Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

Paul_Varjak wrote: »

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

This scenario has just reminded me of something my father once told me during my childhood...

Some British Troops were fighting on the front line in WW1, but needed more troops so they could advance their attack. They needed to send a message but did not want to write the message down, for fear it might fall into German hands. So, the message was relayed verbally via a series of runners.

The original message read: SEND REINFORCEMENTS WE'RE GOING TO ADVANCE.

By the time the message got to HQ it read: SEND THREE AND FOURPENCE WE'RE GOING TO A DANCE!

There is a moral there - never believe press releases, never believe advertising, never believe what you read on an internet forum, always read the small print!!!

Paul_Varjak

le_loup wrote: »

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.

Same as mine, I think, that covers issue 1 Flexclusive ISA and other Nationwide products (including their other ISAs)

innovate

le_loup wrote: »

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.

I committed a cardinal sin and don't have the T&Cs printed but I am 100% certain it said at the time that no transfers-in were allowed. T&Cs also appear to have vanished from the Nationwide site (should be outlawed). Otherwise I would not have put just £5,640 into Nationwide and my old ISAs into a mere 4%.

Also, Paul Varjak says:

Paul_Varjak wrote: »

The Terms and Conditions of the Flexclusive ISA prevent transfers in from other cash ISA providers.

But if we were all misinformed until Paul Varjak lifted the veil on October 16, then the best of luck to all of you who can still transfer in! I would try it myself if I could, but I would make a loss if I did due to the penalty I'd have to pay for early termination of my other ISA funds.

Paul_Varjak

I think we are all guilty of not reading the T&Cs properly and relying instead on the Nationwide advertising of the product and what staff told us over the phone. I think staff were only briefed on the product just two days before the launch and we, like lemmings, jumped in at the deep end very quickly, ignoring the conflicting information we were receiving.

From memory, I don't think it was possible to move monies from the e-ISA to a Flexclusive ISA via internet banking at the launch of the Flexclusive ISA. It was only when I moved monies from the e-ISA to the Online ISA that I noticed that I could move existing ISA monies into the Flexclusive ISA.

Has anyone managed to move monies from e-ISA to Flexclusive ISA via internet banking? If so, was this ISA monies from a previous tax year or not?

Paul_Varjak

I have now found the 'legal' information relating to Nationwide ISAs on their website. Click on 'ISAs' on the following page...

http://www.nationwide.co.uk/savings/legal.htm


This appears to indicate here is no limitation on transferring existing Nationwide ISAs into the Flexclusive ISA and no limitation on transfers in from other ISA providers into the Flexclusive ISA!

The only ISA listed in the legal information above that does NOT accept transfers in from other ISA providers appears to be the CASH TO BUY ISA.

innovate

That link doesn't work for me.

Only thing that I can still find online is their press release http://www.nationwide.co.uk/mediacentre/pressreleases/viewarticle.htm?ID=1945. It says there "Available to new subscriptions only" - which I suppose we all interpreted as to meaning "no transfers-in".

Paul_Varjak

innovate wrote: »

That link doesn't work for me.

Try this link instead and then click on ISAs...

http://www.nationwide.co.uk/savings/legal.htm

le_loup

That's the same as my printed document apart from different numbering and the addition of clause 111 (death of the holder).
I agree, as it says nothing, straight transfers from other NW ISAs AND other providers should be accepted.
I transferred a substantial amount from my Online ISA issue 3 from previous year to this account today ... no problems.

diy1950

I'm confused.

I have a Flexclusive isa and an Online isa. I can see that internet banking gives the option to transfer funds from Online to Flexclusive isa.

I have just read the legal stuff via the link from Paul. I agree, I can see nothing in the conditions for Flexclusive to say you can't transfer monies in.

However, condition no.66 states "Transfers from your Online isa to another cash isa product (excluding another Online isa or e-isa) must be done using a paper application form and can not be done from your card account"

Sorry to be dim, but if they give the option on internet banking this condition does not really make sense or am I missing something.

Paul_Varjak

I spoke to someone at Nationwide last night and asked her thoughts about the Flexclusive ISA and transfers in. She actually agreed with me that transfers in are allowed!