UK Money News
7th July 2008
Nationwide suspends ISA transfers
Nationwide has announced it is suspending the transfer of cash Individual Savings Accounts (Isas) from other savings groups.
The move is binding as of today and has been taken by the firm in the face of unmanageable demand for transfers from rival banks and building societies.
Matthew Carter, savings director at Nationwide, said: "Rather than risk disappointing our customers, we have decided to temporarily stop transfers into our cash Isas from other providers.
"We will reinstate the transfer-in facility once we are confident that the service we can provide is back to the standards we and our customers expect."
Reports of lengthy delays affecting consumers looking to transfer their Isa to Nationwide have recently been dogging the lender.
Nationwide will continue to be offering new Isas for those who have yet used their allowance, provided they use cash or a cheque.
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