Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

rb10 wrote: »

Part 29 of your current T&Cs allows them to vary the T&Cs.

If you choose not to accept them, then you will have to close your account.



Assuming they word the new T&Cs properly, then the FOS complaint would just be a waste of time. What would you complain about?

Of course, there would be no point in complaining if you felt you had no case. Personally, I would do everything I could to avoid that route.

rb10 wrote: »

I doubt you'll be able to transfer in through any route after 1st May, they're clearly on to it.

Moving monies from one Nationwide ISA to another Nationwide ISA is not a 'transfer' as all Nationwide ISA products are really just one ISA; by definition, transfers-in are only from another ISA provider.

For those with non-Nationwide ISAs maturing on/after 1st May, 2013, the only way that they may be able to put those monies into a Flexclusive ISA is using another Nationwide ISA to feed the Flexclusive ISA.

We really won't know what is possible until the new T&Cs come out and someone actually tries to move monies in! In my case, I should be OK as I intend to fund the Flexclusive ISA on 6 April, either directly from my Flexaccount (via internet banking) or, failing that, by using my Nationwide 'feeder' ISA. If neither work, I will be complaining!

innovate

zagfles wrote: »

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.

It's just terrible sloppiness by the Nationwide legal department again (or was it their Marketing department that does their T&Cs?!?)

It would be really strange if they wouldn't offer the Flexclusives to their flagship current account customers. Though strange things do happen....
On this "Flexclusives" page they say FlexPlus is one of the accepted pre-reqs. http://www.nationwide.co.uk/current_account/rewarding_you/latest-deals-special-offers.htm

And here we go again with the Marketing department doing their own thing: confirmation that FlexPlus gives you access to Flexclusives: http://www.nationwide.co.uk/mediacentre/pressreleases/viewarticle.htm?id=2143

2sides2everystory

Paul I am new to this enormous thread which caught my eye, but have got a bit confused - I don't want to miss any May 1st boat especially if I have been missing boats for the past 12 months as an existing Flexclusive customer I can see you and others have done a lot of good work pushing the full extent of the envelope so to speak with excellent results but I am not sure if I am one who can benefit in anyway by a Flexclusive ISA 4.25% rate that might continue until October?

I put the full 2012/13 allowance into Flexclusive last April and I do have ISAs with other banks on 3 and 3 and a bit which no doubt will fall off a cliff very soon. I of course have a Flexaccount main account with NW and can push as much cash through it as I need to fund my 2013/14 allowance but can I transfer in from elsewhere too?

I must admit I did not know my Flexclusive ISA 4.25% rate might continue until October. Are you now saying I could (by now have already) transferred in as much as I like from other ISAs with other institutions and expect 4.25% on the lot until October?

I am really sorry I just don't have time to read the whole thread, but surely I must have got completely the wrong idea by just scanning back the last two or three pages of posts? You mention some special form to take to the branch for transfers in.

I'm lost. I don't know what I should be trying to do, if anything! Would you mind spelling out what I must do if indeed there is anything you recommend I really must do given I have no other NW ISAs except the one 2012/13 Flexclusive containing about £5750 at this moment!? :beer:

Paul_Varjak

Yes, you should be able to transfer other ISAs to the Flexclusive ISA up until 30 April and get 4.25% (assuming no changes in BOE Base Rate) until that rate ends - which I think is the end of October 2013.

There is also another rate guarantee on the Flexclusive ISA until 1st January, 2014 - that is 1.5% above BOE Base Rate.

We still don't know what other ISA rates may be available come April 6th from Nationwide or other providers. When Nationwide launched the Flexclusive ISA they did not advertise it until April 7th so many people missed out as they placed their monies elsewhere on April 6th. So, that is another point to bear in mind on April 6th this year.

Yes you can get a form from a branch or by phone in order to transfer and you may also be able to do a transfer on-line but I have no experience of transfers-in.

zagfles

innovate wrote: »

It's just terrible sloppiness by the Nationwide legal department again (or was it their Marketing department that does their T&Cs?!?)

It would be really strange if they wouldn't offer the Flexclusives to their flagship current account customers. Though strange things do happen....
On this "Flexclusives" page they say FlexPlus is one of the accepted pre-reqs. http://www.nationwide.co.uk/current_account/rewarding_you/latest-deals-special-offers.htm

And here we go again with the Marketing department doing their own thing: confirmation that FlexPlus gives you access to Flexclusives: http://www.nationwide.co.uk/mediacentre/pressreleases/viewarticle.htm?id=2143

But there's no mention of the ISA at all in those "flexclusives", presumably because the ISA isn't available anymore.

