Nationwide Building Society has clarified its account restrictions after a customer reported difficulties opening a two-year fixed rate ISA. The customer, who attempted to set up the account online and later in a branch, was told that debit or credit cards cannot be used to fund the account at opening.
In a response on social media, Nationwide stated: “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.” The customer, who wanted to transfer funds from Barclays or NatWest, was advised to provide a cheque, which Barclays would have charged £25 to issue.
Nationwide further explained that funds for an ISA must come from an internal transfer from an existing Nationwide account, or via cash or cheque. Customers can also apply online through the Nationwide website. The building society also noted that once the account is open, further transfers may be possible depending on the account type.
Separately, Nationwide is expected to announce details of its Fairer Share payment on 21 May, alongside its full-year results. Last year, over four million customers received £100 each, and the society aims to make a similar payment this year, subject to financial performance and board approval.
