Nationwide Flexclusive ISA - 4.25%, instant access

DragonQ

riza wrote: »

i thought the end date is 5th April to put money in an ISA? Sorry if i'm wrong. i'm a bit of a newbie when it comes to ISA.

This is an ISA for the 2012-13 tax year, starting on 06/04/2012.

psychic_teabag

riza wrote: »

i thought the end date is 5th April to put money in an ISA? Sorry if i'm wrong. i'm a bit of a newbie when it comes to ISA.

There is an annual allowance of around £5k that can be paid into an ISA. Any unused allowance expires at midnight on 5th April, but then a brand new allowance starts for the next tax year.

It only matters to those who will be aiming to add the maximum allowance to their ISA wach year : for anyone else, it's of little consequence. (It has a small impact on partial transfers, but I don't imaging that affects many people.)

I think it's confusing to refer to ISA accounts themselves as belonging to any particular tax year, though some providers to tend to refer to them like that. You could generally keep on paying into the same ISA year on year (except for the fact that the interest rates tend to fall, so you need to transfer them from time to time to get decent rates).

riza

DragonQ wrote: »

This is an ISA for the 2012-13 tax year, starting on 06/04/2012.

Does that mean I can open a new ISA after tomorrow (5th)? I always thought the deadline was 5th April.

riza

psychic_teabag wrote: »

There is an annual allowance of around £5k that can be paid into an ISA. Any unused allowance expires at midnight on 5th April, but then a brand new allowance starts for the next tax year.

It only matters to those who will be aiming to add the maximum allowance to their ISA wach year : for anyone else, it's of little consequence. (It has a small impact on partial transfers, but I don't imaging that affects many people.)

I think it's confusing to refer to ISA accounts themselves as belonging to any particular tax year, though some providers to tend to refer to them like that. You could generally keep on paying into the same ISA year on year (except for the fact that the interest rates tend to fall, so you need to transfer them from time to time to get decent rates).

Thanks very much. That clears that up for me. I shall wait for a few days and then open a new account and go for the best rate. Thank you

snowcat53

Yes looks like a good deal but note the conditions about having been paying in 750 pcm for at least 3 months,or transferring an account in. That means a delay of at least 3 months before you can get the 4.25% if the former, rather less if the latter

Quote
To qualify as a main FlexAccount holder, you have to hold a FlexAccount with a Visa debit card (not a cash card+) and:

• Pay in £750 or more each month (excluding internal transfers) for the last 3 months, or:
• Agree to complete an Account Transfer from an account (non Nationwide) using our Account Transfer Service or have done so in the past four months.

To continue to be eligible for Flexclusive ISA, customers must meet all of the criteria above, as well as continuing to deposit at least £750 or more each month into the FlexAccount.

joedenise

It says you need to have been paying in £750 per month for at least 3 months OR transfer your account, including DDs and SOs.

If I've read it correctly you won't be able to keep the ISA unless you continue to pay in £750 month.

Denise

DragonQ

joedenise wrote: »

It says you need to have been paying in £750 per month for at least 3 months OR transfer your account, including DDs and SOs.

If I've read it correctly you won't be able to keep the ISA unless you continue to pay in £750 month.

Denise

You have to have paid in £750pm for the last three months to receive 4.25%. The second line is in there because if you're a new customer then you obviously won't have paid in £750pm for the last three months. So, to start with, having switched over to them some time in the previous four months is sufficient.

So switch to them, then start paying in £750pm every month and you'll keep the 4.25% safe.

DragonQ

riza wrote: »

Does that mean I can open a new ISA after tomorrow (5th)? I always thought the deadline was 5th April.

I don't know what you mean. The deadline for depositing money for the 2011-12 tax year is 05/04/2012 (tomorrow). The deadline for depositing money for the 2012-13 tax year is 05/04/2013.

Since this ISA won't be available until 07/04/2012, it's only possible to deposit money for the 2012-13 tax year into it.

snowcat53

I certainly won't be transferring my main account to NW , whose online systems are Jurassic (last time i looked), but happy to set up a 750 Standing order in monthly , with a 750 SO back out a day later. ...

Bennifred

Does anyone know if both parties of a joint Flexaccount will be eligible to open a Flexclusive ISA each, or if it will just be the first named?