Nationwide Flexclusive ISA - 4.25%, instant access

rb10

Hooloovoo wrote: »

Given there's only seven months left until no one will want to transfer in anyway, this seems like an awful lot of effort for them to go to.

At 4.25%, it's got to be pretty expensive for Nationwide if they've got large numbers of people with high balances.

Hooloovoo

rb10 wrote: »

At 4.25%, it's got to be pretty expensive for Nationwide if they've got large numbers of people with high balances.

True, but how many people does it really affect? Even given the promotion on here I doubt there's more than a couple of thousand people transferring ISAs.

They ought to just chalk it up to experience and recoup some money by firing someone on a no doubt extortionate salary in their legal department.

ylesia

Hooloovoo wrote: »

Given there's only seven months left until no one will want to transfer in anyway, this seems like an awful lot of effort for them to go to.

Although with the rather depressing alternatives, 4.25% for 7 months and 2% for 2 months and then transferring is probably going to beat anything else available.

zagfles

I was going to do the transfer but I also want to convert my flex account to FlexPlus soon, as the benefits look good value for my needs at the moment.

But in the Flexclusive ISA T&Cs it says you must hold a FlexAccount and continue funding it £750+. So it looks like if you convert your flex account to FlexDirect or FlexPlus they could close your Flexclusive ISA!

Suppose the answer is to open a new FlexPlus rather than convert it...

KTF

The t&c were written when Flexdirect and Flexplus didnt exist.

In other threads it has been confirmed that any Flex current account makes you eligible for the 'flexclusive' offers.

eaustin

ylesia wrote: »

Although with the rather depressing alternatives, 4.25% for 7 months and 2% for 2 months and then transferring is probably going to beat anything else available.

2% for 2 months? Why 2 months, can you please explain?

zagfles

KTF wrote: »

The t&c were written when Flexdirect and Flexplus didnt exist.

In other threads it has been confirmed that any Flex current account makes you eligible for the 'flexclusive' offers.

Had a search but couldn't find the other threads. Who has confirmed it? Same Nationwide staff who previously "confirmed" you couldn't transfer into Flexclusive ISA, contrary to the T&Cs?

I can't see anything in the FlexPlus T&Cs saying you retain the Flexclusive benefits, and the Flexclusive T&Cs make clear you must have a FlexAccount and pay £750+ per month into it. Not any new account they've since created.

luci

Any instructions to transfer received after 1st May 2013 will not be accepted.

Is this another loophole? Does this mean that if they "receive" the instruction prior to 1st May 2013 then they will be accepted even if the actual transfer is after 1st May?

I have a FRISA maturing at the end of April which I will transfer. I also have 2 FRISAs maturing later in the year. Providing I submit the transfer forms before 1st May, are they likely to accept the transfers post-dated to a future date?

Paul_Varjak

rb10 wrote: »

I do not believe that they would restrict new ISA money.

It appears that they will be aligning the T&Cs with the way the account was originally advertised. There's no logical reason why this would also include closing the account to any new subscriptions as well.

Based on the (albeit limited) info available so far, your plan wouldn't work, since that would involve a transfer of existing ISA funds.

For 2013/14 subscriptions, just transfer money online from your FlexAccount, any time on or after 6th April.

We really don't know what will work or won't work after 1st May. It depends on the new T&Cs, Nationwide's interpretation of the new T&Cs and how those T&Cs are implemented by staff and in on-line transactions.

Paul_Varjak

innovate wrote: »

It's all very well if they write to you.......but have we seen any T&C changes that support this 1st of May deadline?

The letter I received today, refers to another letter that will be sent out shortly; I assume that letter will outline the changes to the T&Cs and probably provide the new T&Cs in full as well.