Applying best possible rates automatically

Why don't you ensure members have the best possible rate on your products automatically?

• Philip asks:

  Why do you not ensure members have the best possible rate on your products automatically? I have several old cash ISAs which attract a pathetic rate of interest, but transferring them means I need to open another non-ISA account to do so. Make it simple and transparent please. Buck the trend and maybe we will start to really trust in financial institutions again. Most of the public cannot afford to keep swapping and changing accounts, it is so time-consuming. WE should be able to rely on you to give us the best rate on OUR money. Please be brave and publish this.

• Nationwide replies:

  We are very happy to publish your comments.  We also want to assure you that you do not need to open a non-ISA account in order to transfer your old cash ISAs into a new cash ISA. In fact if you are planning to temporarily move money from old ISAs into a non-ISA account, ISA rules mean you would not subsequently be able to move it all into a new ISA account (unless the total amount in the old ISAs is below the current £5,100 cash ISA limit). Please speak to someone in your branch or ring us on 08457 30 20 10 to discuss how we can help.

  Answered on 22 March 2011.