Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

Hooloovoo, much of what you are talking about is transferring existing ISA monies into a new ISA at the time of opening the new ISA. If the new account cannot be opened on-line it has to be done via paper application (or by phone) in order preserve status of ISA monies being transferred to the new ISA account.

Once the new account is opened you can then use internet banking to do transfers of further funds into the newly opened account.

All this was discussed earlier in the thread.

Hooloovoo

Paul_Varjak wrote: »

Hooloovoo, much of what you are talking about is transferring existing ISA monies into a new ISA at the time of opening the new ISA. If the new account cannot be opened on-line it has to be done via paper application (or by phone) in order preserve status of ISA monies being transferred to the new ISA account.

Once the new account is opened you can then use internet banking to do transfers of further funds into the newly opened account.

All this was discussed earlier in the thread.

Fair enough. Just making sure I get the wording right and quote the correct paragraphs in my letter.

Thanks

Paul_Varjak

Hooloovoo, xylophone raised exactly the same query. See the link at the end of the quote as there is a clear statement that monies in an on-line ISA can be moved to another Nationwide cash ISA using internet banking.

Paul_Varjak wrote: »

xylophone, you are looking at Nationwide's rules for transferring:
EXISTING Nationwide Cash ISAs > NEW Nationwide cash ISAs

You should be looking at Nationwide's rules for transferring:
EXISTING Nationwide Cash ISAs > EXISTING Nationwide cash ISAs


A disctinction needs to be made between Nationwide cash ISAs that are opened and maintained entirely on-line (eg e-ISA, Online ISA) and Nationwide ISAs that cannot be opened on-line but may be maintained on-line once opened (eg Flexclusive ISA)

With Nationwide cash ISAs opened on-line (eg Online ISA) it is possible to transfer an existing Nationwide cash ISA to the Nationwide cash ISA being opened as part of the account opening process – you will see the EXISTING > NEW rules you quoted apply at account opening

But for Nationwide cash ISAs, such as the Flexclusive ISA, that cannot be opened on-line, there is simply no on-line mechanism to transfer existing Nationwide ISA funds as part of the acount opening process – it has to be done on paper (or by phone) Again you will see that the EXISTING > NEW rules you quoted apply at account opening.

Once a new Nationwide cash ISA is opened and, assuming it is made available on-line to accept transfers, the EXISTING > EXISTING rules then apply.

You can see an example of EXISTING > NEW and EXISTING > EXISTING rules for the Online ISA in the link below...

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

sara_bande

Paul_Varjak wrote: »

So, it is probably a good idea NEVER to put in all your ISA allowance in one year. So instead of putting in £5640 put in, say, £5635. That would then enable you to open a further 5 Nationwide ISAs in the same tax year without having to close any others down. You then have the possibility of moving monies around those ISAs to achieve the best interest rates at any given time..

I opened an empty Online ISA with no problems and transfered funds a few weeks later so this does seem to be possible.

Paul_Varjak

sara_bande wrote: »

I opened an empty Online ISA with no problems and transfered funds a few weeks later so this does seem to be possible.

That is quite surprising as I cannot see anything in the T&Cs that would allow this. But, if you can do that, there is the chance that someone who has already fully funded their Flexclusive ISA with this year's ISA allowance, has a way of feeding previous years ISA funds into their Flexlcusive ISA from other ISA providers, via internet banking.

EDIT: I have just looked at the On-line application for the Online ISA, it does appear that you are correct - you can specify a transfer in from another provider at the time of opening the Online ISA.

sara_bande

And I would add that I had alredy used this year's ISA allowance at the time I opened the empty Online ISA.

Strangely, I know someone who also opened an empty Online ISA (like me, the eisa bonus was due to expire), and NWD then opened a 90 day ISA by mistake, all online, weird as (according to staff) this can apparently only be opened in branch as is a passbook account.

rexel

contacted nw by email asked them if i could transfer my online isa to my flexclusive isa at 4.25% that is fully funded they said no. you can do it online i do not know what would happen to your money that you transfer

Paul_Varjak

sara_bande wrote: »

And I would add that I had alredy used this year's ISA allowance at the time I opened the empty Online ISA.

Even better news for those who want to use an Online ISA to feed into a Flexclusive ISA.

sara_bande wrote: »

Strangely, I know someone who also opened an empty Online ISA (like me, the eisa bonus was due to expire), and NWD then opened a 90 day ISA by mistake, all online, weird as (according to staff) this can apparently only be opened in branch as is a passbook account.

Just proves that although the Online ISA can only be opened online that there is still manual intervention by staff to actually open the ISA. Clearly not fully automated and you still cannot open accounts within internet banking - so you have to enter ALL your details, address, phone number etc, which I think is a real pain.

Paul_Varjak

rexel...

The monies will transfer to your Flexclusive ISA and you will get the higher interest rate. If you read the thread you will see several of us have done that already.

Just keep £1 in the e-ISA to keep it open so you can feed in next year's ISA allowance to the Flexclusive ISA via your e-ISA.

Hooloovoo

Right, complaint letter in the post. I'll let you know what they reply.

I have asked them to correct my annual subscription usage to allow me to pay in the remaining funds for this tax year, and also for a payment of an amount that would correct for the interest I have lost by transferring out to a lower-rate account.