Beware transferring ISA to Nationwide

bristolleedsfan

Baldur wrote: »

Paragraph 14 on Page 6 of the Ts & Cs suggests that those people's belief is erroneous - see http://www.nationwide.co.uk/pdf/savings/P115_ISAs.pdf
(my bold):

"

Wasnt an opinion that ive held. I have no opinion because 6.15% rate has been in force for so long its not something anybody appears to have experienced other than when rates were increasing Nationwide paid the higher rate that was in force when transfer funds were received.

Belief was stated within here which is where O/P should have posted.

http://forums.moneysavingexpert.com/showthread.html?t=845731

Bonbon

bristolleedsfan wrote: »

While there is a possibility that the 6.15% rate could be reduced around 1 May. the last time that Nationwide reduced its variable rate accounts on 1 March it left the 6.15 ISA fixed rates unchanged.

Your ISA fix should have got backdated to when u applied for it, what is the date of maturity? ( when does the fixed rate end)

It matures exactly 1yr from start date, 9th April. My 2007 fixed ISA bond matured at the end of March and I reinvested it (before 5 April ) but I haven't received that one yet, although customer service have told me that it's being dealt with. It'll be interesting to see what date that one starts.

bristolleedsfan

Bonbon wrote: »

It matures exactly 1yr from start date, 9th April. My 2007 fixed ISA bond matured at the end of March and I reinvested it (before 5 April ) but I haven't received that one yet, although customer service have told me that it's being dealt with. It'll be interesting to see what date that one starts.

ISA transfer ins maturity dates are date of incoming transfer cheque, this suggests that your new ISA hasnt been backdated to the date of application.

If Nationwide started paying interest from 9th then in theory it is absolutely correct as nobody has an absolute right to receive interest from date of application on a cheque deposit.

Bradford and Bingley branches were fully able to open a ISA fixed rate account on demand, issue a certificate and bank the cheque, im puzzled why Nationwide cant allow its branches to carry out what appears a simple task.

Cannygirl_2

I'm fascinated by the touching faith in financial institutions and even a fierce defence of Nationwide, displayed on this thread.(This is Martin's site after all!) Personally, all I wanted was a guarantee that I'd get the rate I'd applied for. The cost to them is neglible and they'd have my money for a whole year..surely a tiny help in the credit crunch. But with so many trusting consumers happy to assume they won't lower their rates (even in the present climate), perhaps they don't need demanding customers like me!

bristolleedsfan

Cannygirl wrote: »

I'm fascinated by the touching faith in financial institutions and even a fierce defence of Nationwide, displayed on this thread.(This is Martin's site after all!) Personally, all I wanted was a guarantee that I'd get the rate I'd applied for. The cost to them is neglible and they'd have my money for a whole year..surely a tiny help in the credit crunch. But with so many trusting consumers happy to assume they won't lower their rates (even in the present climate), perhaps they don't need demanding customers like me!

Terms and conditions state that the rate that applies is the rate in force at the time they receive the transfer funds. ( Halifax state the same thing in its terms and conditions.)

http://www.nationwide.co.uk/pdf/savings/P115_ISAs.pdf

You can transfer cash ISA funds from another provider to any of our cash ISAs. However, please bear in mind that if you opt for our Fixed Rate ISA Bond its rate may have changed by the time we receive the funds.



Im certain that "Martin" would want posts to reflect accuracy where facts are available and known.