Nationwide Flexclusive ISA - 4.25%, instant access

Frank121

Hello All,

I have a flexaccount but haven't been paying in the required £750 per month for the previous 3 months.

Does anyone have an experience of transfering DD's to the flexaccount and making it you main account? My idea, is to just transfer a couple of DD's from my main First Direct account to a spare Lloyds vantage account and then use the vantage account as a source for the transfer to the flexaccount which means only 2 DD's are transferred and not all of them from my main First Direct account. I guess this should be fine?

I would then proceed to rotate £750 every month via faster payments. (the funds only staying in the account for an hour and maybe just leave a running of balance of £100 to cover the DD's only)

I spoke with nationwide today (by phone) and the rep told me that I needed to wait 3 months after starting the transfer process before I could apply for the ISA. Is this true? I was under the impression that I could open the ISA as soon as I have started the transfer process?

I hope that I just received bad information. I will call them again later.

Thanks in advance for any advice.

Regards,
Frank

irishjohn

penny_pincha wrote: »

Am I reading this right IrishJohn? Do you mean to say you set up the ISA account over the phone? I thought you could only open it in a branch.:huh:

It would be very handy for me as I have my leg in plaster at the moment so have difficulties getting anywhere.

Hi - yes by phone - look back in thread for 0800 phone number

irishjohn

Frank121 wrote: »

Hello All,

I have a flexaccount but haven't been paying in the required £750 per month for the previous 3 months.

Does anyone have an experience of transfering DD's to the flexaccount and making it you main account? My idea, is to just transfer a couple of DD's from my main First Direct account to a spare Lloyds vantage account and then use the vantage account as a source for the transfer to the flexaccount which means only 2 DD's are transferred and not all of them from my main First Direct account. I guess this should be fine?

I would then proceed to rotate £750 every month via faster payments. (the funds only staying in the account for an hour and maybe just leave a running of balance of £100 to cover the DD's only)

I spoke with nationwide today (by phone) and the rep told me that I needed to wait 3 months after starting the transfer process before I could apply for the ISA. Is this true? I was under the impression that I could open the ISA as soon as I have started the transfer process?

I hope that I just received bad information. I will call them again later.

Thanks in advance for any advice.

Regards,
Frank

As you are not opening a new flex account - but making an existing one your "main account" by transferring DDs they will make you provide the 3 months history to qualify?

le_loup

penny_pincha wrote: »

Well I hadn't noticed that.Would you kindly point out where on the Nationwide's website?

Well, I'd love to .... but .... the bu**ers have removed it!!!
So sorry, if I came across as a know-all who knows nothing.

However, when I rang last week to check something, the advisor did say it could be done by phone and the website DID say you could. Maybe they've changed their minds.

Sorry.

Frank121

irishjohn wrote: »

As you are not opening a new flex account - but making an existing one your "main account" by transferring DDs they will make you provide the 3 months history to qualify?

I think I just got duff info. I called again and the rep said that I could apply after the transfer had completed. (maybe 2-3 weeks) I hope on my third call, they will tell me I can apply after I have initiated the transfer. . To be honest, I find the knowledge of their staff appalling.

itzmee

I opened my ISA yesterday and funds have been taken from my flexaccount today but the ISA isn't showing online yet.

torchie

I certainly recall seeing a reference on the website that a "telephone service" was available for those who would not easily be able to get to a branch. I called them this morning and it was an extremely easy process. What takes the time in the call, are all the statutory notices and "warnings" they have to read out to you verbatim.

Linclass_2

Has anybody with an existing flex account, who don't meet the eligibility criteria to open the ISA, transferred 2 DD's [in branch] to their flexaccount [I don't want to close my exsisting account]. Set up their £750 transfer then been able to open the ISA, with out the 3 month wait?

I have rang the 0800 number to ask if 2 DD's are sufficient to be told I have to transfer them all, even though I stated I would be doing this in branch.

Now I know how good some staff are It took me six emails to find out how I could open up a NW new Online ISA issue 4 as they generously answered questions I hadn't asked, whilst avoiding answering the one I did

KTF

The money for mine was taken out of my FlexAccount today.

The ISA isnt visible online yet so will be interesting to see what date it is backdated to as I applied in branch on Saturday so would expect it to be backdated to then.

innovate

Linclass wrote: »

Has anybody with an existing flex account, who don't meet the eligibility criteria to open the ISA, transferred 2 DD's [in branch] to their flexaccount [I don't want to close my exsisting account]. Set up their £750 transfer then been able to open the ISA, with out the 3 month wait?

Yes, I have done exactly that. Went into branch on Saturday, ISA applied for there and then, and money taken from my Flexaccount (which I had funded electronically) into the ISA same day. Haven't got my passbook yet but have been assured interest will be paid from Saturday.

Linclass wrote: »

I have rang the 0800 number to ask if 2 DD's are sufficient to be told I have to transfer them all, even though I stated I would be doing this in branch

I believe they will transfer all your DDs, unfortunately...but they definitely will not close your other bank account. As it happened, I have a current account with just 2 DDs on it, so I have authorised them to transfer those.