Nationwide Flexclusive ISA - 4.25%, instant access

Doshwaster

typistretired wrote: »

Could you not open a Nationwide flexdirect account so you would qualify for the flexclusive isa

I do have a flexdirect account but I don't meet the contributions requirements. I just keep £1 in there.

Archi_Bald

Doshwaster wrote: »

I do have a flexdirect account but I don't meet the contributions requirements. I just keep £1 in there.

What "contributions requirements" were you thinking of?
Are you confusing different account requirements? For the Flexclusive ISA, the mere fact that you have a FlexDirect is sufficient. If you only want the ISA, you do not have to meet the FlexDirect requirement for interest payment for the FlexDirect.

typistretired

The conditions for a flexclusive isa state the following

2.Hold a FlexDirect account or FlexPlus account.

Nothing about paying in £1000 per month. The £1000 per month is if you want interest paid on money in the account.

typistretired

Archi Bald replied with the right answer before me whilst I was making second check of conditions on Nationwide website.

Doshwaster

Archi_Bald wrote: »

What "contributions requirements" were you thinking of?
Are you confusing different account requirements? For the Flexclusive ISA, the mere fact that you have a FlexDirect is sufficient. If you only want the ISA, you do not have to meet the FlexDirect requirement for interest payment for the FlexDirect.

The requirements I saw at
http://www.nationwide.co.uk/savings/cash_isa/flexclusive_isa/default.htm

1. Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:
Have been paying in £750+ a month (excluding internal transfers) for the last 3 months; or
Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last 4 months; or
2. Hold a FlexDirect account or FlexPlus account

I have had a FlexAccount for about 3 years but I don't pay anything into it.

Archi_Bald

Is it a FlexDirect or a FlexAccount you have? Two different accounts.

Doshwaster wrote: »

I do have a flexdirect account but I don't meet the contributions requirements.

Doshwaster wrote: »

I have had a FlexAccount for about 3 years but I don't pay anything into it.

Very easy to get a FlexDirect if you don't have one - just upgrade your unused FlexAccount. Alternatively, apply for a new FlexDirect.

Doshwaster

Archi_Bald wrote: »

Is it a FlexDirect or a FlexAccount you have? Two different accounts.





Very easy to get a FlexDirect if you don't have one - just upgrade your unused FlexAccount. Alternatively, apply for a new FlexDirect.

Sorry for the confusion. I even confused myself there with the two names. I have a FlexAccount. I''ll look at upgrading.

typistretired

The flexdirect account with Nationwide would be opened quicker if you just open a new flexdirect account and keep your flexaccount. The new flexdirect account could be open within 24 hours were the upgrade may be some days. I regret upgrading my flexaccount as it took almost a week for the flexdirect account to show.

bondy01

So , it's 4.25% interest at the end of the month and at the end of Oct the rate drops. Anybody with thoughts on what to do after that date?

libra10

It's difficult to decide where to transfer the funds when the interest rate drops.

We also have a 3 year fixed-rate bond with Birmingham Midshires, currently earning 4%, which matures in October.

The most competitive rates these days tend to be abysmal!