Nationwide Flexclusive ISA - 4.25%, instant access

Linclass_2

Got the letter today, so a new [second hand] car it is then! Buying a zero tax rated car £170 saving plus lower insurance group makes a greater annual saving than the interest I can earn in any ISA!

le_loup

The 30 days relates to notice after a BofA interest rate change.

innovate

le_loup wrote: »

BofA .

BofA?

BOE?

le_loup

Whoops!
Bank of England, of course and god bless all who sail in her.

Archi_Bald

bondy01 wrote: »

Have you a copy of the t&c's where it says 14 days? I like others thought it said 30 days but am happy to be proved wrong..

What it says in the T&Cs is

Interest

Unless the account has a fixed interest rate, we may vary interest rates. We will only vary the rate for one or more of the following reasons:

• to reflect changes in general interest rates, including the interest rates or terms on which similar accounts are offered by other providers of financial services;
• to reflect any changes or anticipated changes in the law, regulations or codes of practice or to respond to a decision by a court, ombudsman or regulator;
• to respond to changes in the rates applying to our mortgage business;
• to reflect changes to our costs, including administrative costs, costs involved in providing services or facilities or changes in the costs to us of borrowing funds;
• to maintain our financial strength for the benefit of our members.
• If we vary the rate for one of these reasons, we will tell you about it by putting a notice in our branches and/or on our website or an advertisement in the press.

If we vary the rate for any other reason we will notify you personally at least 30 days in advance and ignore any notice period on your account for at least 60 days starting on the date of the notice to allow you to close or switch the account without loss of interest.

So what they are, basically, saying, is that they can change variable interest rates whenever it tickles their fancy, and with no notice if they feel so. You and I may think that's despicable, but that's what the words are saying, and we did accept those words.

Not sure the direct link to those T&Cs works because their URLs are a bit weird, but you can easily find the T&Cs on the site using their search http://www.nationwide.co.uk/savings/legal.htm?acc=isas#savingsTop

Anyway, between when we received the letter and Feb 1 2014, there is enough time to get your ISA transferred. Mine is definitely moving elsewhere. Thank you Nationwide, it was nice whilst it lasted but now I fancy a better ISA elsewhere.

rb10

14 days' notice is standard FCA guidance for notification of interest rate changes.

In fact, the FCA rulebook just states 'in good time', but the BBA state that good practice is '14 days prior to the rate change'.

https://www.bba.org.uk/download/9477

zerog

Where are people moving to from Nationwide?
If there are better rates around April 1.5% for 2 months is not that bad, for instant access.

catoutthebag

Got the letter too. Are people staying or switching in 2 months?
Any predictions for cash isa rates in general 14/15?
I may try keep the cash isa cash there & dripper into a High interest reg saver because taking it all out I guess would be bad for the tax free status. Bit confused

DragonQ

zerog wrote: »

Where are people moving to from Nationwide?
If there are better rates around April 1.5% for 2 months is not that bad, for instant access.

I've opened a Virgin Money eISA online (1.75%). It's still "opening" but I can already transfer money if I want to and I've filled out the transfer form ready to post later. I can always transfer it all again if something better comes along.

Old_Slaphead

I've several years subscriptions in the Flexclusive ISA. Anyone know whether you are allowed to transfer out part of the balance to another provider or does it have to be the whole lot?