Nationwide Flexclusive ISA - 4.25%, instant access

Frank121

someone wrote: »

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.

I think it would be better to secure the Leeds BS 2.55% AER ISA as it only needs £1 to be transferred in from a previous year's allowance. (say 2012/2013) That way you can secure the rate of 2.55 (but bear in mind it's variable just like Santander) without the hasle of transferring the funds back to Nationwide and loss of interest during the transfer process.

m-holmes

I am trying to transfer my old Fixed Santander ISA to this ISA. My Santander ISA is fixed until May 1st, if I move before that I loose 90 days interest. I completed the transfer form for the Nationwide account and handed it into branch yesterday. However I got a phone call from the branch this morning saying that they would not be able to transfer it on May 1st as that is the cut off date for them.

They have asked me to come into branch and tick the box that asks them to transfer the money immediately, otherwise they won't process my request.

I was wondering if anyone was in a similar situation and managed to get Nationwide to accept transfers scheduled for May 1st?

Teresa_Green

m-holmes wrote: »

I am trying to transfer my old Fixed Santander ISA to this ISA. My Santander ISA is fixed until May 1st, if I move before that I loose 90 days interest. I completed the transfer form for the Nationwide account and handed it into branch yesterday. However I got a phone call from the branch this morning saying that they would not be able to transfer it on May 1st as that is the cut off date for them.

They have asked me to come into branch and tick the box that asks them to transfer the money immediately, otherwise they won't process my request.

I was wondering if anyone was in a similar situation and managed to get Nationwide to accept transfers scheduled for May 1st?

I would go into Branch with the letter which says:

"If you've already completed or are in the process of doing so then the funds will be added to Flexclusive ISA as requested.. any instructions received after 01st May will not be accepted"

Point out to them you are already in the process and have given your instruction before May 01st. Date of transfer requested is not relevant, only date when request was made?

m-holmes

Thanks I will try that, I did quote them the letter on the phone but they said it was irrelevant ??

The person I spoke to said if I can get their headoffice to agree to it, and then give them the name and contact number for that person in headoffice then they would process it.

The ISA office is shut until Monday tho, so I will try ringing then.

Teresa_Green

m-holmes wrote: »

Thanks I will try that, I did quote them the letter on the phone but they said it was irrelevant ??

The person I spoke to said if I can get their headoffice to agree to it, and then give them the name and contact number for that person in headoffice then they would process it.

The ISA office is shut until Monday tho, so I will try ringing then.

There is another thread here:

https://forums.moneysavingexpert.com/discussion/4464123

where I have received excellent advice from those who know more about NW products than the NW staff themselves, it seems to depend on who you speak to at NW so I would definitely keep trying, good luck!

DragonQ

bondy01 wrote: »

Just got a bit caught out. Needed £600 from my NW mysave account to make the full amount but the electronic transfer can't be done until monday and it may be tuesday before it is completed!

Why? Internal transfers should be instant and all transfers I've ever made between Nationwide and Lloyds Group banks happen instantly too. Doesn't matter if it's a weekend or bank holiday.

rb10

DragonQ wrote: »

Why? Internal transfers should be instant and all transfers I've ever made between Nationwide and Lloyds Group banks happen instantly too. Doesn't matter if it's a weekend or bank holiday.

Mysave accounts are managed by Newcastle Building Society.

Newcastle process payments on the following working day.

The main clearers (including Nationwide and Lloyds) all process payments immediately.

badger09

Frank121 wrote: »

I think it would be better to secure the Leeds BS 2.55% AER ISA as it only needs £1 to be transferred in from a previous year's allowance. (say 2012/2013) That way you can secure the rate of 2.55 (but bear in mind it's variable just like Santander) without the hasle of transferring the funds back to Nationwide and loss of interest during the transfer process.

Agreed.

I've applied for the Leeds 2.55% today with a transfer of £100 from last year's Flexclusive ISA. Using £1 felt like taking the p*ss (yes I know, I know ). Anyway, I'll lose about 93p on that £100 until 31 October, but, assuming that the Leeds flexible rate doesn't drop :cool:, I'll gain around £33 up to the end of the tax year, by moving the Flexclusive balance after the bonus expires.

Those with much larger Flexclusive balances will obviously gain more

veryintrigued

badger09 wrote: »

Agreed.

I've applied for the Leeds 2.55% today with a transfer of £100 from last year's Flexclusive ISA. Using £1 felt like taking the p*ss (yes I know, I know ). Anyway, I'll lose about 93p on that £100 until 31 October, but, assuming that the Leeds flexible rate doesn't drop :cool:, I'll gain around £33 up to the end of the tax year, by moving the Flexclusive balance after the bonus expires.

Those with much larger Flexclusive balances will obviously gain more

That'll probably be around the maximum wont it? i.e. as the maximum amount anyone can have in this account is 12/13 and 13/14 allowance?

One question on the Leeds account. On the Keyfact 18 below. Are you guys assuming this issue will still be 'open' in Oct / Nov?

18. Further subscriptions in future tax years are not permitted but you may transfer in previous years’ subscriptions whilst the issue remains open for further investment.

Rosemary_Jane

veryintrigued wrote: »

That'll probably be around the maximum wont it? i.e. as the maximum amount anyone can have in this account is 12/13 and 13/14 allowance?

Hi veryintrigued,
No, NW have acknowledged that their T&Cs allowed transfers in. I now have over 30K in there, earning me over £25 a week.

I am exceptionally grateful to those on this thread who alerted me to this chance last autumn.

RJ - who's probably going to transfer it to an S&S ISA in the autumn.