Nationwide Flexclusive ISA - 4.25%, instant access

brick

Just been in to a local branch where very helpful agent initiated transfers to Flexclusive ISA - both internal from e-ISA, and external from another provider.

Both transfers are to be backdated to when I opened my Flexclusive ISA and was led to understand (incorrectly as this thread has highlighted) that only new money was permitted.

Agent contacted ISA department on anything she was unsure about, advising that new money will be permitted in 13/14, and also mentioning upcoming cutoff date for transfers in (I didn't go into detail of that).

Thanks to those who brought this to the forum's attention - an unexpected bonus for me, especially if the backdating works out.

adindas

penny_pincha wrote: »

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

Based on the info I have read sofar, people have confrimed Yes we could do that. Just be aware the current rate of 4.25% is just until October 2013. So need to find place to move it thereafter ...

2sides2everystory

brick wrote: »

Just been in to a local branch where very helpful agent initiated transfers to Flexclusive ISA - both internal from e-ISA, and external from another provider.

Both transfers are to be backdated to when I opened my Flexclusive ISA and was led to understand (incorrectly as this thread has highlighted) that only new money was permitted.

Agent contacted ISA department on anything she was unsure about, advising that new money will be permitted in 13/14, and also mentioning upcoming cutoff date for transfers in (I didn't go into detail of that).

Thanks to those who brought this to the forum's attention - an unexpected bonus for me, especially if the backdating works out.

This is an unexpected bonus for thousands of us brick if NW play ball - thank you for adding brilliant extra clarity :T

lolly5648

adindas wrote: »

Those who has transferred in London Would you please share your experience, which branch in London allow us to do this. I am trying to avoid to get involved into a lengthy argument without any positive results.

thanks

It would be more helpful if you told us where you live so that the thread is not clogged up with people naming all the branches in London

penny_pincha

adindas wrote: »

Based on the info I have read sofar, people have confrimed Yes we could do that. Just be aware the current rate of 4.25% is just until October 2013. So need to find place to move it thereafter ...

Great.I will be doing all the transferring and paying in I can.

There will no doubt be a keen eye from lots of MSEers being kept on what to do by 31st October. I will message if I find out anything.

innovate

adindas wrote: »

Those who has transferred in London Would you please share your experience, which branch in London allow us to do this. I am trying to avoid to get involved into a lengthy argument without any positive results.

If they know nothing about this, what you do you suggest I should say, ask her to call their ISA central department, etc , etc ??

The one I spoken to previously on the phone banking team had consulted to "her manager (I believe her manager is not from ISA department team) " and confirmed that her manager told her it is not allowed to transfer from previous subscription only from new money.

thanks

Just phone them up - 0800 30 20 10 - and ask to be put through to the ISA transfer team?

2sides2everystory

I went to branch and was quickly given a six page A4 transfer form of which my attention was needed on four pages I think. I had to fill in my name and address and NI number 3 times - once for NW, and once each for the two providers I am moving from plus sign three times.

Takes time but couldn't have been simpler. The agent at the podium near the front handled it, checked my form and then said she'd process it and I'd be hearing from them. I mentioned the fact that I'd asked when I bought my Flexclusive if it was only for new money i.e. couldn't be used for transfers in and the indication I got was that whoever I saw should have known ? It seems that the transfer in of other ISAs part was well known by the staff I spoke to. Regarding any backdating of interest she gave me the 0800 number to call and advised to speak to Savings department. Will report how it goes!

Edit: Well not sure how it was met when others tackled the "wrongfooted by branch last year so have been getting a lower rate elsewhere" bleat? Perhaps some could say how exactly it is being handled.

I was told mine will be handled as a formal complaint and details of my other ISA holdings over the 11 month life of the Flexclusive ISA to date were noted. I reckon they need to consider around £150 (backdated) additional interest in my case.

I did not refer to any loophole but was told that there was a loophole in Ts and Cs but it was a mistake and that what I was told last year in branch i.e. new money only was actually the Nationwide intention.

I explained that the very efficient branch staff agent I had seen this afternoon had advised me that yes, they had always known that transfers in were possible so she wasn't sure why the original selling branch didn't know that. The Head Office staff said well as far as she knew it was never intended but that they discovered the loophole (didn't say when) and have honoured it for anyone that asked but they have not advertised it, but now they have set a deadline of 1st May after which it will be new money only.

zagfles

innovate wrote: »

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

The only savings account mentioned is the Flexclusive Saver.

zagfles

beefturnmail wrote: »

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.

Thanks. That's not to say they can't in the future though.

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)

But that's not relevant - they could have worded the T&Cs to includes other potential Nationwide current accounts, but they didn't. The T&Cs would definitely be on their side if they decided to close Flexclusive ISAs. Just as they were on our side when people tried transferring to the ISA.

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

Possibly. I think I'll play it safe and ask for confirmation in writing or online that the Flexclusive ISA won't be closed before upgrading the FlexAccount. Either that or open a separate FlexPlus, though that's a lot of hassle with new account numbers, cards etc and still having to fund the FlexAccount £750 per month.

bubieyehyeh

I've just transfer money from an external isa into my flexexclusive isa (issue1) using the official paper form.

Tonight I noticed the balance had increase on my online account, but the transaction isn't showing on online statement yet.

I requested the transfer form online, filled it in and gave it in at the Shepherds Bush branch in London. The member of staff made a phone call, to check something (maybe to check if it was allowed) and then accepted the form. I didn't hear anything for two weeks (which seemed a little slow). Then got a letter from nationwide saying they had requested the money and one from external isa saying they had sent the money.

So if the T&C are changing it might be safe to do it in plenty of time, since current processing time at Nationwide seems to be two weeks.