Nationwide Flexclusive ISA - 4.25%, instant access

le_loup

davidm1 wrote: »

is it worth putting 2013/2014 allowance into this account(next april of course), and transfer it into the next best available (transfer in) ISA in October 2013?

In the absence of a better offer, that's exactly what I intend to do.
Teresa, you have misread the question.

Teresa_Green

le_loup wrote: »

Teresa, you have misread the question.

Have I? (Entirely possible....) please explain?

KTF

Teresa_Green wrote: »

Depends if they are going to allow Transfers in?

Adding new money (not from an existing ISA) is not a transfer in.

Teresa_Green

KTF wrote: »

Adding new money (not from an existing ISA) is not a transfer in.

OK, Thanks, so we will definitely be allowed to add full allowance to Flexclusive ISA from April 2013 but not Transfer in any previously existing ISAs?

I wasn't sure if adding any further funds would be allowed at all.

I need to check full account information, obviously!

Paul_Varjak

The Terms and Conditions of the Flexclusive ISA prevent transfers in from other cash ISA providers. But the terms and conditions do NOT prevent movement of monies between Nationwide ISA accounts.

If you want to transfer ISAs from other ISA providers into your existing Flexclusive ISA, the following tip may help...

Open a Nationwide Online ISA (issue 6) - it will accept transfers in from other ISA providers; you need to have at least £1,000 to transfer in from your other ISA provider.

Once the Nationwide Online ISA is opened and your monies appear in that account, you can simply use internet banking to move the monies from the Nationwide Online ISA to your Flexclusive ISA!

If you have an issue 1 Flexclusive ISA that could mean 4.25% on ALL of your cash ISA monies until 30 November 2013!!

DO NOT TRY AND MOVE MONIES VIA ANY NON-ISA ACCOUNT, OTHERWISE THOSE MONIES WILL LOSE THEIR ISA STATUS ALTOGETHER!

Frank121

Sounds great! Have you actually tried this Paul?

Not much good to me as my ISA funds are tied up with BM savings till April 2014.

Cheers.
Frank

Paul_Varjak wrote: »

The Terms and Conditions of the Flexclusive ISA prevent transfers in from other cash ISA providers. But the terms and conditions do NOT prevent movement of monies between Nationwide ISA accounts.

If you want to transfer ISAs from other ISA providers into your existing Flexclusive ISA, the following tip may help...

Open a Nationwide Online ISA (issue 6) - it will accept transfers in from other ISA providers; you need to have at least £1,000 to transfer in from your other ISA provider.

Once the Nationwide Online ISA is opened and your monies appear in that account, you can simply use internet banking to move the monies from the Nationwide Online ISA to your Flexclusive ISA!

If you have an issue 1 Flexclusive ISA that could mean 4.25% on ALL of your cash ISA monies until 30 November 2013!!

DO NOT TRY AND MOVE MONIES VIA ANY NON-ISA ACCOUNT, OTHERWISE THOSE MONIES WILL LOSE THEIR ISA STATUS ALTOGETHER!

le_loup

Ditto ... have you tried it?
I think you will find that there is no mechanism to do it because ... you can't do it.
Please prove me wrong.

Edit:
Flexclusive ISA
"Available to new subscriptions only up to the annual cash ISA limit"

Paul_Varjak

le_loup wrote: »

Ditto ... have you tried it?
I think you will find that there is no mechanism to do it because ... you can't do it.
Please prove me wrong.

My Nationwide Online ISA (issue 6) was funded with monies from another ISA today. I then moved those monies (except for £1) into the Flexclusive ISA by internet banking. By keeping £1 in the Nationwide Online ISA I can use that as a 'feeder' account for the Flexclusive ISA from April 6, 2013. I now have over £11,000 in my Flexclusive ISA.

le_loup wrote: »

Edit:
Flexclusive ISA
"Available to new subscriptions only up to the annual cash ISA limit"

That wording may have appeared in advertising material but does not appear in the Terms & Conditions. The general T&Cs for Nationwide ISA products allow for monies to be transferred between their various ISA products, subject to any product-specific limitations. There are no such product-specific limitations for the Nationwide Flexclusive ISA or the Online ISA (issue 6)

I believe that Nationwide's website allows the transfer because the website correctly interprets those T&Cs. It is the staff that do not allow manual transfers to take place because they are interpreting the T&Cs incorrectly.

le_loup

Great news. Thanks.
I have checked out the banking website and as I have an Online as well as a Flexclusive, the drop-down for funding the Flexclusive offers both the Flexaccount and the Online ISA account as a source. I assume that as it lets you do it AND that you have done it that it's kosher.
Tomorrow I will give it a try. Even better news, I have a LARGE fixed rate issue with NW maturing soon. Renewal instruction to them: pop it into my Online ISA. Message to me: when it appears in the Online, whoosh it over to the Flexclusive.
Thanks again for some great pioneering work.

Paul_Varjak

Just remember to keep the minimum balance in the Online ISA. For issue 6, this is just £1 (it may be a different minimum amount for earlier issues) You then have a chance (via internet banking at least) to fund the Flexclusive ISA with your soon-to-mature NW fixed-rate ISA, using the Online ISA as the 'feeder' into the Flexclusive ISA.

I wouldn't even bother asking Nationwide to add the funds to your Flexclusive ISA direct from your maturing funds as they will, almost certainly, say NO!