Nationwide Flexclusive ISA - 4.25%, instant access

le_loup

Interest on this account will be paid on 31st October each year.

Gromitt

le_loup wrote: »

Interest on this account will be paid on 31st October each year.

And the fixed rate of 4.25% just happens to end on the 31st October 2013

Nice little trick there Nationwide, prevent people from putting fresh money in another ISA in the 2013/14 tax year, but pay crap interest from November onwards. So we'll now have to decide whether to transfer to another ISA (typically at a lower interest than "new money only" ISAs) or don't invest in Nationwide's ISA from April 2013.

btw davefromkent, rather than (5640 x 1.0425) - 5640, its easier to just do 5640 * 0.0425 - you'll get the same result

innovate

Gromitt wrote: »

Nice little trick there Nationwide, prevent people from putting fresh money in another ISA in the 2013/14 tax year,......

Just because you have the Flexclusive doesn't prevent you from opening a brand new ISA any time from April 6 2013. Although it might encourage you to put some or all of your 2013-2014 contribution into it.

Let's see what the interest rates are next April - may be sticking with the Flexclusive looks a good option then, may be it doesn't.

I am sure we'll all have lots of fun again shopping around for what suits us best.

DragonQ

If interest rates stay like they are now, it'll definitely still be worth depositing the 2012-13 tax year money in this Flexclusive ISA. 4.25% for 7 months + 3.3% for 5 months is better than 3.5% for 12 months.

leaphaze

Savings_Dave wrote: »

What a strange coincidence as I've been saving for the 2012-2013 tax year's allowance via Flexaccount at Nationwide as I've been looking for a new ISA. I've been depositing since February, so may not qualify for another month will check out next week see what they say...

I popped into Nationwide last week and heard a cashier tell a customer that a new fixed rate ISA paying 4.2% was available - I thought I had misheard :eek:

Hopefully you haven't been using your flexaccount to build up your money since the interest rate is 0%!

davefromkent_2

DragonQ wrote: »

If interest rates stay like they are now, it'll definitely still be worth depositing the 2012-13 tax year money in this Flexclusive ISA. 4.25% for 7 months + 3.3% for 5 months is better than 3.5% for 12 months.

Yes I agree, if this year is anything to go by, I plan to:

- open the best ISA that accepts transfers in on April 1st 2013 (when my Santander ISA @ 3.3% drops) and transfer that over

- fund any new money to the Flexclusive ISA @ 4.25% (unless there's a new market leader that's miles ahead) on 6th April 2013

- transfer the Fleclusive ISA to my new ISA that accepts transfers in at the end of October 2013

itzmee

le_loup wrote: »

Interest on this account will be paid on 31st October each year.

Website states that interest is paid annually on 30 September. I was also told this when I applied.

plunt

rebuswad wrote: »

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.

I got told the same thing on the phone with them. but then i pointed out i was a student and my main income would be from parents and that it says that was the only criteria online. if it gets bounced please let us know. I know if mine gets bounced i will be pushing further up the chain and the OFT. Power in numbers! this reminds me of when lloyds had their secret 3% account when they changed their vantage conditions! my big worry is that my third payment of 750 wont come till the 1st of next month (as i think will be the case with a lot of savy investors) but in that time they may pull the plug! so it will become a race.

le_loup

itzmee wrote: »

Website states that interest is paid annually on 30 September. I was also told this when I applied.

Will you point me to that please?

plunt

le_loup wrote: »

Will you point me to that please?

"Interest is paid annually on 30 September either into the account, a Nationwide account (excluding Regular Savings) or a current account with another bank or building society."

http://www.nationwide.co.uk/savings/legal.htm?acc=isas#savingsTop

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