Nationwide Flexclusive ISA - 4.25%, instant access

rexel

checked with nw today first it said iwould be ok to flexusive isa Then they rang up head office they said no only £5650

someone

I've not had a reply to my secure message. Might message again to see why the status is.

sara_bande

someone wrote: »

I've not had a reply to my secure message. Might message again to see why the status is.

Yes, look forward to that, someone.

Milarky

xylophone wrote: »

The Flexclusive is a CASH ISA

It appears to be branch based with a passbook so is not an on-line or e-isa.

That was the relevent item I picked up from reading this thread. It's not a 'e-ISA' but a vanilla cash ISA which just happens to serviceable online. But for the purposes of things like 'ISA-transfers' Nationwide probably has to be careful - i.e. even if you have an existing ISA balance managed by Nationwide and you just want to 'amalgamate' that (in your view) with a Nationwide ISA opened in more recent but different tax year, Nationwide still have be in control of that process. When you (the customer) 'move' money in an instant access ISA it's technically a withdrawal. I don't see any way for a customer to shift ISA balances on their own initiative and not disqualify themselves quite frankly.

People seem to have been transferring on-line and e-isas into it despite the fact that a paper application would appear to be required.

It is possible that this should not be permitted but that a programmer forgot to put in a preventive?

Which would not be a excuse because a customer remains responsible anyway.

Patsy80

As a postscript to my previous post, I have now noticed a wonderfully useful application on Nationwide's website, inviting me to make this account, my main account!? Do they really think my main account is now with Coutts or someone and I'm just being awkward in not paying £750 into my Flexaccount per month (after 25 or more years of using this as my main account!) I'm getting really sick of Nationwide's bullying tactics, especially as all these wonderful 'benefits' are not really that valuable to me anyway. Oh well, I'm transferring another few thousand away from them next week, which will be satisfying. (Their advert is continuing to rub salt into the wound, though)!

innovate

Patsy80, you seem to be making life deliberately difficult for yourself. As has been mentioned by me and others, you do not need to pay the £750 in as a single sum. You just have to pay a total of £750 in during a month, and it will be treated as your "main" account by Nationwide. It's as simple as that.

However, from your latest post it now seems you do not value any of the current (and may be future?) exclusives that are only available to "main" Flexaccount holders, anyway. So why are you complaining? Do you also normally complain about shops that sell goods you don't want to buy? And about ads they run on the telly?

Nobody is bullying you into using a Flexaccount. They didn't put the application form for the "main" account on the website specifically for you, or to upset you. They don't force you to fill it in. If a Flexaccount is not for you, move on.

Paul_Varjak

Milarky...

If you some of my earlier posts you will see that you can transfer monies from one Nationwide cash ISA to another Nationwide cash ISA on-line, without losing ISA status. Nationwide actually say that you can do this - as long as you move direct from ISA to ISA and not via any non-ISA account.

xylophone

If you some of my earlier posts you will see that you can transfer monies from one Nationwide cash ISA to another Nationwide cash ISA on-line,

(i) Do you agree that the Flexclusive is a cash ISA?

(ii) Do you agree that the Flexclusive ISA is not an E-Isa or an on-line Isa?

Then "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."

"Transfers from your e-ISA to another cash ISA product, or from another cash ISA to your e-ISA, must be done using our paper transfer process ......Transfers from one e-ISA to another e-ISA can only be carried out on the Nationwide Internet Bank."


""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 "

The above seems clear enough. Only transfers between e-isas and on-line isas can be done on line

See also http://www.nationwide.co.uk/isas/transfer-isa/default.htm


Any other type of transfer between Nationwide Isas requires a paper application. Or so it seems to me.

sara_bande

The tactics seem to me to go back to the problem of 'free' banking which they, arguably, should never have offered and are now trying to compensate for through gimmicks.

I think that 'innovate' reply to patsy80 is not quite fair as the analogy of complaining about shops selling products you don't want to buy' doesn't work if you factor in the loyalty argument meaning that she has already invested in that particular shop so has a different claim from that of the casual shopper. Now she falls below their 'loyalty threshold' and is indirectly penalised. Also, it's reasonable for her to put pressure on the 'shop' to stock the goods she values particularly as it has her money already.

But, of course, I am making the mistake of factoring in other arguments besides the profit making one.

Slim

I completely agree with Patsy80.

We are repeatedly told that Building Societies are mutual organisations run for the benefit of their members. This should be for all their members not just those in receipt of income over a certain level. I appreciate that the £750 monthly deposit rule can be achieved by transferring the same £25 in and out of the account each day but why should members have to do such things? As long as the account is a main account, judged by the regular deposit of student grants, state or other pensions or benefits then the account holder should be entitled to all the account benefits. They, after all, don't pay any less charges if they go overdrawn.

Nationwide is discriminating against its low income FlexAccount holders. These are students, pensioners, part time employees, those on low incomes, the unemployed and the sick. These are precisely the people that Nationwide should be encouraging to save what they can by offering them the best interest rates.