The group explained the options that are available to customers
Nationwide Building Society has clarified its account rules and the restrictions that can apply. The group issued the update after a customer reported having a frustrating experience managing their account.
The person contacted Nationwide over social media as they wanted to open a two-year fixed rate ISA with the group. They claimed they had been told that they couldn’t open the account online, so they went to a branch to try and set it up. They to deposit some funds into the account through a bank transfer from their Barclays or NatWest account. Yet branch staff told them it “has to be a cheque if you don’t have an online account”. Nationwide responded initially to explain the rules.
The group said: “To open an ISA, it must be funded at the time using an internal transfer, cash/cheque, or by closing another account. Debit or credit cards can’t be used to open the account.”
Nationwide also told the person that if they wanted more help, they could call up on 03457 302011 or start a chat through the app or internet bank. The person continued in explaining their frustrating experience at the branch.
They said: “They even sent me across the road to get a £20,000 cheque. Barclays wanted to charge me £25 for that.”
Can’t be used
The provider further explained the rules and restrictions that apply: “Unfortunately, you can’t use a debit or credit card to fund the account at opening. You can open and fund an ISA using an internal transfer, cash or cheque, or by closing an existing account.
“Once open, you may be able to make further transfers depending on the account.” Nationwide also explained how to make deposits into an ISA through a bank transfer.
The group said: “To open an ISA through transfer, the funds will need to come from an internal transfer from an existing Nationwide account. This option is available on accounts such as the Triple Access Online ISA and Fixed Rate ISA, for customers who already hold a qualifying Nationwide product.
“Alternatively, you can apply online by visiting our website and selecting the ‘Compare savings accounts and ISA’s’ page.” They sent a link to the Nationwide website where you can view the group’s latest savings rates.
A key benefit of ISAs is that these accounts are entirely tax-free. This means you don’t have to pay an tax on any interest earnings or investment growth within an ISA account.
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Bonus payments for Nationwide customers
Nationwide members may want to keep an eye out for some bonus cash landing in their account soon. The savings giant will is poised to make an announcement about this year’s Fairer Share payment soon.
This bonus payments scheme is where the group shares out its profits among members, with over four millions customer getting £100 each last year. There have been three payments of £100 over each of the past three years.
Nationwide is expected to announce details about the scheme as part of its full year results, which come out in May. A Nationwide spokesperson said: “Nationwide aims to make a Fairer Share payment again this year, subject to financial performance and Board approval.
“Any announcement, including eligibility criteria and amount, will be made on 21 May at Nationwide’s end‐of‐year financial results.”
