Nationwide Flexclusive ISA - 4.25%, instant access

rexel

if you have a joint flexi account can both people take out isa

proteus_2

KTF wrote: »

I believe this has been asked before and the answer was yes.

Although Nationwide do appear to have changed the T&Cs overnight regarding joint Flexaccounts.
Yesterday it stated that only one of the joint account holders needed to meet the eligibility criteria. However, today this reference has been removed.

They also changed the incorrect minimum starting amount from £1000 to £1.

I have emailed NW to ask for clarification on the position for Flexaccount joint accounts.

ejv

hermante wrote: »

Has anyone switched from another bank and managed to open it?

I'm pitching on 10th:j

Wammer

proteus wrote: »

Although Nationwide do appear to have changed the T&Cs overnight regarding joint Flexaccounts.
Yesterday it stated that only one of the joint account holders needed to meet the eligibility criteria. However, today this reference has been removed.

They also changed the incorrect minimum starting amount from £1000 to £1.

I have emailed NW to ask for clarification on the position for Flexaccount joint accounts.

We have a joint account and both opened ISAs yesterday.

The_Enforcer

Taken from the Nationwide Website:

- A variable rate of 4.25% AER tax-free including an introductory fixed rate bonus of 2.25% until 31 October 2013

- Includes the reassurance of a Rate Promise to pay at least 1.50% above the Bank of England Base Rate until 1 January 2014


It has occurred to me that as it is referred to in the context of the "AER" rather than the "underlying rate", whether the rate promise means that in the near future Nationwide could reduce the variable underlying rate to, say, 0.5%, leaving the AER at 2.75% with the bonus - still more than 1.50% above the BoE base rate? After the bonus period has ended, they could still comply with the rate promise by raising the underlying rate to 2%.


I'm probably being too sceptical here, but I thought I would raise this anyway and expect to be corrected shortly!

Cheers,
TE

ejv

The_Enforcer wrote: »

It has occurred to me that as it is referred to in the context of the "AER" rather than the "underlying rate", whether the rate promise means that in the near future Nationwide could reduce the variable underlying rate to, say, 0.5%, leaving the AER at 2.75% with the bonus - still more than 1.50% above the BoE base rate? After the bonus period has ended, they could still comply with the rate promise by raising the underlying rate to 2%.

Though theoretically possible, as its an instant ISA,wouldn't they lose many deposits by transfer-outs and earn bad repute?

proteus_2

Wammer wrote: »

We have a joint account and both opened ISAs yesterday.

Did both fulfill the criteria, e.g. each paying at least £750 per month?

penny_pincha

proteus wrote: »

Did both fulfill the criteria, e.g. each paying at least £750 per month?

Good point. Or could you possibly both qualify if one of the joint account holders paid in at least double £750?

proteus_2

penny_pincha wrote: »

Good point. Or could you possibly both qualify if one of the joint account holders paid in at least double £750?

£1850 (£1250+£600) is paid in each month, so more than £750x2 overall, but the fact that NW changed the T&Cs, removing the condition that only one account holder needed to be eligible, makes me think that it will be required of both.

I await a reply to my email to NW with interest

noh

proteus wrote: »

£1850 (£1250+£600) is paid in each month, so more than £750x2 overall, but the fact that NW changed the T&Cs, removing the condition that only one account holder needed to be eligible, makes me think that it will be required of both.

I await a reply to my email to NW with interest

There is no sure way an incoming payment can be attributed to a particular account holder. Therefore it is impossible to impose a restriction requiring both account holders to be eligible.