Nationwide Flexclusive ISA - 4.25%, instant access

davefromkent_2

Went into my local NWide branch on Tuesday 2nd April to transfer my Santander ISA into my Flexclusive ISA. Filled out all the forms. Also wrote a letter explaining that I wanted my interest backdating and popped it in the envelope. 8 days later and nothing showing online. Anyone else having a similar set of circumstances?

DragonQ

davefromkent wrote: »

Went into my local NWide branch on Tuesday 2nd April to transfer my Santander ISA into my Flexclusive ISA. Filled out all the forms. Also wrote a letter explaining that I wanted my interest backdating and popped it in the envelope. 8 days later and nothing showing online. Anyone else having a similar set of circumstances?

Backdating to when? They automatically backdate to the date you gave them the form.

lolly5648

If I want to pay new money into my Flexclusive ISA can I just transfer the money from my current account without filling in any forms or do they need a signature or something?

KTF

If its new money then you can transfer it in as per any other account.

Linclass_2

At the end of March I transferred all my ISA funds from my Online 3rd ISA to the flexclusive ISA and at the same time, I sent a secure message to query my ISA allowance for 2012/13 as I had transferred £2K from my ISA to the flexclusive ISA when I opened it in April 2012, BUT it showed that I had used my full allowance!
The reply I got wrongly stated it was new money, so I then raised the issue with customer services, they had to contact the ISA team and then confirmed I was correct HOWEVER by the time this information came back it was the 6th April, too late to put the £2K in.
So I sent a secure message of complaint, it has resulted in the ISA transfer being backdated to the 8th January AND £50 compensation for getting things wrong.

davefromkent_2

DragonQ wrote: »

Backdating to when? They automatically backdate to the date you gave them the form.

Back to April 7th 2012, the day the Flexclusive ISA came out. I wouldn't have transferred my old Nationwide ISA into a Santander ISA if Nationwide were accepting transfers in to their Flexclusive ISA, which they now say they are doing so. Read back through the thread and you will see many people are doing or enquiring about the same thing.

DragonQ

Hmm. I highly doubt that will work, they never intended for people to be able to transfer in, plus there's the fact you did earn interest on the money in whatever other account it was sat in for that period.

I am following this thread though.

bubieyehyeh

DragonQ wrote: »

Backdating to when? They automatically backdate to the date you gave them the form.

They didn't for me, I've queried this via the online message system and was told they wouldn't back date, because it was a transfer from a external institution, this seems to be in direct conflict to Saving Promise number 4 (and video) which says they will backdate if money free to move, which it was. Video for saving promise 4 mentions a external bank.

I'm not sure if they thought I was asking for it to backdated to when I opened the flexexclusive isa.

DragonQ

bubieyehyeh wrote: »

They didn't for me, I've queried this via the online message system and was told they wouldn't back date, because it was a transfer from a external institution, this seems to be in direct conflict to Saving Promise number 4 (and video) which says they will backdate if money free to move, which it was. Video for saving promise 4 mentions a external bank.

I'm not sure if they thought I was asking for it to backdated to when I opened the flexexclusive isa.

Yeah that's wrong. They say on their website they will backdate it to when you hand in the transfer request as long as it's free to move. I might have a fun time coming up because my money was free to move, but Santander erroneously thought it wasn't. Nationwide told me it would be backdated but I won't know that for sure until the interest appears in September.

Paul_Varjak

I made a complaint to Nationwide over my Flexclusive ISA, opened in April 2012. I asked for my other Nationwide ISA to be consolidated into the Flexclusive ISA in April 2012 but was refused.

Given the recent letter that Flexclusive ISA holders have received acknowledging that transfers-in to the Flexclusive ISA were within the rules, I believe that I am entlted to interest dating back to the date they received my consolidation form.

However, Nationwide are saying they will only backdate any interest to 8 January 2013, because that is when their 'policy' changed to allow transfers in; 8 January being the date they became aware of a problem with the terms and conditions that would allow transfers in!

But the terms and conditions that existed on April 7, 2012 are the same terms and conditions that existed on 8 January 2013, so how can there be a change of 'policy' on 8 January?

I have asked Nationwide to confirm this in writing as their final response, which they have agreed to do. Once that response is received, I will make an immediate complaint to the FOS.