I agree it would be strange for a customer to upgrade their FlexAccount and then lose the Flexclusive ISA - but then they're getting other benefits instead. And you lose the travel insurance if you upgrade to FlexDirect.

The T&Cs of the Flexclusive ISA make clear that you must have a FlexAccount. The FlexDirect & FlexPlus aren't types of FlexAccounts, they are different accounts, the 3 current accounts on offer now are the FlexAccount,, FlexDirect and FlexPlus.

So if you upgrade your FlexAccount to a FlexDirect or FlexPlus, I can't really see what would stop them closing your Flexclusive ISA. It's in the T&C's.

To be really cynical, could this be a ploy to get FlexAccount holders to upgrade to FlexDirect chasing the higher interest, and thereby lose their Flexclusive ISA?? After all if customers use the T&C wording to act in a way Nationwide never really intended to allow, ie transfers from other ISAs, then why shouldn't Nationwide do the same

innovate

zagfles wrote: »

But there's no mention of the ISA at all in those "flexclusives", presumably because the ISA isn't available anymore.

The ISA is a savings account, and savings accounts are mentioned

beefturnmail

zagfles wrote: »

So if you upgrade your FlexAccount to a FlexDirect or FlexPlus, I can't really see what would stop them closing your Flexclusive ISA. It's in the T&C's.

I can confirm that both me and my OH have upgraded from the FlexAccount to the FlexDirect and our Flexsclusive ISAs have not been closed.

Although I think Nationwide would not try this (I think, as others have said, the anomoly has arisen as the t &c on the ISA were written before the FlexDirect existed) I think if they did they would open themselves up to claims of customers being misled - i.e. they would have needed to have made it explicit that access to Flexsclusive offers would be lost on upgrading to a Flexdirect in the same way it was made explicit that the travel insurance would be lost

2sides2everystory

Paul_Varjak wrote: »

Yes, you should be able to transfer other ISAs to the Flexclusive ISA up until 30 April and get 4.25% (assuming no changes in BOE Base Rate) until that rate ends - which I think is the end of October 2013.

There is also another rate guarantee on the Flexclusive ISA until 1st January, 2014 - that is 1.5% above BOE Base Rate.

We still don't know what other ISA rates may be available come April 6th from Nationwide or other providers. When Nationwide launched the Flexclusive ISA they did not advertise it until April 7th so many people missed out as they placed their monies elsewhere on April 6th. So, that is another point to bear in mind on April 6th this year.

Yes you can get a form from a branch or by phone in order to transfer and you may also be able to do a transfer on-line but I have no experience of transfers-in.

Very many thanks Paul. So it sounds like even though you've not transferred in from another provider that I could have done so from the moment I started the Flexclusive? That'll teach me not to stay constantly tuned to the MSE threads on ISAs ...

I'd better immediately transfer in to Flexclusive both my Halifax online 3% jobbie on old ISA money which is about to end and my Barclays 3.04% which I sneaked in for 2011/12. I might actually sit on the fence for 2013/14 as some of the money I am playing with is borrowed against an almost completely offset mortgage with Barclays at 1.45% which effectively now pays me money on my borrowings :j. So my Barclays ISA isn't actually at 3.04% it is at 1.45% or 0% depending how you want to sell it, but it isn't my money, it's theirs! What I got when I bought it was the benefit of another five and a half grand in the new year's ISA wrapper I was getting when I bought it. I just didn't realise that I could have transferred it within days last year straight into my NW Flexclusive and started earning a net 2.8% (4.25% -1.45% offset) on eleven grand of borrowed money - what a fine way to run a banking industry ! No wonder young Tucker was suggesting a negative base rate - it isn't so daft when you see people like me with offset mortgages in a position to earn net interest on borrowed money! The world is upside down :eek:

Anyway I feel a visit to the branch today coming on. I knew there was a good reason I have time on my hands today - Thanks again Paul and other contributors :beer:

penny_pincha

This all seems too good to be true so I am just checking. I can transfer all my other ISAs in NW or other providers into my Flexclusive ISA 4.25%?

Can I pay new money into it as well (after 6th April) either from my now FlexDirect account or elsewhere?

KTF

Ask CS to check with management about the change that now allows transfers in to this ISA.