What to do when your fixed rate ISA matures
Explore your options for when the fixed interest rate on your Nationwide ISA ends.
Note:
Your ISA has a fixed term. If you close your ISA before the term ends and the ISA matures, you will have to pay an early access charge. The amount you pay is detailed in your terms and conditions. To close your ISA early, visit any Nationwide branch with proof of identity.
What happens when your ISA matures?
We will contact you
You will see a notification when you log in to our app or internet bank 26 days before your ISA matures. You can use this to review your options and reinvest online quickly and securely.
We will also post you a maturity pack about 3 weeks before your maturity date. This pack contains:
- the maturity date of your ISA
- the expected maturity value
- your maturity instruction options
- a maturity instruction form
If you lose your instruction form, you can collect a new one from any Nationwide branch. You can also call us and we will post you a new form.
If you wait until after your ISA matures
When the fixed interest rate on your ISA ends, your ISA will mature into an instant access maturity account called Fixed Term Cash ISA Maturity. This will have a lower interest rate, but you can withdraw money from it anytime.
We will pay the interest you have earned into your new instant access maturity account. You do not need to request it, and it cannot be paid into a different account.
You can keep your maturity account until you are ready to decide what to do with your savings.
If you send your instructions before your ISA matures
However you tell us what to do with your ISA – online, over the phone, by post or in a Nationwide branch – your instructions will be processed once your ISA matures. We will then calculate the interest you have earned.
If you chose to reinvest your ISA, you will see your new product in your online banking on your maturity date.
If you chose to withdraw your money and close your ISA, we will either send your balance to a Nationwide account you hold or send you a cheque. If you send your instructions online, you will only see the option to close your ISA once your ISA has matured.
Your 3 ISA maturity options
Think carefully about your savings goals and what is best for you before letting us know your decision.
Option 1: Reinvest in a new Nationwide ISA
You can choose between reinvesting in:
- another Fixed Rate Cash ISA
- another Nationwide ISA
What happens when you reinvest?
When you reinvest, you can:
- put all your money in your new ISA
- withdraw some money to a Nationwide current or savings account
- top up your balance, if you have not reached your annual ISA allowance
Option 2: Move your money to another Nationwide savings account you hold
You can move some or all of the money you have saved in your ISA to another Nationwide savings account.
For example, you could put some of your money into an account that gives you more access and the rest into another ISA. We also sometimes offer customer-exclusive savings accounts that are available for a limited time.
You will need to open the Nationwide account first before you can ask to move your money there.
Your money will also lose its tax-free status if you move it outside of an ISA.
Option 3: Withdraw all your money and close your ISA
You can close your ISA and withdraw the money either by:
- transferring it to your Nationwide current or savings account, as long as it accepts incoming payments
- transferring it to an existing Nationwide cash ISA (this will keep the tax-free status of your money)
- transferring your ISA to another ISA provider
- cheque
How do you move your money to another provider?
If you want to transfer your ISA to another provider, do not just withdraw your money from your ISA. Your money will lose its tax-free status if you do.
Instead, apply with the other provider and tell them you want to transfer. You do not need to let us know.
Ready to reinvest, move or withdraw your money?
Let us know what you want to do with your matured ISA online, by using your paper form or by calling us.
If you want to move some or all of your money into a new type of savings account with us, you must first open the new account separately. You can compare our savings accounts online.
Looking for more ISA support?
Tell us what you are looking to do today and we will walk you through the steps.
Compare our cash ISA rates
Find the best ISA for you and compare our ISA interest rates.
Transfer your ISA
Learn what an ISA transfer is, what happens if you complete a transfer and how to transfer an ISA from another provider to us.
Renew your ISA
If you don't use any of your ISA allowance for an entire tax year, you will not be able to pay into your ISA until you renew it.