Nationwide Fixed rate Isa's - one-off lump sum problem

sambeckett

I've just opened a 2yr Fixed Rate ISA with Nationwide (£3600). Unfortunately, after leaving the branch and examining the literature, I noticed that it consisted of a one off lump sum payment which cannot be added to. I was not informed of this by Nationwide's advisor, even though I made it clear that I wished to pay in my £3600 limit each year. Does this mean that I've sacrificed my £3600 limit for next year, until the ISA matures? Or can I open another ISA next year? I'm feeling a bit hard done by...

LittleVoice

You will be able to open another ISA next year - with Nationwide or with another provider. It is only this, fully subscribed, account to which you cannot add.

markdeer2004

A fixed rate account means you cannot deposit or withdraw for the fixed years once it is opened. From next april 2009 you cannot add to your 2 year fixed rate account but you can open a new fixed rate account with that year's £3600. You just may or may not get a better interest rate.

Speculator

Looks like you're in luck...

From terms and conditions..

14. Subject to early access charges on Fixed Rate ISA Bonds, if after opening the account, you do not consider it to be suitable, you may transfer the balance to another account with the Society, or have the money returned, provided that in either case the Society receives notification of your intention within 30 days from the date that the ISA was opened. The interest will be paid gross to you and the subscription will not count towards your ISA limits for that tax year. You can open a subsequent Cash ISA with the Society or another financial institution, up to your allowance for that tax year. The Terms and Conditions applicable to the new account will take effect from the date of the original investment.

bristolleedsfan

sambeckett wrote: »

I've just opened a 2yr Fixed Rate ISA with Nationwide (£3600). Unfortunately, after leaving the branch and examining the literature, I noticed that it consisted of a one off lump sum payment which cannot be added to. I was not informed of this by Nationwide's advisor, even though I made it clear that I wished to pay in my £3600 limit each year. Does this mean that I've sacrificed my £3600 limit for next year, until the ISA matures? Or can I open another ISA next year? I'm feeling a bit hard done by...

You can open as many Nationwide fixed rate accounts whether ISA or non ISA as you wish at the rate that are in force at the time.