Nationwide Flexclusive ISA - 4.25%, instant access

MoneySaverLog

Paul_Varjak wrote: »

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?

Perhaps he mean't after April 5th?

Paul_Varjak

MoneySaverLog wrote: »

Perhaps he mean't after April 5th?

I think he/she may be a time traveller from May 2012, who thinks the new tax year starts on April 12.

Paul_Varjak

chads123 wrote: »

Sorry you're wrong . Scroll up. I asked at least twice 'have I opened a new isa', didn't I ? Did I say as you claim that I 'opened a new isa'? I think not.

I was clear as possible and re-clarified so if you're still confused, leave it to those who aren't.

I have a full 11/12 isa. When 12/13 was advertised I transferred the 11:12 in. Right? Then after this April, I shoved a couple hundred into the new 12:13 allowance. Right ? I questioned if this was classed as opening a new isa (twice, if you scroll up) because I wanted to open a nationwide.

Then a couple posters clarified (as they had understood what I meant)
And so, in my last paragraph of my previous post, I was reclarifying my understanding of the situation with them

If you have contributed monies to a Santander cash ISA after April 5 2012 you cannot simply open a Nationwide cash ISA and contribute to that in the tax year 2012-2013 as well; you would be breaking the ISA rules.

What you could do (assuming that Santander allow transfers out) is to transfer that ISA to Nationwide - but you could not put those monies into a Flexclusive ISA as the Flexclusive ISA does not allow transfers-in, you would have to transfer into another one of Nationwide's cash ISAs.

As someone else has already pointed out, you can have more than one Nationwide cash ISA savings product within an ISA wrapper. So, depending on what Nationwide's Flexclusive terms are (they seem to have some terms and conditions which are not published on-line) you may be able to open a Flexclusive ISA once the transfer-in has been made. If that is possible, you could then add the remainder of your 2012-2013 ISA allowance into the Flexclusive cash ISA.

For peace of mind, I suggest you rely on advice from Nationwide on that.

Paul_Varjak

chads123 wrote: »

And you're someone who thinks 'have I opened a new isa' means 'I have opened a new isa'. Correct?

By your own admission you transferred last year's ISA into this year's ISA - that would mean you must have opened a new ISA this year anyway!

innovate

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?

I am really sorry, but I think perhaps the one who is confused is yourself.

In your original post you tired to make us believe that you transacted in March 2012. Agrinnall then pointed out correctly that you wouldn't have been able to apply for 2012/2013 ISA before April 6 2012.

Now you are throwing in April 12. April 12 (2012) is not a particularly special date, other than that it is well in the 2012/2013 tax year, which started on April 6 2012.

If you deposited into your 2012/2013 ISA already, which it sounds as if you have, you have used part of your current tax year allowance. You are entitled to transfer this ISA, assuming your existing provider allows transfers (the 4.25% Nationwide ISA does not allow transfers in, though some of their other ISAs might). Also, you need to check the T&Cs of your existing ISA for any penalties that might come with a transfer.

You may or may not be able to transfer your Santander ISA to Nationwide. But regardless, you will not be allowed to deposit more than total of £5,640 this tax year, and you appear to have used some of your allowance already. The HMRC will know how much you deposited and will follow up with you if you break the rules.

May be you should do some numbers. You seem to want to bypass / contravene the law for what would, at the very best, amount to something like a £70 gain in interest. On the other hand, you could lose something like £250 if the HMRC declare your "second" ISA invalid.

chads123 wrote: »

I don't keep track of specific dated deposits and withdrawals unfortunately

You should - - everyone on top of their finances does. You can always ask your bank, or check online, they will have the exact dates. They will also report the exact dates to the HMRC.

I'd also suggest that you will get a lot of helpful responses here if you are precise, truthful and courteous with your questions.

Paul_Varjak

I think many staff at Nationwide will have a few aggrieved customers. The Flexclusive ISA was not announced until 7 April, so anyone making use of their ISA allowance on 6 April may well feel somewhat miffed.

It is never worth diving in and opening a new ISA on day one as all the players in the market will be looking at each other and bettering each other's deals.

I have still yet to see the Flexclusive ISA on MoneySupermarket.com, so I am very grateful that Martin spotted this deal!

evenasus

Paul_Varjak wrote: »

I think many staff at Nationwide will have a few aggrieved customers. The Flexclusive ISA was not announced until 7 April, so anyone making use of their ISA allowance on 6 April may well feel somewhat miffed.

It is never worth diving in and opening a new ISA on day one as all the players in the market will be looking at each other and bettering each other's deals.

I have still yet to see the Flexclusive ISA on MoneySupermarket.com, so I am very grateful that Martin spotted this deal!

If you check the first post on this thread, you'll notice the date was 3rd April.

You will often find new accounts being mentioned on this forum before they are announced by the Banks/Building Societies.

Paul_Varjak

chads123 wrote: »

Another poor confused soul. April 12 I clarified that I meant April 2012 not April 12th. I suggest you re read my posts in future or you'll look stupid

Certainly the last time I will attempt to offer advice to someone who comes to this forum seeking advice on how to to illegally open an ISA and then suggests we are confused and stupid!

Paul_Varjak

evenasus wrote: »

If you check the first post on this thread, you'll notice the date was 3rd April.

You will often find new accounts being mentioned on this forum before they are announced by the Banks/Building Societies.

I think it may be somewhat difficult to announce a new account on the forum before it is even announced by the bank/building society!

But you are right, there is an announcement on Nationwide's website dated April 3rd.

innovate

chads123 wrote: »

I was ask clear as I could be

I TRANSFERRED TO THE LATEST ISSUE OF SANTANDERS ISA WHEN IT BECAME AVAILABLE IN BRANCH IN THE FINANCIAL YEAR 11/12 AND THIS LATEST ISSUE IS THE BEST RATE NOW FOR THEM FOR 12/13

I didn't 'make' anyone believe anything. Why would I ? I am trying to find answers. Sorry I'm not sad enough to remember exact dates. I have a life and there are more important things in life, I suggest you try them. I know that I transferred £280 last week into my 12:13 Santander allowance

I'll find my own answers next time

No need to shout or be rude or trying to insult people, just because you weren't able to convey enough coherent information for anyone to answer your questions without asking for clarification.