Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

KTF wrote: »

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.

I mis-read your earlier post. Yes you could do that but being able to transfer monies to the Flexcusive from another Nationwide ISA would depend on Nationwide's own rules on consolidation. It may be that they limit consolidation to monies already held with them on 5 April this year

Luckily, all my ISA monies are already with Nationwide and I did not add to any existing cash ISA this year, before opening the Flexclusive ISA.

Paul_Varjak

I have now queried with Nationwide on whether existing Nationwide ISAs can be consolidated into the Flexclusive ISA after the Flexclusive ISA has been opened. I am now told they CAN NOT and that the previous calls will be listened to and I will be called back within 24 hours!

KTF

I didnt think that would be the case otherwise they would leave themselves open to a large influx of money and there is no mention of it in the product details.

Thanks for clarifying it.

Paul_Varjak

KTF wrote: »

I didnt think that would be the case otherwise they would leave themselves open to a large influx of money and there is no mention of it in the product details.

Thanks for clarifying it.

Yes, you are right, that is why I clarified it with them. The person O spoke to read directly from their information that shows transfers-in and the consolidation of Nationwide existing ISAs is not allowed.

Anyway, they had already agreed to send out a consolidation form, so I will complete it and return it and see what happens!

le_loup

Paul_Varjak wrote: »

But if the e-ISA was opened in a previous tax year and it has not been funded this tax year he can open the Flexclusive ISA (with new monies) and then consolidate the e-ISA into the Flexclusive ISA.

Ah! That's the bit that was missing.
People are likely to have E-ISAs with prior years money, those cannot be consolidated.

Paul_Varjak

le_loup wrote: »

Ah! That's the bit that was missing.
People are likely to have E-ISAs with prior years money, those cannot be consolidated.

But three Nationwide agents told me that my current e-ISA (from a previous tax year) could be consolidated and they even arranged to send a consolidation form. The information they have given me has turned out to be incorrect.

The Flexclusive ISA can only be funded with entirely new monies. Transfers-in and consolidations are not allowed.

ylesia

Paul_Varjak wrote: »

But three Nationwide agents told me that my current e-ISA (from a previous tax year) could be consolidated and they even arranged to send a consolidation form. The information they have given me has turned out to be incorrect.

The Flexclusive ISA can only be funded with entirely new monies. Transfers-in and consolidations are not allowed.

Oh well, back to my original understanding. Thought it was too good to be true

DragonQ

Yeah I highly doubt someone could open an Online ISA Issue 4, fund it purely with previous years' money, then consolidate that into a Flexclusive ISA, which was opened with this tax years' money. That'd be a massive loophole that'd allow some people to have massive sums getting 4.25%, which is clearly not the point of the account.

davefromkent_2

Opened mine in branch on Saturday, hasnt appeared online yet and the money is STILL sitting in my flex account. Anyone else in this situation?

DragonQ

To be fair, this is only the 3rd working day since Saturday. I'd give it until the weekend personally.