Nationwide Flexclusive ISA - 4.25%, instant access

hermante

K_P83 wrote: »

DragonQ wrote: »

Has anyone opened this account yet? Would like to know if you can switch your current account to the FlexAccount and open the Flexclusive ISA in a single branch visit.

Have you read the thread & all the other ones on this account?

Specifically about those who were at the branch at 9am on Saturday?

Nobody has mentioned switching the current account yet. I will be going in an hour or so.

hermante

The_Enforcer wrote: »

- 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

I was also wondering if the rate might go down, but the way I read it, this means the BONUS of 2.25% is fixed for 18 months, and the RATE WITHOUT BONUS is fixed at BOE+1.5% for 20 months.

It has occurred to me that as it is referred to in the context of the "AER" rather than the "underlying rate"

There seem to be 2 AERs, with and without bonus, and the words "underlying rate" are not used anywhere.

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%.

Yeah, but if this were the case they could just reduce it to 0% and pay the bonus rate only. I mean, the "underlying rate" is already 2%, why change it and then have to change it back for 2 months (at the end of 2013)?

Anyway, if they do lower the rate it would be very sneaky (unless BOE drops to 0% for some reason), and I would transfer out ASAP.

The_Enforcer

IF they are able to manipulate the rate in the manner I have suggested, then it's most likely to depend on what their competitors do and probably not such a drastic cut as my example. Up against similar products then they would probably stick, but I can't see them leaving it 1% higher than their rivals for long!

Zekko

Zekko wrote: »

I went into my local NW branch at 9am this morning to open one of these ISA's. Full years allowance to be transferred from my Flexaccount.

Only problem was they didn't have any Passbooks to give me, so NW will send it via 1st Class Post from next Tuesday, with interest back-dated to the 7th April.

Update;
£5640 has now left my Flexaccount, showing as an internal transfer - still waiting for the ISA account to show up online.

irishjohn

irishjohn wrote: »

Called Nationwide at 8.00am and just come off phone account set up and email confirmation received. Interest earned from today but may take 2 days to complete the admin and transfer money from my flexaccount. Well done Nationwide.

email received at 11.40 to confirm ISA account opened, and just checked online to confirm £5640 moved out of current account - ISA account not yet viewable online.

KTF

Mine is still in my Flexaccount. This isnt looking promising.

jamja

I applied in branch this morning - passbook given out straight away (handwritten with opening balance). When I got home the amount I had asked to be deposited had left my flexaccount. No sign of new account yet. The guy behind the counter asked if I was going to be depositing more in the next day or two because it could take that long to get new account set up...

innovate

KTF wrote: »

Mine is still in my Flexaccount. This isnt looking promising.

They should be back-dating your ISA start to the date you applied for it and provided the funds for them to take out of your Flexaccount.

If you are uncertain they will do that, call 0800-30-20-10 and ask to be put through to your Branch.

KTF

Yes, thats what I expect. Will give it until tomorrow before I speak to the branch to see what is going on.

hermante

OK, opened and switched current ac in branch this morning, then had to fill out a form for the ISA. I said I would FP into the flex ac, which apparently won't work until tomorrow, and then one of the branch staff will open the ISA for me. Faster than a cheque (also avoids questions about how many current acs I have).