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Nationwide Flexclusive ISA - 4.25%, instant access
Comments
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Did you do the switching in branch then? My gf did it online.
Looking at the criteria, it says "complete" a transfer. I guess it depends on their definition of "complete".
Until it's showing in your account would be one way of viewing it.
Completing the form being you completing your end would be another way.
There seems to be a difference depending on whether the switch is done online or in branch. If done in branch, it certainly appears to be possible to initiate the switch and open the Flexclusive ISA in the same visit.
I started the switch online on 5th April and when I phoned to see when I could open the ISA, was told I had to wait until my account was designated 'Prime' but staff member did not know when that would be! :rotfl: SOs appeared in Nationwide 16th April and 1st DD appeared 19th April.
I managed to open Flexclusive ISA in branch 16th April but am still waiting for my Passbook0 -
Santander customers can get the normal cash isa rate of 3.3% boosted to 4.0% (accepts transfers), if you also have an investment with them. Need to discuss in branch with a financial adviser.
Now, as an investment, Santander also offer a 6yr Capital Bond: held offshore it is only subject to CGT, and the return is based on the growth in the ftse100 over 6yr period. If ftse100 is the same or higher it pays 50%. If ftse100 is lower it pays out 0.5%. So the return is simply a digital 50% or 0.5%. This is the best mid/long term low risk investment I could find in the market, and thought it was a typo until I went in branch. Santander FA will explain the risks.0 -
Santander customers can get the normal cash isa rate of 3.3% boosted to 4.0% (accepts transfers), if you also have an investment with them. Need to discuss in branch with a financial adviser.
Hang on - - there appear to be some potentially very unwelcome conditions associated with a 4% deal. At a minimum, it would be a 2-year fixed term deal (as per your website). But your post implies worse - some sort of an investment suggested by a bank adviser!! Should be enough to make anyone run a mile!Now, as an investment, Santander also offer a 6yr Capital Bond: held offshore it is only subject to CGT, and the return is based on the growth in the ftse100 over 6yr period. If ftse100 is the same or higher it pays 50%. If ftse100 is lower it pays out 0.5%. So the return is simply a digital 50% or 0.5%. This is the best mid/long term low risk investment I could find in the market, and thought it was a typo until I went in branch. Santander FA will explain the risks.
Santander FA will "explain" until (s)he is blue in the face that their deal is fantastic / best for you / unbeatable blah blah blah.
Bank staff have generally received good training / good scripts for their bank's offers but can never ever give you impartial advice because their only interest is in selling you the bank's offerings.
Reported jakeblade's post as spam.0 -
2sides2everystory wrote: »Thought I'd better report my experience in the right thread for the benefit of anyone out there wondering how much hassle it is and how long it takes to persuade NW that a little used Flexaccount is now "prime" as they call it (my 'main account') and for the Flexclusive to appear online alongside the other accounts.
I applied online at https://www.nationwide.co.uk last Thursday 19th April to 'transfer' my little used Santander account (which had just had a couple of hastily created standing orders set up in it so as not to be rude!) to NW. You need to be logged in to do it (naturally) - then just click on your Flexaccount and after that choose the left menu item "Make this my main account" and fill in the online form.
On Friday 20th April I did two things optimistically- I transferred the necessary cash into my Flexaccount
- I went to a local NW branch armed with debit card and NINo and said what I was trying to do and was given a 2 side paper Flexclusive ISA application form to complete while I was there and handed it over to be actioned by the branch staff.
I checked online on Monday and Tuesday and nothing had stirred. On Wednesday my Flexaccount showed that the cash had gone out as a Branch or Cash Machine Withdrawal which was slightly disconcerting as it looked like a one-legged transaction. No sign of any new ISA account.
No change yesterday, Thursday.
Then today the new Flexclusive showed for the first time online with a transaction described as25 Apr 2012 Cash credit Credit 20 April 2012Voila! Sorted
Naturally I have had to set up standing orders to create the necessary £750pm throughput on the Flexaccount in order to keep it qualified as "Prime" and I guess that I may now sit back and look forward to the other fruits of having a qualifying Flexaccount such as free European travel cover and rekindled no fee ATM withdrawals in Europe is it?
Thanks for the update
Your experience is similar to mine, but achieved in a shorter time overall, partly due to Bank Holidays and my inability to get to a branch sooner:(.
However, my 'switch' has gone very smoothly so far. I will of course be keeping an eye on both Nationwide and Santander over the next few months to make sure there are no duplicated payments :eek: I'm keeping Santander account open - just in case they come up with any new offers:).
edit My Passbook also arrived today0 -
Hang on - - there appear to be some potentially very unwelcome conditions associated with a 4% deal. At a minimum, it would be a 2-year fixed term deal (as per your website). But your post implies worse - some sort of an investment suggested by a bank adviser!! Should be enough to make anyone run a mile!
Santander FA will "explain" until (s)he is blue in the face that their deal is fantastic / best for you / unbeatable blah blah blah.
Bank staff have generally received good training / good scripts for their bank's offers but can never ever give you impartial advice because their only interest is in selling you the bank's offerings.
Reported jakeblade's post as spam.
Not spam - will start off my own post, thanks for the warm welcome. BTW, I went into the branch purposefully to discuss the investment as it seemed to good to be true, and so I had to sit through the FA "advising" me. I do all of my own investment research thank you very much. The 4.0% ISA was then thrown in at the end as a boost to the instant access 3.3% ISA, which made me even happier once I had found out that the investment wasn't too good to be true, or a typo error. I found this out by talking to real people using my real physical mouth. Banks offer these special products to existing customers all the time.0 -
Did any of you just pop in and got a brand new FlexAccount with Visa Debit card? Did any of you asking for a brand new account get offered a Cash Card Plus instead (which doesn't qualify you for the ISA)? Well, I got denied the Visa Debit. They said they're a "very strict lender" (I wasn't asking for an overdraft or loan or anything - guess the problem is that Visa Debit is a credit card in disguise). Going over the Internet, it also doesn't look like I'm special in anyway (people get offered CashCard+ by Nationwide all over the Internet). Well, I took the CashCard+ anyway, just to build some trust
Costs me nothing (except time) to do this. So no Nationwide ISA for me this year. Maybe next?
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Use your account for 6 months (don't just let it stay dormant) and you'll probably be upgraded to the Visa card.0
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Strange that one as my gf went in & asked as she'd transferred her direct debits, could she apply now or did she have to wait for the direct debits to show in her Nationwide account before she could apply.
She was told she'd have to wait until they'd come over from Santander.
Just the confusion that reigns at NW between its advisor's one tells you one thing, ask another and you get a different story!
:beer: Thanks for all the tips and sharing experiences on this thread :beer:
A week after being told by my branch I could not transfer only 2 DD's [2nd phone call to NW said I could] to make my Flexaccount a 'prime' account to eligible for the flexclusive ISA, I now have it showing online!:T
SO the moral of this IF you don't get the answer/service you want the first time, hang up and redial and speak to another advisor!0
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