Nationwide Flexclusive Issue 1 ISA

Nine_Lives wrote: »

At least we've official word from them now on official paper.

Flexclusive ISA

In addition to the general conditions and the cash ISA conditions, the following conditions apply to Flexclusive ISA. If there is a conflict between the general conditions, the cash ISA conditions and these Flexclusive ISA conditions, the Flexclusive ISA conditions will take priority.
Account holding and ownership

1. This account is available to customers aged 18 or over who meet one of the following two criteria:
   1. Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:
      1. Have been paying in £750+ a month (excluding internal transfers) for the last 3 months; or
      2. Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last 4 months; or
   2. Hold a FlexDirect or FlexPlus account
2. If you no longer meet the account eligibility criteria we reserve the right to transfer the account to another ISA account within our range.
3. Nationwide reserves the right to limit the number of Flexclusive ISA accounts you can have.
4. The minimum deposit to open the account is £1, with a minimum operating balance of £1.
5. The maximum you can deposit into the account each tax year is your annual cash ISA allowance for that tax year. The account only accepts new ISA subscriptions. Transfers into the account from any other cash ISA are not permitted.
6. Nationwide's No Penalty Transfer Policy does not apply to this account. This means we may offer a later issue of this account with different features such as bonus rate or bonus period and we will not write and tell you about it.

Interest

1. Interest is calculated daily and paid annually on 30 September each year and on closure, either into the account, another Nationwide account (excluding Regular Savings and Flexclusive Regular Saver) or any current account.
2. We will calculate interest on each whole pound in the account.
3. The core interest rate payable on the account is variable and based on the balance in your account.
4. In addition to the core interest rate, an introductory fixed bonus interest rate is payable for a set period applicable to the issue number of the account, after which the rate reverts to the core interest rate. Your issue number can either be found in your passbook if you have been issued with one or on the Internet Bank.
5. At any time that the account interest rate is linked to the Bank of England base rate, changes to the account interest rate will take place within one month of a change to the Bank of England base rate.
6. From the date of your death the ISA will receive net (with tax deducted) interest at the current Champion ISA core interest rate but never less than the lowest interest tier of the e-ISA.

Operating the account

1. If you transfer in funds from an existing cash ISA the funds will be returned to the originating ISA or paid into an instant access ISA and the terms and conditions of that account will apply. If this occurs a second time we reserve the right to close the Flexclusive ISA and transfer the funds into an instant access ISA and the terms and conditions of that account will apply.
2. Withdrawals are permitted without notice or loss of interest.