Nationwide Flexclusive ISA - 4.25%, instant access

someone

Anyone had any luck applying over the phone? (especially if they needed an account transfer to qualify)

veryintrigued

veryintrigued wrote: »

Just 'opened' one too.

I filled in the application form which I assume was a specific one for this account as the staff member had to double check the completed form as 'they've only just arrived'. Am already a current account holder and didnt have to write 'Flexclusive' anywhere.

Frustratingly she advised that the ISA wouldnt be fully open until next week as 'admin staff dont work Saturdays'.

Does this mean I'm losing interest - or will they back date to application date?

Update - the £5640 funds have already left my Flexaccount - although no new account showing on the NW tiniterweb accounts page.

pem2

fireice wrote: »

I have a flexaccount but I haven't put £750/month into it over the last 3 months, does that mean I have to wait 3 months before I can open this?

Yes. Tried this morning and did not qualify. If you haven't been depositing £750 per month over the last 3 months not worth trying. If you are willing to commence paying in £750 per month now for the next 3 months you may qualify and go ahead, but you stand the risk they may pull it before hand.

david72

rb10 wrote: »

... unless you have access to a telephone or internet connection, in which case you can access your money 24/7

No, annoyingly, while you can view your account online, you can withdraw only via a branch visit. Virtually (no pun intended) useless!

See: http://www.nationwide.co.uk/savings/cash_isa/flexclusiveisa/summary.htm

rb10 wrote: »

It is my understanding that it's a technological constraint that means this account cannot be opened in branch.

I assume that you meant "can only be opened..", but there's absolutely no reason that any account cannot be applied for online, with the actual account opening delayed until any necessary ID or eligibility checking (eg, FlexAccount status) has taken place "offline" later, and you receiving notification afterwards. In fact, this is how most, if not all, online accounts work. I don't think I've ever opened an online account that I could access immediately, most are an overnight process at the very least.

rb10 wrote: »

.
Whilst Nationwide's online banking may look modern and snazzy, it, like mo st (all?) other banks, sits on a platform that is 30+ years old. Once technology catches up, banks will have more flexibility in offering accounts, but until then, many accounts require a degree of human intervention - ie only offering them in branch or by phone.

I don't see the relevance of that. Any human intervention that may be necessary can happen later behind the scenes, it doesn't need to happen at the very instant that I submit my instructions online (although if it can, that is obviously useful). That's why we invented letter-writing (whether paper or electronic), so that we can pass a message to somebody for them (a computer, a person, it doesn't matter) to respond to in due course without having to go and actually see them (visit a branch).

david72

pqrdef wrote: »

I wouldn't expect anything to be dated to a Saturday, it's not a banking day.

Funny how people expect banking to be 24/7 now.

What's remotely funny about such an expectation? The back-end computer systems don't take days or evenings off apart from for occasional scheduled maintenance updates. The days of a bank's primary record copy being quill-pen on parchment are very long gone (although I dare say that Scrooge would have had Cratchit work 24×7 if he could have..).

Even if a particular bank's system does not allow it to submit branch transaction data in realtime, and has to rely on daily updates from branches, the branch transactions surely ought still to be applied to the database on the day that the transaction actually took place?

Mickygg

I was going to go for this, but I didn't make it into town today and of course back to work on Tuesday so now i'll go for the Santander 2 yr with last years I transferred into it. At least with that I don't have £5k here and there.
Bit annpoying it's only branch based as I now can't do it, despite being a NW customer in full for many years. If it really was a reward to customers they should make it accessible on line.

giruzz

Mickygg wrote: »

I was going to go for this, but I didn't make it into town today and of course back to work on Tuesday so now i'll go for the Santander 2 yr with last years I transferred into it. At least with that I don't have £5k here and there.
Bit annpoying it's only branch based as I now can't do it, despite being a NW customer in full for many years. If it really was a reward to customers they should make it accessible on line.

I've opened my over the phone in about 15 minutes, my girlfriend did the same in less time (she already has an ISA with NW).

If you have an account just call 0800 - 111 4420 and ask to open the ISA. The process is really quick, you just need your accnt nr, NI Number and to remembe two direct debits / standing orders that are leaving your account.

Regads,
Giruzz

fireice

pem2 wrote: »

Yes. Tried this morning and did not qualify. If you haven't been depositing £750 per month over the last 3 months not worth trying. If you are willing to commence paying in £750 per month now for the next 3 months you may qualify and go ahead, but you stand the risk they may pull it before hand.

I don't think I'll bother then, it'll probably have been pulled by then.

Shame really, been banking with nationwide for more than 10 years now (not as much as some, but > half my life) yet someone who has a current account elsewhere can transfer 2 direct debits and get this. Ah well, will have to get a isa elsewhere

pem2

fireice wrote: »

I don't think I'll bother then, it'll probably have been pulled by then.

Shame really, been banking with nationwide for more than 10 years now (not as much as some, but > half my life) yet someone who has a current account elsewhere can transfer 2 direct debits and get this. Ah well, will have to get a isa elsewhere

I agree with you entirely. Been with them continuously since 1980 and had in the region £250k with them up to 2007, but not now although my wife and I still have about 55k saved with them, don't qualify. However our 23yr son with next to nothing in there, but meets salary requirement does qualify.

badger09

someone wrote: »

Anyone had any luck applying over the phone? (especially if they needed an account transfer to qualify)

I've just tried, using the number given by giruzz above. Got through almost immediately but was told by a very pleasant and polite young lady that because my FlexAccount wasn't showing as my 'main' account, I couldn't open the Flexclusive by phone.

As I only applied on 5th to transfer DDs into existing Flexaccount so it qualifies as 'main' account, I'm not surprised it doesn't show up as such yet

She did offer to send 2 savings packs (one for husband aswell) to begin the process, or I can apply by phone as soon as Flexaccount shows as 'main'. Don't know how long that will be, but hopefully a matter of days rather than weeks :eek: