Nationwide Flexclusive ISA - 4.25%, instant access

logie48

le_loup wrote: »

The account closed for new applicants about 8 months ago!

Ahhhh! Just a few months out then.

Back to the drawing board for me .

andrewthomas2008

brick wrote: »

According to online banking, my backdated (to when Flexclusive was opened) e-ISA to Flexclusive xfer has completed, complete with interest adjustments.

I can't vouch for the correctness of the interest adjustments, but it looks broadly like what effectively became overpaid (lower rate) interest was deducted from the e-ISA, and backdated (higher rate) interest applied to the Flexclusive.

Main thing though is that same backdated date clearly shows on both accounts. Painless so far, well done Nationwide.

Roughly how long did it take for the whole process to be completed?

brick

andrewthomas2008 wrote: »

Roughly how long did it take for the whole process to be completed?

Under 2 days.

bondy01

I got the letter from NW today with the new t & c's. Intrigued by the one about not telling you if a later issue of this account comes out.

zagfles

bondy01 wrote: »

I got the letter from NW today with the new t & c's. Intrigued by the one about not telling you if a later issue of this account comes out.

Got mine today, re my point earlier in this thread (that upgrading to a FlexDirect/FlexPlus account means you no longer meet the eligibility criteria for the Flexclusive ISA and they have the right to close it), I see they've added holding a FlexDirect or FlexPlus to the eligibility criteria, which is excellent news.

So I'll wait till after 1st May to ugrade my FlexAccount.

andrewthomas2008

zagfles wrote: »

So I'll wait till after 1st May to ugrade my FlexAccount.

If you don't mind me asking, why are you waiting until May 1st to upgrade?

zagfles

andrewthomas2008 wrote: »

If you don't mind me asking, why are you waiting until May 1st to upgrade?

Because the T&Cs don't change till then. Before 1st May the T&Cs say that you must have a FlexAccount, and if you don't they can close your account.

After 1st May the T&Cs change to a) stop transfers in and b) to allow FlexDirect and FlexPlus accounts as well as FlexAccount as a qualifying account.

So if you want to do a transfer in, do it before 1sy May, and if you want to upgrade your FlexAccount, do it after 1st May.

Of course they might not close your ISA if you upgrade before 1st May, but the T&Cs certainly allow them to.

someone

Hum, not got my letter yet but read the T&C's online. Seems very messy and not clear what they are up to. Is there more info with the letter? They applying any of this reject/move into another ISA to accounts which have had a transfer accepted before may?

Paul_Varjak

I got my letter too, with the new T&Cs printed on the back.

Reading between the lines of those T&Cs, my guess is that there will be a new issue of the Flexclusive ISA for 2013/14 and those with an existing Flexclusive ISA will be able to avail themselves of the 2013/14 Flexclusive ISA and retain their 2012/13 Flexclusive ISA as well.

Also interesting to note in the T&Cs which says if you transfer funds in from an existing ISA into a Flexclusive ISA (after 01/05/2013) then the funds will be returned to the originating ISA or paid into an instant access ISA. If this occurs a second time, Nationwide may close your Flexclusive ISA and transfer your funds to an instant access ISA.

It will be interesting to see what the new ISA season brings and if any new issue of the Flexclusive ISA is worth getting, bearing in mind the new T&Cs and whatever interest rates are announced.

innovate

zagfles wrote: »

Because the T&Cs don't change till then. Before 1st May the T&Cs say that you must have a FlexAccount, and if you don't they can close your account.

The new T&Cs are on their website now, with nothing that says they aren't valid before May 1 (or any other date).

These T&Cs says you need a Flexaccount, a Flexdirect, or a Flexplus.

I have just posted more detail on this here: http://forums.moneysavingexpert.com/showpost.php?p=60332713&postcount=46