Natwest ISA Transfer
Making sure your ISA is working for you is always a good idea, whether that means consolidating your accounts to make your finances easier to manage or making use of high interest or switch incentives.
Luckily, transferring your ISA has never been easier. Banks are now offering a much more streamlined service which can help you get the best deal so there has never been a better time to consider your options.
You can mke sure your money is working for you by comparing latest interest rates on our comparison tables.
You can switch your ISA at any time, although it’s worth making sure you won’t incur any penalty charges by leaving a fixed term ISA early.
Natwest Transfer Review
If you have an ISA, or several, with other providers, you can make it easier to manage your savings ISAs by transferring them to NatWest.
- A simple transfer process that safeguards your tax-free entitlement
- The majority of transfers can be completed electronically, so no need to send off any forms
- Some cash ISA transfers can take up to 15 working days to process, Natwest will pay your interest from day 16 if the transfer process is not complete within this period. This allows you to start earning interest from your new cash ISA account faster
Useful to Know
Banks can charge a penalty for leaving certain accounts early, usually if you’re switching from a fixed term ISA. So it’s good to check your provider’s conditions.
For the Natwest Fixed Term account, partial withdrawals and additional deposits are not allowed after the start date. Therefore, if you close your account early, it will result in an Early Closure Charge.
- Natwest’s Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest. This means that the total amount you receive (including interest earned on your balance) will be no less than your deposit at the Start Date. This is a better option than some accounts which potentially laving you with less than you started.
- Natwest require a minimum of £1000 as deposit.
ISA’s are an ideal way to save large amounts of money, particularly if you’re likely to go over the current £1000 interest limit (the limit of the Personal Savings Allowance for basic 20% rate taxpayers). They are also a sensible way for couples to save as two people can save over £30,000 without paying tax.
Overall, transferring to Natwest's ISA account is a good idea if you can meet their minimum deposit as they offer a range of high interest account and a simple switching service that does not require lengthy paperwork.