Application form problems opening a Nationwide fixed rate ISA

john_s_2

evosy1978 wrote: »

What i want to know now is can i open up another isa and put my £3600 into it

I posted just now saying you could, but I've changed my mind so have edited my post. It sounds like your ISA with NW is for the 0809 year.

There's nothing in the ISA rules to say you can't add to this as the money you transferred in was 'old' (pre 0809) money. But further to those rules are the conditions of the NW Fixed Rate ISA in that once it's been opened no more money can be added to it.

You can open another ISA and transfer the money from the NW ISA into it, but you would have to pay the early exit penalty to NW for not keeping it for a year. I don't know offhand what that is, but I presume it's merely no interest.

evosy1978

yes everything you have put is correct the only thing im concerned about is the fact that my NW isa was not opened till mid april. Can i open more than one isa in a tax year (provided i only cash away no more than £3600 into on of them)?

What really pizzes me off is the fact that had i have been told at my interview what a isa bond was i would never have opened one ( me and girlfriend both opened one each). Instead i would of saved my money from my other bank and my £3600 and put it all into an isa that excepted both.
Now i have the hassle of oopening another isa for both me and girlfriend which could take another 4- 8weeks of lost interest on my money which i have ready and waiting. AND next year when we come to change to a new isa ill have to be transfering money in from two isas. tut.

evosy1978

ha i posted and you edited at the same time.

I thought that myself. so im really annoyed now. this is all messed up so im not allowed to deposit my £3600 into any isa unless i close my nationwide isa and loose my interest. surely this cant be right. Im gona go to internet banking and email them.

will let you know the result.#

ta for help so far

Baldur

this is all messed up so im not allowed to deposit my £3600 into any isa unless i close my nationwide isa and loose my interest. surely this cant be right.

See my reply in the other thread here

john_s_2

Sorry about the confusion! I presume you got my PM to say I'd edited my post... I was horrified when I realised you'd thanked me for my now completely edited post!

From what you've said you've been unlucky. You applied for the ISA on 12 March but they have opened it from 16/04/2008 (presumably, as it matures on 15/04/2009).

AFAIK NW open it from the date on your previous provider's cheque. Your previous provider will have had to send the cheque within 30 days of NW requesting it but if it took NW a couple of weeks to request it (understandable as it was peak ISA season) then it seems your previous provider probably responded within 30 days. Although even if NW had requested the cheque straight away, your previous provider could still have responded after 06/04/2008.

Had your previous provider sent the cheque with a date before 06/04/2008 then it would have been a 0708 ISA and you would now be free to open an 0809 ISA with whoever you like.

I would imagine that you should stress you were misinformed at your initial interview - that you would be able to deposit a further £3600 - and ask for compensation on the interest you will now lose as you cannot deposit that £3600 into an 0809 ISA. I guess you should balance that against the interest you can still receive by placing it into a regular deposit account.

I'm only clutching at straws however, I've never tried taking a complaint this far. Good luck with it anyway!

john_s_2

Baldur wrote:

From other posts on this board, you can open multiple Nationwide ISA Bonds, up to the annual Cash ISA allowance. So this year's money could be paid into another NW ISA Bond (or bonds).

That's interesting. I thought you could only open one ISA is a tax year? Or would such multiple ISAs count as only one (and the same) ISA under the ISA regulations?

That being the case then evosy1978 can simply do that - although s/he is of course restricted to NW.

Baldur

john_s wrote: »

That's interesting. I thought you could only open one ISA is a tax year? Or would such multiple ISAs count as only one (and the same) ISA under the ISA regulations?

That being the case then evosy1978 can simply do that - although s/he is of course restricted to NW.

They would, apparently, come under the 'umbrella' of a single ISA (you will find several posts on the topic by bristolleedsfan, from memory).

evosy1978 is looking elsewhere to deposit 08/09 allowance, from another thread.

edda

:bdaycake:

My ISA transfer (into the Nationwide) is 3 months old today

Wonder how it's spending its birthday - or even where the money is??? :rolleyes:

Happychappy

Ahhhh so young ; ) mine is 3 months and 11 days, but it hasnt talked to me yet, in fact I havent seen it ; ( hope they look after it.

DavidRossitter

Hi

I like many others am still suffering with ISA transfer from Barclays. Key points are:

- submitted transfer forms 3+months ago
- got pointless bland emails when tried to check status via their website
- attempts to phone couldnt get through
- received letter 2-3 months saying that the "date was wrong and was pre-tax year" - but it was a transfer and am confident I put current tax year date on it
- took it into branch who were equally confused by their letter and form and implied that there were ISA dept problems. Suggested doing what they said
- nonetheless sent form back again with a covering letter asking what the hell is going on
- that was 3 weeks ago and nothing

This is getting beyond a joke - I have no idea where this application is at and what the status is. I cant buy April being busy but we are one week now fro August!

What is the consensus on what I must do to get resolution - do I go down the complaints dept, go elsewhere, write to someone. Clearly all attempts to liaise with the ISA dept is a complete waste of time.

I cant believe this hasnt been featured on consumer problems. Have bankedwith Nationwide for 25 years and up until this point they have been fine - this episode is particularly bad.

David