Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

ylesia wrote: »

I don't have any direct debits on my account but as I have £750 going in every month then I fulfil the criteria. I would have thought that once you meet the criteria of £750 going in every month for 3 months then the direct debits will not matter.

Although the Flexclusive ISA requires the existence of a Nationwide Flexaccount, in order to qualify, the Flexclusive T&Cs do not require any direct debits/standing orders/bill payments on the Flexaccount.

However, if you wish to transfer an existing current account with another provider to Nationwide in order to qualify for the Flexclusive ISA it is is necessary to use Nationwide's automated transfer process. A condition of that process is that the account you transfer must have have a direct debit or standing order or bill payment on the account you wish to transfer; one should be sufficient.

If that current account with another provider has no direct debits or standing orders I would suggest setting up a few manual bill payment mandates on the current account, so that Nationwide can then transfer it to a Nationwide Flexaccount!. That way, you will not have to wait three months in order to qualify for the Flexclusive ISA.

Remember, however you qualify for the Flexclusive ISA (be it by account transfer or existing Flexaccount with deposits of at least £750/month for three months) you will still have to meet the £750 credit into your Flexaccount (in future months) in order to continue to qualify for the Flexclusive ISA.

I have been rotating monies between my Flexaccount and a savings account with Derbyshire BS (also part of Nationwide) for some months now just to ensure that I qualify for free European Travel Insurance, preferential savings rates and the 0.5% cashback on my Nationwide Select Credit card, when my earnings dropped to zero - these are just some of the 'Flexclusive' offers that Nationwide have...

http://www.nationwide.co.uk/current_account/compare_us.htm


Transfers between Derbyshire's savings account and Nationwide Flexaccount can be done on-line and by FPP which, on the occasions I have used it, has been instantaneous.

Gromitt

I completely agree with you, Paul. I was also told the same - a "successfull account transfer" is the transfer of an account which has at least 1 SO or DD. Once this has been done you have 3 months to meet the criteria (and they'll check). If you already meet the criteria (have been paying in £750 for the last 3 months) then you don't need any DDs or SOs active.

I wonder if they'll realise that one of my SOs I'm transferring is actually to my NW FA, and the DD is for my NW mySave account?

Paul_Varjak

I don't think it matters two hoots who the SO/DD are payable to.

There is a little point to a transfer if there are no direct debits, standing orders or bill payments to transfer. This is understandable, from Nationwide's point of view, even if they did not have Flexclusive offers; there is simply nothing to transfer.

Any credits going into the old account that you wish to be transferred to the Flexaccount, will have to be dealt with by you anyway, Nationwide cannot do that.

Paul_Varjak

Gromitt wrote: »

Walked in today, grabbed a form, filled it in and handed it back. Was asked if I have another current account as my FlexAccount isn't marked as "Main account". Said I was in the process of transferring and was told "Thats fine, I'll open the account now and post the pass book to you.". Perfect. Now I just need to start funding the account with £750/month and make it look like its my main account (they are going to check after 3 months apparently)

More misleading information from Nationwide staff. Where does it say in any T&Cs that this has to be your 'main' account?

Wammer

Our passbooks arrived yesterday with a letter to go in with ID to complete the signature requirements.

I called the Nationwide today to ask why they hadn't shown up on our internet banking and was told that they are having problems that their IT department are working on.

I also asked if the interest would be payable from the date it was opened, last Saturday 7th April, and was told that it would be.

borkid

innovate wrote: »

borkid - - easy to get round this.

Open another current account elsewhere (or use one that you have elsewhere). Set up standing orders between the two accounts, or just do manual transfers in the months in question. You can use the same money to make up the £750 - - e.g. withdraw and deposit the same £250 three times and you have deposited £750 from an external source.

Thanks I had realised I could do it that way but it would need to be transferred from our joint account and OH just wouldn't be bothered for the 'small' amount. I'm due to move house soon ie in a couple of weeks and have only lived in this house for 6 months so trying to open another account would be more bother, especially as I only have 1 CC which is paper billed and all household bills in OH name, no passport, although I do have a driving license. Most places seem to ask for 3 forms of ID these days. Thanks for taking the time to reply.

DragonQ

innovate wrote: »

Good point well made. Sorry I confused matters with the DDs - - here' the relevant extract from the T&Cs for eligibility

....who continue to hold a Nationwide FlexAccount with a Visa debit card (not a cash card+) and deposit at least £750 per month into the FlexAccount (excluding internal transfers) following the opening of the Flexclusive ISA.

Yes, if you pay in £750pm into a FlexAccount then it's all fine. But what about the other way of being eligible, which is to switch your current account to a FlexAccount. Surely there's some sort of condition attached to this, otherwise you could just switch and then switch back. All I know is that the account you're switching from needs to have at least one direct debit. Maybe once 4 months is up, you can cancel the direct debits because you'll have fulfilled the other criteria (pay in £750pm for the last 3 months) by then.

Paul_Varjak

DragonQ wrote: »

Yes, if you pay in £750pm into a FlexAccount then it's all fine. But what about the other way of being eligible, which is to switch your current account to a FlexAccount. Surely there's some sort of condition attached to this, otherwise you could just switch and then switch back. All I know is that the account you're switching from needs to have at least one direct debit. Maybe once 4 months is up, you can cancel the direct debits because you'll have fulfilled the other criteria (pay in £750pm for the last 3 months) by then.

A condition of ALL Flexcusive offers (not just the Flexclusive ISA) is that you continue to have a Flexaccount in which credit of at least £750 are made each month. If you close the Flexaccount or do not have £750 going in each month Nationwide can transfer the monies to one of their other ISA products.

Paul_Varjak

chads123 wrote: »

Confused

Long time nationwider, flex, cc, dd's etc

Last month transferred my last years Santander isa to this years and stuck in a few hundred too

Have I technically opened a new isa?

Want to withdraw and open a nationwide one.

Is it possible truthfully (or untruthfully by fibbing)?

Remember, the new ISA year started on 6 April, so if you have not added new monies from 6 April onwards you have not made any ISA contributions this tax year.

shackalak

When you open the ISA, you have to give your National Insurance Number on the application form. I have known people receive letters from the Inland Revenue to say they have made an invalid ISA contribution. Sometimes, this has come months down the line. If you have contributed to an ISA (even with only a few hundred pounds) in the current tax year, the company you have done this with is your current years ISA provider. Any additional contributions would be classed as invalid contributions and have to be closed (or at best lose their tax efficient status).

If you put the money in last month, it would have been in the last tax year so you would be clear to choose a different provider for this years contribution.