Nationwide Flexclusive ISA - 4.25%, instant access

innovate

lolly5648 wrote: »

If I want to open an ISA today can I do it all in the branch, ie if I take in a cheque and identity or does it have to go to Head Office to be approved?

don't think a cheque will necessarily clear in time (before the interest rate cut). From the T&Cs:

Banking of cheques for payment will at all times be subject to the rules, and clearing processes, of any cheque clearing system(s) used by us. There are three elements in the cheque clearing cycle:

1. clearing for interest (when we start paying interest on any cheque you deposit with us);
2. clearing for withdrawal (when we will allow you to withdraw against any cheque you deposit with us);
3. clearing for certainty (when you can be certain that we will not debit any cheque you deposit with us which is returned unpaid (unless you are a knowing party to fraud), without your permission).

The period of each of the above elements is detailed below


......


Interest paid from:
The start of the 2nd working day following the day of deposit. If a cheque is paid in to the account on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day.

lolly5648

lolly5648 wrote: »

If I want to open an ISA today can I do it all in the branch, ie if I take in a cheque and identity or does it have to go to Head Office to be approved?

Thanks for your replies libra10 and innovate. I transferred money online from Natwest to Nationwide at 2.30 (thank goodness for faster payments), got to the branch at 2.50 and walked out at 3.10 with the a/c opened and a passbook.

DragonQ

rmcc89 wrote: »

Somewhere in this thread, someone mentioned Standing Orders of £750 into the Flex Account each calender month, and Standing Orders of £750 out of Flex Account back to it's original place. Someone suggested Faster Payments instead, but will this fly little trick really duck under the Nationwide radar?

Would this work?

Why wouldn't it work? They don't enforce "this must be your salary", it just has to be £750+ being deposited each month into your FlexAccount from a non-Nationwide account.

I do it manually but I guess you could use a standing order if you're sure you're gonna have £750 in your non-Nationwide account on a set date each monh.

Paul_Varjak

Nationwide drops interest rate on its Flexclusive ISA to 3.5% - Existing savers unaffected.

http://www.guardian.co.uk/money/2012/may/10/nationwide-building-soceity-isa-interest-rate?newsfeed=true

rebuswad

plunt wrote: »

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.

My account has been set up successfully so 3 * £750 pm was enough despite what branch said. No need to change direct debits etc. Hope you are successful.

DragonQ

Has anyone else received interest yet? I got some on 29/09/2012 but I don't know why.

I thought the bonus was guaranteed until 31/10/2013, which would imply that some or all of the interest gets paid at the end of October, not the end of September.

KTF

I also have interest added on 29/9/12.

innovate

DragonQ wrote: »

I thought the bonus was guaranteed until 31/10/2013, which would imply that some or all of the interest gets paid at the end of October, not the end of September.

I wouldn't worry. The terms and conditions remain the same, regardless of when they add any interest.

DragonQ

Alright cool, was just worried that maybe I'd done something wrong and they were in the middle of changing my ISA to another product or something.

If others have interest too then it's fine.

le_loup

Interest is paid at the end of October.
Its in the T&Cs.