Nationwide Flexclusive ISA - 4.25%, instant access

zagfles

innovate wrote: »

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

Looks the same as the letter, except the letter makes it clear the new T&Cs don't come into effect till May. Bit sloppy of them not to mention on the website...

innovate

well, those T&Cs are effective now, since they are on the website

Just those who received letters can argue differently if it serves a purpose for them

badger09

I suspect Nationwide have published amended T&C on their website now, in preparation for the launch of a new version of the Flexclusive ISA. Either that, or they've had a flood of transfers in recently

However, they can't apply those T&Cs to holders of the current version of the Flexclusive ISA (despite attempts to do so :eek:), without giving notice of the change - hence the mention of 1 May 2013 in their letter.

someone

BTW, worked out the best way to get the Santander 2.5% account (currently the best instant access account) for when this account drops.

Today

• Open the Santander Direct ISA Saver (Issue 1) today with a nil balance. Santander customers can see this account online as soon as applying.
• Compete and send off an ISA transfer form for the minimum £2500 you need to use.
• Request transfer kit from nationwide online (or pop into branch)

As soon as transfer shows up on-line at Santander (In up to 15 working days)

• Complete and send off/hand in the nationwide transfer form you already have because you sent off/requested/popped into branch. Put down that you want to transfer £2499.00 (resulting in £1, the minimum balance, left in the Santander account)

Taking into account ...

• BBA rules that "Your new provider will backdate interest to the first day where interest no longer accrues on the funds being transferred from your old ISA."
• Nationwide's Saving Promise to pay interest from the day they receive the transfer request

... at worst you will get half a month at 2.5% on £2500 resulting in a loss of £2.08. There is a risk that the money gets for the full year at Santander as something goes wrong pushing you past the deadline to send your transfer into Nationwide.

You of course are going to have to make your own decision if this is worth the hassle of securing the current Santander account before ISA season finishes.

What you think will be the best account you will be able to get for old money in October out of the main ISA season? My money is on 2% at best.

Paul_Varjak

innovate wrote: »

well, those T&Cs are effective now, since they are on the website

Just those who received letters can argue differently if it serves a purpose for them

We, as existing customers of the Flexclusive ISA have to be given requisite notice of any changes to the T&Cs (28 days I believe) so they cannot apply to us (yet).

Of course those T&Cs would, no doubt, apply to any new Flexclusive ISA opened in 2013-14, whether before the 1st May or after.

musicman100

Hi I was looking to transfer money from a nationwide online isa to the flexclusive isa but I saw this is the site:-

Important information - any funds that are withdrawn from an ISA and credited to a non-ISA product are no longer considered to be tax-free savings. They can only be added to another ISA as part of your annual ISA allowance. You should not withdraw funds that you wish to transfer to another ISA; instead you will need to contact the new provider who will arrange the transfer for you. This includes transfers to other Nationwide cash ISA products.

So can I transfer or not?

thanks

innovate

see my response to your identical Q in the other thread.

VodkaSorbet

I was going to transfer a Santander ISA which matures on 1 May into my existing N'wide Flexclusive from 2012/13 - do these new T&Cs mean I won't be able to do it as I can't access the money til 1 May?

I was intending to start the transfer process now but select the 'serve full notice' option on the form, so theoretically the transfer could actually go through on 1 May.

Thanks!

innovate

Somebody received a letter which says Nationwide will not accept instructions for a transfer after May 1. I read that as you can give them instructions before May 1.

Only one way to find out for sure - - give them the instructions in a couple of weeks or so. My guess is they will accept the request alright. Make sure you got proof they received your instructions before May1.


http://forums.moneysavingexpert.com/showpost.php?p=60332309&postcount=45

EDIT: That letter seems to get sent to all Flexclusive ISA customers. So if you haven't got yours yet, you'll no doubt soon receive your copy of it.

madhattergirl

Hi

apologies if this has been covered earlier on in the thread but here goes.... i received the letter today re the change in t&c's to the Flexclusive ISA from 1st May. It says if you have completed a transfer or are in the process of doing so then the funds will be added to your Flexclusive ISA. Do you think I can get away with transferring my 2012/13 M&S ISA and previous years ISAs which I transferred into my current M&S ISA when I opened it last year if I get the ball rolling asap ? The transfer is not technically 'in progress' yet ! I was under the impression that the account didn't allow transfers until I opened the letter from Nationwide earlier and found there was a loophole :rotfl: