Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

ylesia wrote: »

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

If they can make mistakes in giving out information, they can also make mistakes in account processing. So, ask for consolidation form by phone or in the branch, fill it in and see what happens!

For years, my mother had direct debits direct from a savings account, until the branch realised their mistake!

Paul_Varjak

davefromkent wrote: »

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?

You will still earn interest from the day you opened the account.

Hooloovoo

Took my application in to local branch this morning. She said she would process it today and I would get the passbook in 7-10 days.

The money has already left my Flexaccount.

She confirmed that it will appear on my online banking and I can pay money in online, but I have to visit a branch and use the passbook if I want to withdraw. Fine by me, so long as I can pay in easily that's all that matters.

Paul_Varjak

I just enquired again about consolidating e-ISA into the Flexclusive ISA!

Apparently, Nationwide telephone sales staff have now received a memo informing them that consolidation is not allowed!

My existing e-ISA bonus ends in August, bringing the rate down from 3.10% to 1.75%. So, if I don't manage to consolidate, it looks like I will have to go for the Online ISA issue 4 with 3.10% guaranteed until 31 October 2013 (assuming there is at least £1,000 in the account).

Hooloovoo

Paul_Varjak wrote: »

My existing e-ISA bonus ends in August, bringing the rate down from 3.10% to 1.75%.

Not that it makes a huge amount of difference, but the bonus periods have been extended. You should have received a letter about it.

Depending on when you applied:

If your bonus expires 31/07/2012 then it has been extended until 30/09/2012.

If your bonus expires 31/08/2012 then it has been extended until 31/10/2012.

So I don't have to look to transfer my eISA until 30/09/2012.

Paul_Varjak

They never told me that bonus periods have been extended! I will still try to consolidate into Flexclusive if I can - much higher interest rate and longer remaining bonus period.

Paul_Varjak

Hooloovoo wrote: »

Took my application in to local branch this morning. She said she would process it today and I would get the passbook in 7-10 days.

The money has already left my Flexaccount.

She confirmed that it will appear on my online banking and I can pay money in online, but I have to visit a branch and use the passbook if I want to withdraw. Fine by me, so long as I can pay in easily that's all that matters.

I actually quite like the idea of not being able to withdraw on-line - it prevents impulse buys and from transferring money out of an ISA by mistake!

Paul_Varjak

I now know I was given the following misinformation about the Flexclusive ISA...

1. That I could use on-line banking for withdrawals (incorrect - on-line banking can only be used for deposits)

2. That I could consolidate my existing Nationwide e-ISA into the Flexclusive ISA once the Flexclusive ISA was opened (totally untrue)

3. That the guarantee of 1.50% interest above base rate lasted indefinitely (it only lasts until 01/01/2014)

Hooloovoo

Paul_Varjak wrote: »

They never told me that bonus periods have been extended! I will still try to consolidate into Flexclusive if I can - much higher interest rate and longer remaining bonus period.

It's on the web page, but due to the stupid forms-based selection procedure I can't link directly to the account for you.

I know I received a letter telling me the new expiry date, but knowing Nationwide they probably didn't get around to sending it to everyone. I refuse to bank with them any more, the only reason I still have my Flexaccount is because my mortgage has to be paid through it. I don't mind using them for savings but I got sick of the poor counter service for a current account.

Paul_Varjak wrote: »

I actually quite like the idea of not being able to withdraw on-line - it prevents impulse buys and from transferring money out of an ISA by mistake!

I agree - paying in online is important, and it's good not to be able to transfer out by mistake!

Hooloovoo

Paul_Varjak wrote: »

I now know I was given the following misinformation about the Flexclusive ISA...

1. That I could use on-line banking for withdrawals (incorrect - on-line banking can only be used for deposits)

2. That I could consolidate my existing Nationwide e-ISA into the Flexclusive ISA once the Flexclusive ISA was opened (totally untrue)

3. That the guarantee of 1.50% interest above base rate lasted indefinitely (it only lasts until 01/01/2014)

To be fair, all the information is stated correctly on the web page. These days I treat banking as I do when purchasing any other product - I ignore what the salesmen tell me and rely on my own research.

It's a sad state of affairs. When did service get so bad in this country?