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Nationwide Flexclusive ISA - 4.25%, instant access
Comments
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veryintrigued wrote: »Checked back on the last three pages of this thread and can't see any evidence that anyone can see this new ISA on their online accounts.
Maybe its a combination of web designers catching up to allow this new account as well as a deluge of applicants?
We opened ours first thing Saturday morning, money has left flex account but no passbooks and not showing online. We did however receive ISA declaration letters this morning which are dated the 7th so I'm sure they are just snowed under but all will be sorted soon.0 -
Well, well, well.
Went to Nationwide today and in 30 minutes, I went from never having been a customer to having a FlexAccount and Flexclusive ISA with them. So it's definitely possible to get this Flexcusive ISA as a new customer in a single branch visit!
I should get my passbook and internet banking details in a few days (I already have the FlexAccount account number and sort code).
Some notes:
- You can fund the Flexclusive ISA from your FlexAccount using internet banking, apparently. The "branch only" thing basically just means you can't withdraw from the ISA without going into a branch.
- You used to be able to transfer select direct debits during an account switch but they recently stopped doing this. You can only transfer ALL direct debits and standing orders at once.
- The account you switch from must have at least one direct debit.
- If you forget to transfer in £750 one month, they will likely close the ISA account, meaning you lose the tax-free status and possibly get no interest. SO BE CAREFUL!
- Minimum deposit is £1.0 -
I opened the Flexclusive ISA by phone (0800 111 4420). To answer some of the queries...
1. The Flexclusive account will appear within on-line banking within a few days.
2. You can use on-line banking to pay monies into Flexclusive ISA
3. You CANNOT use on-line banking to withdraw monies from Flexclusive ISA - monies can only be withdrawn by going into the branch.
4. Once the account is opened you can consolidate other Nationwide ISAs into the Flexclusive ISA - just call 0800 111 4420 to get a consolidation form. But you cannot transfer from other providers - not even Derbyshire, Cheshire or Dunfermline even though they are now part of Nationwide.
5. The 4.25% consists of 2.25% bonus (fixed until 31 October 2013). There is also a guarantee that the interest rate will be 1.50% above base rate until 1 January 2014. Many agents are wrongly claiming that the guarantee of 1.50% above base rate is guaranteed forever!0 -
Are you certain about that? Sounds like a transfer to me. Where did you get that information?Paul_Varjak wrote: »4. Once the account is opened you can consolidate other Nationwide ISAs into the Flexclusive ISA - just call 0800 111 4420 to get a consolidation form.0 -
Are you certain about that? Sounds like a transfer to me. Where did you get that information?
I would be interested in answer to that too! Definitely sounds like a transfer - a friend of mine didn't know about it and has already funded his e-isa. He was told that there was nothing they could do and he couldn't now open a flexclusive - another example of different story from different advisor?!0 -
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You you could open an e-ISA, do a transfer in of other ISAs from other providers into that then transfer the whole lot into the flexclusive ISA and have a substantial chunk earning 4.25%?0
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I would be interested in answer to that too! Definitely sounds like a transfer - a friend of mine didn't know about it and has already funded his e-isa. He was told that there was nothing they could do and he couldn't now open a flexclusive - another example of different story from different advisor?!
If he has funded the e-ISA this tax year he will NOT be able to open a Flexclusive ISA as you cannot open more than one cash ISA in any one tax year and the Flexclusive has to be opened with new ISA monies. Only once opened with new ISA monies (as little as £1) can other Nationwide ISAs been consolidated into the Flexclusive ISA.
But if the e-ISA was opened in a previous tax year and it has not been funded this tax year he can open the Flexclusive ISA (with new monies) and then consolidate the e-ISA into the Flexclusive ISA.0 -
Paul_Varjak wrote: »I have checked this is correct with three different agents at Nationwide. It is NOT a transfer in - transfers in are from OTHER providers.
Well that's a new one on me! Surely that leaves them open to people transferring from other providers to a different nationwide Isa and then consolidating?0 -
But is you open the e-isa with a transfer then you are not adding in new funds. You can open more than one ISA per tax year but only fund one with new money. Transfers are not new money.0
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