Nationwide Flexclusive ISA - 4.25%, instant access

le_loup

Nationwide allows you to have as many accounts as you wish for ISAs. So, if a few hundred has gone in since 6th April you have opened and funded a current year ISA. BUT that does not stop you opening another ISA account (or more) and funding that PROVIDED over all the accounts you do no exceed this years total of £5,640.
IF you want you could withdraw money from the existing account and fund the new ISA but only for a total of £5,640 LESS the couple of hundred already used.

AirlieBird

chads123 wrote: »

I've funded the Santander for 12/13 and you can only open one a year?

Le Loup makes an interesting point. Nationwide correctly allow you multiple accounts into your ISA. To understand this the ISA is just a wrapper in which you can shelter accounts from tax. You are only allowed one ISA wrapper but you can place money into more than one account within that wrapper. Nationwide will allow you, for example, to have a variable rate e-ISA and a fixed rate ISA within the same ISA wrapper.

So, assuming that the Flexclusive ISA can be placed in the ISA wrapper with other Nationwide ISAs, you can transfer your Santander ISA to any Nationwide ISA accepting transfers. This will make Nationwide your ISA manager for this year and you will then be free to also open a Flexclusive ISA and deposit your remaining allowance into the Flexclusive ISA. This is perfectly allowable under ISA rules. BUT you must transfer any of this year's deposits you've already made elsewhere to any Nationwide ISA first.

chads123 wrote: »

Is there Like a database they check ?

All ISAs are reported to HMRC at the end of the tax year. At some point after that, usually in the Autumn in my experience, they will do a compliance check of the data and write to those who have broken the rules. You'll either get a slap on the wrist and told not to do it again, or your ISA manager will be instructed to remove the invalid money from your ISA along with any interest earned (which will also be taxed).

innovate

deleted because I hadn't properly read chads123 post

agrinnall

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)?

You can't have "Last month transferred my last years Santander isa to this years" because it only became possible to open a 2012/3 ISA from 6th April. So if you explain exactly what you did and when you did it you might get some advice more appropriate to your situation.

innovate

agrinnall wrote: »

You can't have "Last month transferred my last years Santander isa to this years" because it only became possible to open a 2012/3 ISA from 6th April. So if you explain exactly what you did and when you did it you might get some advice more appropriate to your situation.

v good point, agrinnall, we should all have spotted that inconsistency

Paul_Varjak

le_loup wrote: »

Nationwide allows you to have as many accounts as you wish for ISAs. So, if a few hundred has gone in since 6th April you have opened and funded a current year ISA. BUT that does not stop you opening another ISA account (or more) and funding that PROVIDED over all the accounts you do no exceed this years total of £5,640.
IF you want you could withdraw money from the existing account and fund the new ISA but only for a total of £5,640 LESS the couple of hundred already used.

Nationwide do allow as many accounts as you wish in a cash ISA but they all have to be Nationwide accounts. If chads123 has already funded a Santander cash ISA this tax year she cannot open a Nationwide cash ISA as well - it would have to be done by a transfer-in and that is assuming the Santander ISA allows transfers out.

wookie6

Can anyone tell me if by:

"Pay in £750 or more each month (excluding internal transfers) for the last 3 months"

This means that Nationwide has to be my primary account (i.e. The account my wages are paid into) or can I have my primary account with another bank and just pay in £750 a month into the Nationwide Flex account?

innovate

wookie6 wrote: »

Can anyone tell me if by:

"Pay in £750 or more each month (excluding internal transfers) for the last 3 months"

This means that Nationwide has to be my primary account (i.e. The account my wages are paid into) or can I have my primary account with another bank and just pay in £750 a month into the Nationwide Flex account?

There is no definition of a "primary" or "main" account, nor is it a condition that your salary gets paid into the account. You just need to pay (or have paid) £750 a month into your Flexaccount, from a non-Nationwide source.

Paul_Varjak

wookie6 wrote: »

Can anyone tell me if by:

"Pay in £750 or more each month (excluding internal transfers) for the last 3 months"

This means that Nationwide has to be my primary account (i.e. The account my wages are paid into) or can I have my primary account with another bank and just pay in £750 a month into the Nationwide Flex account?

There is no stipulation that it has to be your 'main' or 'primary' account. There is also no stipulation that it has to be funded by wages, salary or other earnings. You simply have to fund it from an external source

In my case, that external funding is from a Derbyshire BS savings account! And Derbyshire BS is part of Nationwide!

Paul_Varjak

chads123 wrote: »

I'll explained to the confused ones:

I filled my 11/12 Isa with Santander. They began advertising 12/13 before April 12 right ? So I transferred my 11/12 into the new 12/13 issue and after April 2012 I deposited a couple of hundred into my 12/13 allowance. Does that clear it?

So if I transfer that couple hundred into a lower rate nationwide isa and the remaining 12/13 allowance into the 4,25% one , I can?

In your original post you said you opened a new ISA last month and stuck in monies (without making clear when you stuck in those monies). You now attempt to clarify and say that you stuck in the monies after April 2012! So, do you mean IN APRIL 2012 or BEFORE APRIL 2012?