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Nationwide Flexclusive ISA - 4.25%, instant access
Comments
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psychic_teabag wrote: »What exactly does "MAIN" current account mean ? Must pay salary into it ? Must not have another current account elsewhere ?
How many days does the £750 have to be in to qualify ? What if my salary of £750 all goes out on standing orders to pay my bills on payday ?
PS I think you're supposed to have permission from the MSE people to post as a company representative.
Well said mate...:T
Quite often, bank employees (as well as other professionals) have different understanding about the same product.
I have experienced this with the "exemplary" Co-Op in their recent £200 reward fiasco. Had called them 4 times and each time the person said different story and alleged the previous teammate was wrong:mad:
As you said I can't understand what they mean by "MAIN ACCOUNT"?(This was quoted by one such Co-Op staff).Is this into which our salary get paid?But a self employed can just remit £750 and say that is his monthly earning:huh:0 -
Will be in town tomorrow so will pop into my branch to open one up. Then off to Barclays to close the one I had there last tax year, before returning to N/W to deposit the cash into the higher-rate ISA.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0 -
chopperward wrote: »Quick question I hope someone can answer.
I recently went to a NW branch to set up my ISA that was dues to mature end of March.
I decided to put the money into Nationwides 1 year ISA (3.1%)
Do you think they'd allow me to open the Flexclusive (4.25%) and put all the Nationwide 1 year ISA cash into the Flexclusive?
It's not as if I've added 2012/13 funds (not possible yet) into the 1 year ISA.
I'd also pay in the whole 2012/13 allowance next week, so hopefully this would allow me to do it!
I have paid in £750 to flexaccount for 3 months so qualify.
Thanks for any info
Nothing stopping you closing the old ISA then depositing the cash into the new ISA. That gets round the 'no transfers' rule. You are not transferring, you are depositing from a closed account.
Have used this method in the past at both Nationwide and other banks.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0 -
Nothing stopping you closing the old ISA then depositing the cash into the new ISA. That gets round the 'no transfers' rule. You are not transferring, you are depositing from a closed account.
Have used this method in the past at both Nationwide and other banks.
The problem with that is, it will use your 2012/2013 allowance.
So, if someone had deposited the full allowance into Online Saver then drew it out and deposited it into the 2012/2013 ISA. That's your lot for the rest of this financial year, you can't add more.
Well, except for the difference between £5340 & £5460 - if they deposited before 6th April.0 -
I don't see how that's relevant. This is an instant-access ISA (well, as instant as you can get when you have to go into a branch), with 4.25% for 19 months, even rising with the base rate. You can't really compare it to a fixed-rate ISA.
You can compare the two if you are able to put in the full amount now and can be sure you won't need again in the next 25 months (which is what Santander is offering @4%).
Of course it would depend on what happens in the 8 months with Nationwide compared to continuing to get a guaranteed fix rate elsewhere.
Instant access is not much benefit to me anyway as I will be moving overseas and it becomes harder to open a new ISA before an offer expire!
Regards
Sunil0 -
AHHHHHHHHHHHAHAHAHAHAHA.Venusflytrap wrote: »Visit a branch during your lunch break maybe?
Sorry, i know you're trying to help, but that would never happen. I get 30 minutes to have my dinner. This is my longest break. It takes me about 30 minutes to drive to town, maybe 40 depending on traffic (assuming driving from my work). So double that for a return & that's ignoring the fact that i'd need to actually eat some dinner.
In other words, no chance. Saturday is my only hope. I could perhaps finish work early, but then this would cut a half day wage which would eat into any gains the 4.25% would get me over Santander's 3.50%.
According to an online interest calculator http://www.moneysupermarket.com/savings/savings-calculator/:
Nationwide @ 4.25% for 1yr (forget that the rate lasts beyond 6th April 2013 as i'm buying a house next year & so will be withdrawing the money) ....
Tax free:
£239.70
Basic tax rate:
£186.97
High tax rate:
£143.82
Additional tax rate:
£119.85
If i put the money in Santander's 3.50% 1yr fixed.......
Tax free:
£197.40
Basic tax rate:
£153.97
High tax rate:
£118.44
Additional tax rate:
£98.70
In short, Nationwide gains me £42.30 ....... assuming that the comparison is for a deposit on the SAME day, which it actually wouldn't be, as i'm ready to deposit into Santander today, whereas i would have to mess about with transfers etc for Nationwide which only opens tomorrow. Plus the fact that if i finish work early that £42.30 would instantly be eaten away, or at least the vast majority of it (£38.65 before tax to be exact).
So for me, it's probably best i just cut my losses i think & lump for the Santander for the sake of £42.30
I remember when Halifax were offering £100 for joining them & we had a Halifax employee on here trying to explain the T&Cs which were so hazy & their explanation didn't match the T&Cs on the website.I work for Nationwide and here is the information alot of people seem to be confused about!
To have the 4.25% ISA you need to be a MAIN Nationwide current account customer, Paying in £750 for a min of 3 months.
If you are NEW to nationwide for the current account then you would have to compleate an account transfer form to transfer ALL of your direct debits, standing orders and bill payments to Nationwide and have your salary/pension transferred.
If you do the transfer on the day then you would be able to have the ISA on the day.
You cant just transfer £750 in for a day and then back out, it wouldnt work and you wouldnt be able to open the account in the first place.
The account transfer takes a MAXIMUM of 3 weeks to compleate - depending on the direct debit companies.
Hope this helps!!!!!
Such as your stated requirement of a salary to be involved.0 -
if i finish work early that £42.30 would instantly be eaten away, or at least the vast majority of it (£38.65 before tax to be exact).
So for me, it's probably best i just cut my losses i think & lump for the Santander for the sake of £42.30
Quite logical...:)
I'm just trying my luck at NWide tomorrow---to start a Flex account, switch 2 DD, and qualify for the 4.25%..... HIGH HOPES:D
But what are those figures with different tax rates you've mentioned?ISA should be tax free forever isn't it?0 -
I just copied & pasted from the link. It's an interest calculator showing what interest you'd get on an amount, for a term at a rate assuming you're 1) a non tax payer, 2) a basic tax payer etc.
Covers all savings accounts really. For an ISA at these rates, you only need to pay attention to the tax free which i put in bold. If the account was just a savings account at that rate then you'd be getting the taxable rate that'd apply to you.0 -
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Was going to put money into our Santander Major ISA's for the new tax year, but quite tempted by this one if we are eligible.
Not sure if we would be though?
Have had a joint flexaccount with my husband for over 12 years, we use it for household bills which have direct debits coming out of it. This has been the case since we opened the account. We only pay in about £600 a month though via a standing order from our main bank.
Not sure if we'd be eligible or not, or just go with Santander (4% fised for 2 years).0
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