Nationwide ISA Transfer

Nationwide ISA Transfer

Why transfer?

ISAs can be switched at any time as long as the correct procedure is followed. Keeping an eye on the latest interest rates and constantly comparing with other providers is a good idea to keep on top of your savings. 

Many banks offer variable rates of interest so the rate you signed up with may not be what you’re receiving now. Introductory bonuses are often used to attract new customers but once that stated period is over, the interest rates plummet. Better rates are usually available so make sure your money is working as hard as it can. Compare latest interest rates on our comparison tables.

Many people transfer their money as it’s generally much easier to manage one account online than several accounts. By switching, you can make your life easier as well as potentially finding a higher rate of interest.

What does Nationwide offer?

Nationwide are the world’s largest building society and offer a simple switching service and a range of flexible ISA options. Nationwide offer:

1. An interest guarantee, they provide interest as soon as they receive your application. Very few banks offer this service and it’s a great way to avoid losing out on interest
2. A rate guarantee, if you take out a fixed rate ISA and the rate changes before your term is complete, they will offer you the better rate
3. A personal savings summary which shows both the rate you are receiving so you can easily keep on top of your finances and find out if you can earn more from your savings
4. They have exclusive savings account for existing savers

Useful to Know

Many banks charge a penalty if you try to close the account early, particularly if you’re switching from a fixed term ISA. It’s always a good idea to check your provider’s conditions as well any transfer minimums or conditions your new provider may have.

1. You can open any of the Nationwide ISAs with £1 except their tracker ISA which requires a £100 deposit. This is much lower than many other ISA accounts.
2. The fixed rate ISA cannot be touched once the deposit has been made or you will be subject to an early closure charge which is at least 90 days of interest but increases with the fixed term length.

New ISA flexibility has meant that some ISAs now allow you to withdraw money and put it back within the same tax year without it affecting your annual allowance. As long as the account allows withdrawals then this should be fine but always check with your provider.

Nationwide offer a flexible range of ISAs with competitive interest rates. Their customer guarantees ensure you won’t be losing out on interest due to unexpected hold-ups. Make sure you can commit to the fixed ISA term before transferring however, as you are likely to take out less than you put in if you close early.