Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

Received a call from Nationwide - they wanted to clarify my queries about the Flexclusive ISA. This is what they said...

1. The guaranteed bonus is 2% until 31/10/2013!

2. After the guaranteed bonus ends on 31/10/2013 the rate would be fixed at 2.25%

And this was supposed to be a clarification?

gerjomarty

Hey guys, sorry if this has been mentioned already (couldn't see any mention).

I've got a FlexAccount already, and wanted to just transfer some DDs from my other account to open the Flexclusive ISA. Does this particular type of transfer need to be done over the phone, or can this be done through Nationwide's internet banking?

rexel

Paul_Varjak wrote: »

Received a call from Nationwide - they wanted to clarify my queries about the Flexclusive ISA. This is what they said...

1. The guaranteed bonus is 2% until 31/10/2013!

2. After the guaranteed bonus ends on 31/10/2013 the rate would be fixed at 2.25%

And this was supposed to be a clarification?

the rate is only guaranteed for six months it will then go down to 2.25% its a bit off a con to get people open a current account

Paul_Varjak

gerjomarty wrote: »

Hey guys, sorry if this has been mentioned already (couldn't see any mention).

I've got a FlexAccount already, and wanted to just transfer some DDs from my other account to open the Flexclusive ISA. Does this particular type of transfer need to be done over the phone, or can this be done through Nationwide's internet banking?

If you have had at least £750 going in to your Flexaccount for the past three months you won't need to do an account transfer.

If you have not had at least £750 going into the Flexaccount each month for the last three months you will have to use Nationwide's Account Transfer Service detailed here..

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

Hooloovoo

rexel wrote: »

the rate is only guaranteed for six months it will then go down to 2.25% its a bit off a con to get people open a current account

Every single statement in that post is wrong.

Paul_Varjak

rexel wrote: »

the rate is only guaranteed for six months it will then go down to 2.25% its a bit off a con to get people open a current account

The point I was making is the misinformation from Nationwide. The bonus is actually 2.25% (not 2% as they claimed on the phone today).

The bonus rate is guaranteed until 31/10/2013, so that is, currently, over 18 months.

Paul_Varjak

ylesia wrote: »

Quoting for Paul, this is the post I was refering to. I am not going to quote all the subsequent replies but this is on page 9 or 10 so feel free to have a look.

I fully understood the rate guarantees but your initial post contained a statement that was clearly incorrect, no matter what query you were attempting to answer.

gerjomarty

Paul_Varjak wrote: »

If you have had at least £750 going in to your Flexaccount for the past three months you won't need to do an account transfer.

If you have not had at least £750 going into the Flexaccount each month for the last three months you will have to use Nationwide's Account Transfer Service detailed here..

<link removed>

Thank you. Yeah, need to go for the switching option, which is why I'm asking about it.

If I only want to transfer direct debits (and not salary, standing orders, etc.), do I need to call Nationwide, or does their online switching service provide for this?

Also it looks like people have had to wait for the switch to happen before their account is designated as the "main" one, I'm guessing.

ylesia

Paul_Varjak wrote: »

I fully understood the rate guarantees but your initial post contained a statement that was clearly incorrect, no matter what query you were attempting to answer.

I give up! Paul, i have already addressed that part of your post! You then went on to say that it wasn't clear what I was clarifying so I quoted the original post to make it clear for you!

Paul_Varjak

gerjomarty wrote: »

Thank you. Yeah, need to go for the switching option, which is why I'm asking about it.

If I only want to transfer direct debits (and not salary, standing orders, etc.), do I need to call Nationwide, or does their online switching service provide for this?

Also it looks like people have had to wait for the switch to happen before their account is designated as the "main" one, I'm guessing.

I think you will find you have to transfer ALL direct debits/standing orders/bill payments from your old account; nothing to stop you moving your standing orders elsewhere before you do the switch.

Any third party credits (e.g. salary) cannot be switched by Nationwide anyway. So, you don't have to switch these, but you do need to ensure that £750 goes into the Flexaccount each month after the switch.

"Main' account is a misnomer - it is totally meaningless.