Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

le_loup wrote: »

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.

Nationwide do have some limitations on transfers between their ISA products. For example, they do not allow transfer of monies from their Online ISA to their fixed rate or tracker ISAs; their Flexclusive ISA was sold as a VARIABLE RATE ISA.

And there are simply no limitations in the T&Cs that I can see preventing existing ISA monies going into the Flexclusive ISA. I don't think Nationwide can rely on any advertising or press release that contradicts those T&Cs.

Paul_Varjak

le_loup wrote: »

I think you mean Flexclusive ISA

Thank you, just corrected that!

le_loup

Paul_Varjak wrote: »

Nationwide do have some limitations on transfers between their ISA products. For example, they do not allow transfer of monies from their Online ISA to their fixed rate or tracker ISAs; their Flexclusive ISA was sold as a VARIABLE RATE ISA.

They do if you want to set up a new fix. I've done it; all by paper, mind you, but then I think all their fixed rate, fixed term ISAs need a paper form to set up.

le_loup

OK folks, deed done. Money transferred from Online ISA to Flexclusive ISA into which I have already put my full annual allowance.

But I only tried it with £25! Cautious? Me?
Will let you know if it all goes pear shaped.

innovate

Paul_Varjak wrote: »

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

I got my passbook in the post and then had to go into a Branch for the signature.

le_loup wrote: »

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.

I would need to terminate a fixed-term ISA with another provider early, which would come with a big penalty.

le_loup

OK, thanks. I misunderstood.

Paul_Varjak

le_loup wrote: »

They do if you want to set up a new fix. I've done it; all by paper, mind you, but then I think all their fixed rate, fixed term ISAs need a paper form to set up.

I probably did not make it clear that this was a transfer from an existing Nationwide Online ISA to an existing fixed rate or tracker ISA.

bondy01

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.

Back in April (posts 253,257,265,269,272 and probably others) didn't we decide you couldn't do this if it would make more than £5640 in the account? You may be able to do this online but I am still not sure about this.

innovate wrote: »

I got my passbook in the post and then had to go into a Branch for the signature.

Did they ask you to go into a branch as I was never asked?

Paul_Varjak

bondy01 wrote: »

Back in April (posts 253,257,265,269,272 and probably others) didn't we decide you couldn't do this if it would make more than £5640 in the account? You may be able to do this online but I am still not sure about this.

Unfortunately, Nationwide advertising and press releases misinterpreted Nationwide's T&Cs. This was then compounded by staff misinterpreting the advertising and press releases. It is only the T&Cs that are really of any relevance.

The T&Cs do not prevent transfer of monies into a Flexclusive ISA from another Nationwide ISA. I have retained those T&Cs but they are no longer on Nationwide's website and Nationwide staff tell me they have no access to them! I wonder why? T&Cs are still available for other accounts that are closed to new monies.

If you want a copy of the T&Cs I am happy to send them to you.

le_loup

I have the printed (hard copy P115 April 2012*) T&Cs and they make no reference to transfers in. i. e. they are not prohibited.
Paul and I have both transferred from from Online ISAs.

* That's the one that says "Maximum balance on the account is £5 million,"