your money.
Worst case scenario:
one ISA for 08/09 with your £3.6k
one fixed ISA for the transferred money from previous years.

In the future, you can transfer out and put all into one account ( as I originally thought you were doing now). Hopefully it will be one account this time too. These leaflets can be so ambiguous,can't they?

They really are badly written, that's why a lot of people don't bother changing providers.

I guess someone on here will have more definitive Nationwide answer, other than that i will in about 4 weeks .

The main thing to me is i get more money and i can go and shout at someone in branch if need be....

Prof.