Nationwide Flexclusive ISA - 4.25%, instant access

Chorlie

I asked Nationwide direct if you can transfer previous Tax Year funds held in a Nationwide Online ISA in to my Flexclusive ISA which already has the maximum funds from this current Tax Year and there reply was:-


The Flexclusive ISA does not accept transfers from existing ISAs. The only funds that can be transferred to a Flexclusive ISA are new ISA subscriptions.


So again it seem Nationwide are giving out conflicting information, but I'm playing on the safe side and won't be transfering any funds in.

Paul_Varjak

diy1950 wrote: »

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.

I had spotted that too and knew someone else would find it! I think the explanation is as follows...

It talks of a 'card' account. Well, the Online ISA is NOT a card account but you need a card account to open one. It is really telling you that you cannot transfer monies from the Online ISA to another ISA via that card account because the card account is NOT an ISA product, so the monies would lose their ISA status in the transfer.

Of course, if you have online banking, you can move monies from one Nationwide ISA product to another Nationwide ISA product online directly as this document clearly indicates...

http://www.nationwide.co.uk/NR/rdonlyres/C9C314D6-EEE4-4949-9A43-D3EE4C4ACB5F/0/P1036_V2_online_isa_Apr_12.pdf

The relevant extract reads...

"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."

diy1950

Thanks for that Paul.

I agree with you. Everything points to there being no problem transferring monies from other ISAs to Flexclusive ISA.

It is disconcerting that Nationwide staff seem to have different views. Wish they would get their act together and all sing from the same hymn sheet!

Surely if Nationwide would not permit this transfer (though can't see on what grounds) and seeing they allowed it to happen on internet banking, the worst case scenario would be that the monies would be returned whence they came and not lose their isa status.

Paul_Varjak

I suspect that the training manual for this product does not correctly reflect what the T&Cs say. Not really the fault of front-line telephone staff who are just following their training.

It always pays to read the small print and, if staff still won't budge, think of ways around the problem that do not require intervention by Nationwide staff; failing that, make a formal complaint and be prepared to take the matter to the FOS if necessary.

Next April, I guess Nationwide will have a new limited-time ISA. I will ignore what the adverts and any press releases say and just concentrate on the T&Cs. In a few years time, I can envisage having many ISAs with Nationwide that contain just £1 in each and the bulk of ISA money in just one Nationwide account.

Rosemary_Jane

Paul_Varjak wrote: »

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?

Hi Paul,

A few days ago I moved some money from a previous year's e-ISA to my Flexclusive ISA, which I had opened with the maximum allocation. Haven't heard anything yet, and it's showing as transferred.

I'll move all the rest (4 year's worth) over next week if there are no repercussions.

R

kidmugsy

Rosemary_Jane wrote: »

Hi Paul,

A few days ago I moved some money from a previous year's e-ISA to my Flexclusive ISA, which I had opened with the maximum allocation. Haven't heard anything yet, and it's showing as transferred.

I'll move all the rest (4 year's worth) over next week if there are no repercussions.

R

Be sure to let us know how it goes so that the cowardly among us can join in.

le_loup

Well that's e ISAs moved and Online ISAs moved.
Looks about cut and dried to me.
They are following their own T&Cs. Good on 'em!

Paul_Varjak

Well done everyone!

Interesting to note that e-ISAs can be moved on-line to the Flexclusive ISA as that certainly was not the case when the Flexclusive ISA first launched. It may be what le loup says and they are now following their own rules or it may just be that when Flexclusive ISA was first launched that it was on-line viewing only i.e. no on-line transactions.

le_loup

Paul_Varjak wrote: »

it may just be that when Flexclusive ISA was first launched that it was on-line viewing only i.e. no on-line transactions.

One of my Flexclusive ISAs (my spouse's) was opened on 10 April and an addition was made, on-line, on 18 April. That would have been from a flex-account. I obviously can't remember what the drop-down offered then. An Online ISA was open at that time but not an e-ISA.
Anyway, I hope our collective experiences, which you started Paul, helps others to get 4.25% on an instant access account for prior years ISAs at least until 31st October next year!!!
Thanks.

Paul_Varjak

I don't think the drop down list did show movement was possible. But I thought at the time it was either due to the system not allowing on-line transactions or that fact my Flexclusive ISA had the full ISA amount for this year.

I just hope the produce another Flexclusive ISA next April and that the BOE base rate has creeped up by then.