Nationwide Flexclusive ISA - 4.25%, instant access

Venusflytrap

I finally received my passbook last week with a letter saying to visit a NW branch with my proof of ID and address to complete the signature bit of the passbook?

I don't understand what this is about; anyone have a clue? Also the letter says that the passbook can be updated anytime in branch. Would this be a case of a member of staff looking at my account balance and penning it into the book? If so then I can do that myself!

luci

They need your signature (invisible) on the book so they can compare it when you make a withdrawal.

Venusflytrap

luci wrote: »

They need your signature (invisible) on the book so they can compare it when you make a withdrawal.

So...is my siggy already imprinted (somewhere) in the book for which they need me to countersign/verify with ID like my passport?

LittleVoice

Venusflytrap wrote: »

So...is my siggy already imprinted (somewhere) in the book for which they need me to countersign/verify with ID like my passport?

No. You will be asked to add your signature to the passbook when you take it in with your ID.

Gromitt

No, they can't transfer your signature from your application to your passbook. If you received the letter stating they need the signature you still need to do so (will appropriate id even if you had the flexaccount for the last 10 years)

You can't apply online. It's a branch-only account last time I checked (but some people managed to apply over the phone).

Gromitt

It can take a couple of days for the ISA to appear after your Flex account becomes available.

C_Mababejive

Just as an aside..check any previous e-isa's as some have now dropped to a paltry 1.75 %

rebuswad

Already had Flexaccount, waited until today to reach the 3*£750 pm eligibility criterea and went to branch to open.

They claimed I had to switch direct debit details from another account to be eligible. But the website reads :

This account is available to individuals aged 18 or over who hold a Nationwide FlexAccount with a Visa debit card (not a cash card+) and:

have been paying in £750+ (excluding internal transfers) a month for the last three months;

or

complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last four months,
and
who continue to hold a Nationwide FlexAccount with a Visa debit card (not a cash card+) and deposit at least £750+ per month into the FlexAccount (excluding internal transfers).

If you no longer meet the eligibility criteria we reserve the right to transfer the account to another ISA account within our range.

So the only criterea is to keep paying 750 pm.

They agreed with my reading of the terms, once I pointed out the website was clear, but said Head Office may knock the application back. Allied to the fact they have sent me letters in the past saying I am eligible for "main account holder" offers when I've deposited 3 months in a row, and I'm fairly sure it'll be fine.

Excellent service in branch, in and out in 20 minutes.

davefromkent_2

I opened mine on 7th April with £5640. So does this mean on 6th April 2013 I will earn £239.70 interest ( (5640 x 1.0425) - 5640) or will there be compound interest as well?

innovate

davefromkent wrote: »

I opened mine on 7th April with £5640. So does this mean on 6th April 2013 I will earn £239.70 interest ( (5640 x 1.0425) - 5640) or will there be compound interest as well?

The clue is in the acronym AER - Annual Equivalent Rate - which is 4.25% at present. But note it is variable - if the BoE rate changes, the Flexclusive AER will change - check the details on the Nationwide website.

If the BoE does not change this tax year, and you deposited £5,640 on April 6 2012, you can expect £239.70 on April 5 2013 (except I am not sure Nationwide actually pay interest on April 5 - but whenever they do, you will get 4.25% AER [variable]). If you deposited less, and/or later than April 6 2013, you will receive less than £239.70 but your interest will always be calculated using the applicable AER.