Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

KTF wrote: »

You you could open an e-ISA, do a transfer in of other ISAs from other providers into that then transfer the whole lot into the flexclusive ISA and have a substantial chunk earning 4.25%?

No, you could not do that as the the opening of the Flexclusive ISA has to be done with new monies.

However, if the e-ISA had been opened in a previous tax year and no monies had been added to that e-ISA this tax year, you could open a Flexclusive ISA with new monies (£1 - £5640) and then consolidate the e-ISA into the Flexclusive ISA.

Paul_Varjak

ylesia wrote: »

Well that's a new one on me! Surely that leaves them open to people transferring from other providers to a different nationwide Isa and then consolidating?

Only if they have an existing Nationwide ISA opened in a previous tax year and have not already funded that ISA this year.

KTF

Paul_Varjak wrote: »

However, if the e-ISA had been opened in a previous tax year and no monies had been added to that e-ISA this tax year, you could open a Flexclusive ISA with new monies (£1 - £5460) and then consolidate the e-ISA into the Flexclusive ISA.

This is no different to opening an e-ISA in this tax year and funding it with a transfer rather than new money then transferring over to the Flexclusive ISA.

Or are you saying that only previous tax years Nationwide ISAs can be consolidated into the Flexclusive ISA?

Paul_Varjak

KTF wrote: »

But is you open the e-isa with a transfer then you are not adding in new funds. You can open more than one ISA per tax year but only fund one with new money. Transfers are not new money.

You can only open ONE cash ISA in any one tax year.

Paul_Varjak

KTF wrote: »

This is no different to opening an e-ISA in this tax year and funding it with a transfer rather than new money then transferring over to the Flexclusive ISA.

Or are you saying that only previous tax years Nationwide ISAs can be consolidated into the Flexclusive ISA?

Read carefully what I have said! The Flexclusive ISA has to be OPENED WITH NEW MONIES! That precludes you from opening a Flexclusive ISA if you have already funded a cash Isa this tax year.

Only once the Flexclusive ISA is opened (and funded with at least £1 of NEW monies) can you consolidate any existing Nationwide ISAs (from previous tax years) into the Flexclusive ISA.

KTF

No, you can open as many as you like but only put new money into one.

i.e. I have a flexclusive ISA at the moment and ISAs from previous years. I am free to open another cash ISA (with Nationwide or whoever I want) which offered a better rate for my previous years ISAs and transfer in the previous years cash ISAs into it.

So I would have opened 2 cash ISAs this year but only funded (put new money) into 1. The other is just transfer money which is allowed under the rules.

bondy01

KTF wrote: »

Or are you saying that only previous tax years Nationwide ISAs can be consolidated into the Flexclusive ISA?

Will be following this with (no pun intended) interest. Got over 10k in an e-isa and the max in a flexclusive. Be nice if I could get over 16k at 4.25%. Had intended moving that money to the online isa when the bonus finishes in a couple of months. First person to achieve this please post.

KTF

Paul_Varjak wrote: »

Read carefully what I have said! The Flexclusive ISA has to be OPENED WITH NEW MONIES! That precludes you from opening a Flexclusive ISA if you have already funded a cash Isa this tax year.

Only once the Flexclusive ISA is opened (and funded with at least £1 of NEW monies) can you consolidate any existing Nationwide ISAs (from previous tax years) into the Flexclusive ISA.

This is not what I am discussing.

I am discussing the possibility of opening another Nationwide ISA, transferring existing ISAs into that then transferring them again into the (previously opened and funded) Flexclusive ISA as you suggest that you can do this.

ylesia

bondy01 wrote: »

Will be following this with (no pun intended) interest. Got over 10k in an e-isa and the max in a flexclusive. Be nice if I could get over 16k at 4.25%. Had intended moving that money to the online isa when the bonus finishes in a couple of months. First person to achieve this please post.

Give them a call and see how you go! You might be the first unfortunately all my existing isa money is with Halifax. I know someone in the same position as you though - sending them a text right now!

ylesia

KTF wrote: »

This is not what I am discussing.

I am discussing the possibility of opening another Nationwide ISA, transferring existing ISAs into that then transferring them again into the (previously opened and funded) Flexclusive ISA as you suggest that you can do this.

That's what I was getting at as well was going to open the Santander 3.5% fixed for my existing isa money but might just phone nationwide and see what they say!