Nationwide Flexclusive ISA - 4.25%, instant access

ylesia

Kets wrote: »

I've tried transfering a nominal amount of £10 and all seems to work in that the balances are updated correctly.

Wheter it remains the case is anyones guess?

I thought an easy way to check and see would be to look and see what your "remaining allowance" is showing as. Obviously if it had gone by £10 then that would be your answer but it seems that Nationwide don't give that information online (unless I am blind and can't see it - Halifax have it displayed very obviously so was expecting something similar).

I would wager that you have just used £10 of your current allowance if I were a betting woman!

Kets

Ok, I guess I will have to check with them tomorrow to see what the exact situation is.

Paul_Varjak

DreamerV wrote: »

Thanks Paul. I did open by phone. The letter with the slip says to sign it and send it back and provides an envelope to do so? Is it just a standard thing that comes out when you open an account by phone then?

The signature slip is required for bonds and this ISA is being processed by the bonds department; I am told that is why the slip is enclosed. I am also told by a knowledgeable member of Nationwide staff that you can ignore it.

Paul_Varjak

I would be very wary about transferring funds from your e-ISA to your Flexclusive ISA on-line!

Paul_Varjak

ISA Transfers can only be done by a request to your provider - that includes transfers between different ISA accounts with the same provider. I don't believe that an on-line transaction is a valid request for such a transfer...

Nationwide_Internet_Banking wrote:

Important information - any funds that are withdrawn from an ISA and credited to a non-ISA product are no longer considered to be tax-free savings. They can only be added to another ISA as part of your annual ISA allowance. You should not withdraw funds that you wish to transfer to another ISA; instead you will need to contact the new provider who will arrange the transfer for you. This includes transfers to other Nationwide cash ISA products.

DragonQ

Finally, in the sixth letter I have received from Nationwide since I opened my account, I have my internet banking details. Just did a test transfer from my Lloyds TSB account and it happened in under a minute. Is it like an "internal transfer" cos they're owned by the same people or something (like with Lloyds TSB and Halifax)?

£5640 in my Flexclusive ISA, finally it's done!

Paul_Varjak

DragonQ wrote: »

Finally, in the sixth letter I have received from Nationwide since I opened my account, I have my internet banking details. Just did a test transfer from my Lloyds TSB account and it happened in under a minute.

Yes. transfer are fast these days, and all bank/buildings societies now have faster payments but there are monetary limits on this faster process and you may find that if you do a transfer of the full ISA allowance (£5,640) it may not transfer until the end of the following working day.

DragonQ

Paul_Varjak wrote: »

Yes. transfer are fast these days, and all bank/buildings societies now have faster payments but there are monetary limits on this faster process and you may find that if you do a transfer of the full ISA allowance (£5,640) it may not transfer until the end of the following working day.

Ah well my transfer of £5637 completed instantly.

I know about faster payments but in my experience, that still takes anywhere between 10 minutes and a few hours if going between different banks. The only inter-bank transfers I've seen being instant are between Lloyds TSB and Halifax, because they now use the same internet banking system.

Paul_Varjak

I have transferred small sums (around £400) from Derbyshire (owned by Nationwide) to my Flexaccount for the past few months and this takes just seconds!

But when I transferred £5,640 from the same Derbyshire account to my Flexaccount yesterday it certainly never happened that day!

Frank121

Now this is interesting!

I asked Nationwide to transfer my current account from LTSB. I just transferred 2 DD's from my First Direct account to LTSB and then asked Nationwide to transfer them.

To my surprise LTSB contacted me and offered me £150 M&S or John Lewis vouchers not to transfer the DD's. It's really strange as I just moved these DD's to LTSB and they haven't even been paid out yet.

Naturally I accepted...that's a very good offer lol! I dunno how long I should keep the DD's active for but I will prob move them back to First Direct once I have my vouchers safely in my hand.

Now to find another current account to transfer to Nationwide.

Cheers.
Frank