Nationwide Flexclusive ISA - 4.25%, instant access

innovate

If it's true, I just cannot believe it took the collective MSE brains until now to figure this out! Shame on us (incl myself) if we missed a great opportunity.

Unfortunately, if I transferred to the 4.25% now, the additional interest wouldn't cover the penalty I'd have to pay for transferring my existing ISA.

Paul_Varjak

innovate wrote: »

If it's true, I just cannot believe it took the collective MSE brains until now to figure this out! Shame on us (incl myself) if we missed a great opportunity.

The Flexclusive ISA was launched as being 'branch based' (with a passbook) with limited online access. At the time, staff said that Nationwide would be looking to improve online access for the account.

I suspect (but cannot know for certain) that other Nationwide ISA products cannot transfer to the Flexclusive ISA online and can only be done manually using Nationwide's 'consolidation' form.

There is absolutely no doubt that monies can be moved from the Nationwide Online ISA (certainly issue 6 and possibly earlier issues too) to the Nationwide Flexclusive ISA via online banking. The Online ISA is also Nationwide's best-paying instance-access ISA after the Flexclusive ISA anyway.

simonfitba

Is the Flexclusive ISA still available? I have a Nationwide 18-month ISA maturing at the end of the month.

Paul_Varjak

simonfitba wrote: »

Is the Flexclusive ISA still available? I have a Nationwide 18-month ISA maturing at the end of the month.

Unfortunately not!

rb10

Paul_Varjak wrote: »

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.

I wouldn't risk doing that personally. Whilst I agree with your interpretation of the T&Cs, I am not convinced that transferring manually from an Online ISA to a Flexclusive ISA will preserve the tax-free status.

Just because the website has not prevented the transaction from going through doesn't mean that it complies with HMRC rules.

Paul_Varjak

rb10 wrote: »

I wouldn't risk doing that personally. Whilst I agree with your interpretation of the T&Cs, I am not convinced that transferring manually from an Online ISA to a Flexclusive ISA will preserve the tax-free status.

Just because the website has not prevented the transaction from going through doesn't mean that it complies with HMRC rules.

Provided that monies are moved from one Nationwide cash ISA product to another Nationwide cash ISA product on Nationwide's website (without going via a non-ISA product) guarantees that the ISA status is preserved as each cash ISA product is all part of a single Nationwide ISA. That is certainly Nationwide's understanding of the current ISA rules.

The information for the online ISA (http://www.nationwide.co.uk/NR/rdonlyres/C9C314D6-EEE4-4949-9A43-D3EE4C4ACB5F/0/P1036_V2_online_isa_Apr_12.pdf) includes the following...

"Transferring funds from your Online ISA to another Nationwide cash ISA product

To transfer your funds online to an existing Nationwide ISA product use the “Transfer money” screen on the Internet Bank, select the account you wish to transfer to and enter the amount."

le_loup

rb10 wrote: »

Just because the website has not prevented the transaction from going through doesn't mean that it complies with HMRC rules.

I share your hesitation but, HMR&C rules certainly allow you to transfer prior years to current issues; Nationwide certainly allow current year allowance to be spread over many accounts. I can't see the problem.
I may just transfer a small amount from the Online to the Flexclusive an wait for repercussions. Paul did it yesterday, I would have thought that the !!!! would hit the fan within a week if there is any.

I'll join you today Paul for a few quid and wait a week before doing the rest ... less the £1 to keep the account open.

innovate, what's the penalty you see? Transfer from one ISA to another, if NW deem it against THEIR rules but have allowed it, they should reinstate to the original position.

Paul_Varjak

For anyone who does not have their passbook for the Nationwide Flexclusive ISA yet I would suggest waiting for receipt of that passbook before moving monies to the Flexclusive ISA!

And Nationwide will only send the passbook once you have sent them back the signature slip.

le_loup

I think you mean Flexclusive ISA

bevmk127

didnt think you got a book for online isa i never