Nationwide cash ISA transfer?

roysterer

I had a Nationwide cash ISA which paid the annual interest on 31/03/08.
the total including the interest added on this date was £19349.01
On the 15/04/08 I transferred the above figure into the Nationwide 6.15% fixed rate ISA Bond for 2 years.
What has happened to the 14 days interest from the 01/04/08 to 14/04/08.
The certificate I recieved in the post for the transfer is the same amount of £19349.01 as of 31/03/08.

I estimate interest to be about £39-£40 over this period, am I missing something?
Is the interest solely added on the 31st of March only, Instead of daily?

Greatful for any advice, Im no expert in these matters!!!!

RayWolfe

I suspect there has been an error. You are entitled to the 14 days interest. Query it.

pem2

I have the 6.15 and previous Nationwide ISA fixed deposits, my understanding is that it is still there but only shows on the 31st March.

Milarky

roysterer wrote: »

I had a Nationwide cash ISA which paid the annual interest on 31/03/08.
the total including the interest added on this date was £19349.01
On the 15/04/08 I transferred the above figure into the Nationwide 6.15% fixed rate ISA Bond for 2 years.
What has happened to the 14 days interest from the 01/04/08 to 14/04/08.
The certificate I received in the post for the transfer is the same amount of £19349.01 as of 31/03/08.

I estimate interest to be about £39-£40 over this period, am I missing something?
Is the interest solely added on the 31st of March only, Instead of daily?

Grateful for any advice, I'm no expert in these matters!!!!

Which other Nationwide ISA were you in previously?

Careful_ly

I have queried the interest on my ISA too.
Mine has recently come to the end of the fixed rate and the interest appears to be incorrect to me.
The redesignation to fixed rate was processed in March last year and several days later on 31st March they added the annual interest. I queried this at the time.
At maturity I have the interest on the original transfer amount but none on the interest.
It has been checked once and found to be correct and I have requested a further checking on the account, and am awaiting a letter.
I will update and will post my figures once I have had the letter.
I have lost almost a full years interest on the interest.

roysterer

Thanks very much for your replies.

(Milarky)
The ISA I was in prior to transfer was there standard long members cash Isa

Jeannine

There won't be a problem - you'll get the 14 days interest at the flexible cash ISA rate and then the rest of the year at 6.15%, paid 31st March 2009 (for tax year 2008-9).

(I did just was you have done...)

Careful_ly

Right I am now happy that my interest is correct.

I am also sure Roysterer that yours will be too, I have seen the way that they work out the interest and it looks very over complicated and show lots of "re-projections" and interest "clawback"

I have spoken to someone in the customer care team and told them that perhaps they should supply some covering notes, she says that customer feedback is appreciated and it will be passed on.

To send out a certificate with the opening balance showing the same as the last interest date of 31st March is concerning. In my case it was over 11 months since interest had last been added.