Nationwide Flexclusive ISA - 4.25%, instant access

badger09

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 applied online on 5th April to switch DDs so that our Flexaccount would be classed ad our 'Main' account. Process could take several weeks, but I went into branch today and successfully opened my Flexclusive ISA.

My advice, to save time, would be to go into a branch if you can. That way, I understand from other posters, that you can apply to switch DDs and open Flexclusive ISA at the same time.

badger09

Paul_Varjak wrote: »

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

In this instance, you are wrong.

As a long term holder of a Flexaccount, whenever I logged into my account I was presented with the option to 'Make this account my main account' by using Nationwide's switching service.

In recent phone calls to Nationwide to check progress with switching (in order to qualify for the Flexclusive ISA) I was told that my Flexaccount had to be showing on their systems as a 'Main' or 'Prime' account.

badger09

Paul_Varjak wrote: »

I agree. This deal is too good to miss no matter which way the base rate goes; in fact, I think it is so good, there is no guarantee that this account will be available to new savers in six months time or even tomorrow!

I opened mine this morning and picked up an application form for my husband. I was told not to delay returning his completed form as the account would be withdrawn on 6th May :eek:

Paul_Varjak

badger09 wrote: »

In this instance, you are wrong.

As a long term holder of a Flexaccount, whenever I logged into my account I was presented with the option to 'Make this account my main account' by using Nationwide's switching service.

I think Nationwide presented that screen because you never switched any non-Nationwide account (with its associated Direct Debits/Standing Orders/Bill Payments) to Nationwide using their switching service and/or you had no Direct Debits/Standing Orders/Bill payments set up on the account at that time.

And you don't need Direct Debits/Standing Orders/Bill Payments on the Flexaccount to qualify for the ISA, as long as you have had £750/month go in for at least three months. That £750 does not need to be from any earnings or other income payments; your main current account could still be with another institution and the £750 credit may be the only credit going into the Nationwide Flexaccount each month (which can then instantly be transferred back again to where it came from). I have been doing that for six months, but I still qualified for the Flexclusive ISA!

Paul_Varjak

badger09 wrote: »

I opened mine this morning and picked up an application form for my husband. I was told not to delay returning his completed form as the account would be withdrawn on 6th May :eek:

They may be right or wrong. Nationwide staff have been providing very dubious information on this ISA.

There is a fair chance that if, by May 6th, Nationwide remain the market leader with this product by the huge margin they have at present, then it could well be pulled.

badger09

Paul_Varjak wrote: »

I think Nationwide presented that screen because you never switched any non-Nationwide account (with its associated Direct Debits/Standing Orders/Bill Payments) to Nationwide using their switching service and/or you had no Direct Debits/Standing Orders/Bill payments set up on the account at that time.

And you don't need Direct Debits/Standing Orders/Bill Payments on the Flexaccount to qualify for the ISA, as long as you have had £750/month go in for at least three months. That £750 does not need to be from any earnings or other income payments; your main current account could still be with another institution and the £750 credit may be the only credit going into the Nationwide Flexaccount each month (which can then instantly be transferred back again to where it came from). I have been doing that for six months, but I still qualified for the Flexclusive ISA!

I am aware of the conditions for opening the Flexclusive ISA, thank you

None of your comments above alter the fact that Nationwide themselves refer to 'Main' account; hence, in this instance, 'Main' account is not a misnomer, nor is it totally meaningless, despite your assertion to the contrary.

Paul_Varjak

badger09 wrote: »

I am aware of the conditions for opening the Flexclusive ISA, thank you

None of your comments above alter the fact that Nationwide themselves refer to 'Main' account; hence, in this instance, 'Main' account is not a misnomer, nor is it totally meaningless, despite your assertion to the contrary.

They just choose define a 'main' account as an existing account which has had at least £750/month being credited OR a new account which has been opened using their switching service. That does not mean it is your MAIN current account.

Staff may tell you it has to be your 'main' account; by the general meaning of the term that is nonsense. The Flexaccount I use to qualify for the Flexclusive ISA (and the other Flexclusive benefits, such as their 0.5% cashback credit card and free Travel insurance) is certainly not my 'main' account.

You will find others on this forum who also make use of Flexclusive benefits without having their Flexaccount as their 'main' account; in fact, many have 'main' current accounts (by Nationwide's definition) with other institutions in order to qualify for the benefits offered there (First Direct's 8% regular saver springs to mind)

Hooloovoo

I still have a "make this my main account" button on my online banking even though I have been confirmed as a "prime" Flexaccount holder when handing in my ISA application form.

About three years ago I did go through the Nationwide switching service and it was my main account.

But for the past 8 months I have been using another bank as my main account and I no longer have any direct debits on my Nationwide account. The only reason I still qualify as a "prime" account holder is because my mortgage is with Nationwide and so the required amount of money has still been going through my Flexaccount.

Paul_Varjak

Hooloovoo wrote: »

I still have a "make this my main account" button on my online banking even though I have been confirmed as a "prime" Flexaccount holder when handing in my ISA application form.

About three years ago I did go through the Nationwide switching service and it was my main account.

But for the past 8 months I have been using another bank as my main account and I no longer have any direct debits on my Nationwide account. The only reason I still qualify as a "prime" account holder is because my mortgage is with Nationwide and so the required amount of money has still been going through my Flexaccount.

This exactly why any suggestion that the Nationwide Flexaccount has to be the 'main' or 'prime' account is a nonsense. If you have at least £750 going into the account every month, you will qualify for the Flexclusive ISA and all the other Flexclusive benefits.

Hooloovoo

Paul_Varjak wrote: »

This exactly why any suggestion that the Nationwide Flexaccount has to be the 'main' or 'prime' account is a nonsense. If you have at least £750 going into the account every month, you will qualify for the Flexclusive ISA and all the other Flexclusive benefits.

Agreed, mostly.

They use the terms "main" and "prime" as though they are synonyms when that is not the case at all.

Referring to a customers account being "prime" does make sense based on the stated requirements.

But that doesn't have any impact at all on whether it is a "main" account as far as the customer is concerned.