Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

I don't hold out much hope for you getting any lost interest from the monies you transferred away from Nationwide but I think there is a fair chance you would get back lost interest on monies you could not transfer to the Flexclusive ISA because of Nationwide's misinformation and also for wrongly adjusting your ISA limit for this year. Some compensation also!

rexel

just moved £5000 from my oinline isa to flexclusive at4.25% it is showing up in account as been moved

KTF

rexel wrote: »

just moved £5000 from my oinline isa to flexclusive at4.25% it is showing up in account as been moved

Does this put the total over the ISA allowance for this year?

Hooloovoo

Paul_Varjak wrote: »

I don't hold out much hope for you getting any lost interest from the monies you transferred away from Nationwide but I think there is a fair chance you would get back lost interest on monies you could not transfer to the Flexclusive ISA because of Nationwide's misinformation

Don't they amount to the same thing? I transferred it away because I was told I was not allowed to transfer it in.

and also for wrongly adjusting your ISA limit for this year. Some compensation also!

I don't really mind what they pay me "compo" for so long as the value is enough to replace the lost interest.

Paul_Varjak

KTF wrote: »

Does this put the total over the ISA allowance for this year?

No it does not.

Rexel has transferred previous years' ISA funds. It is impossible in online banking to put more than £5,640 of this year's ISA allowance into a Nationwide ISA.

But there is nothing to stop the total in the Flexclusive ISA going over £5,640 - as long as it made up of monies from different tax years. I have over £11,000 in my Flexclusive ISA.

rexel

KTF wrote: »

Does this put the total over the ISA allowance for this year?

yes £5000 was from previous years isa

Paul_Varjak

Hooloovoo wrote: »

Don't they amount to the same thing? I transferred it away because I was told I was not allowed to transfer it in.

My 'gut' instinct says no but if I were in the same shoes as you I would feel somewhat aggrieved. I suspect that Nationwide would pursue that one via the Ombudsman, so you may just be better settling for any lost interest on monies still with Nationwide plus compensation for their wrong advice and mucking up your ISA allowance for this year.

Hooloovoo wrote: »

I don't really mind what they pay me "compo" for so long as the value is enough to replace the lost interest.

From what little I know of Nationwide's compensation arrangements I think £150 may well be in order. That seems the maximum amount that first line staff can offer.

DragonQ

I don't understand all this talk about an eISA. Are you guys saying it's possible to put previous years' ISA money into the Flexclusive ISA (@ 4.25%) via some sort of loophole?

Paul_Varjak

DragonQ wrote: »

I don't understand all this talk about an eISA. Are you guys saying it's possible to put previous years' ISA money into the Flexclusive ISA (@ 4.25%) via some sort of loophole?

Yes. If you have another cash ISA from Nationwide (such as e-ISA or Online ISA) you can move monies into your existing Flexlcusive ISA by internet banking. The Flexclusive ISA is no longer available of course but if you have one you can get previous year's Nationwide ISA monies into the Flexclusive ISA.

If you don't have another cash ISA with Nationwide and you want to transfer ISA funds from another ISA provider it appears that it is also possible to open a Nationwide Online ISA, opening that account with ISA funds from another provider. You would need to have a minimum of £1,000 in the cash ISA with the other provider in order to do this.

Once the funds are in your Nationwide Online ISA, you simply use internet banking to move the funds from the Nationwide Online ISA into your Flexclusive ISA (but leave £1 in the Online ISA so that it remains open so you can use it for further feeds in your Flexclusive ISA)

Strictly speaking it is NOT a 'loophole'. It is within the general T&Cs of Nationwide ISAs and within the specific terms and conditions of the Nationwide e-ISA and Nationwide Online ISA. Staff at Nationwide are misinterpreting the T&Cs of their ISAs and if you try to move the move the money by paper 'consolidation', your request will be rejected.

DragonQ

I see. That all sounds great but...in reality, surely someone at Nationwide will notice that something is wrong and either transfer the money back out or nullify the account. This is a risk because either you lose the additional interest (or even all the interest), or you end up with Nationwide Online ISA's (2.5%) rate for your previous years' deposits, which for some won't be as good as the account the money is currently in.

Even if you can find various stuff in the T&Cs that means this doesn't break any rules, that won't necessarily stop a long drawn-out process to resolve any dispute.

I'm just not sure if it's worth the risk. How many people have done this, with how much cash, and for how long as the money been in there without Nationwide contacting them?