Nationwide Flexclusive ISA - 4.25%, instant access

macro_duck

K_P83 wrote: »

Where do you guys get that it can be opened over the phone when it gets released? From what i have read (other than this thread) it's only available in branch. No mention of phone.

Well Nationwide told me today that it could be opened over the phone or in branch.

jonmcclelland

rb10 wrote: »

A bank couldn't function without savings accounts. They cannot rely 100% on the wholesale market to get the funds to lend out on mortgages and loans.

They have to have savings there as well.

I know, I think it's how I worded it. I meant, its not all about savings, there have to be other services available.

MattLFC

Sure, they lend the money out (via loans, mortgages and credit cards etc) they borrow off savers. They ultimately lend the money out, at vastly increased interest rates than they pay savers. So obviously they make a lot more money on savers, than they do on a regular current account.

It is a bit of a raw deal, I'm in two minds, I bank with Barclays as my main bank, Santander as my second and Nationwide as my third. My Nationwide account is hardly ever used to be honest, I have most of my money going through Barclays and Santander. But Nationwides online banking service seems the lesser of the three, the fact you can't manage the ISA online is a massive put-off, and all these stipulations for them to "attract" me to lend them my money, are actually, for once, making me think that for the extra £60, it simply isn't worth it. I've just opened a Santander 3.3% easy ISA to lump next years allowance in. I'm going to hold off for a few days and see if the market responds, but atm, I think it will be less hassle to swerve Nationwide.

Tis a shame, because I'd like to have thrown a wedge of cash into them since I use the current account I have from time to time, without ever making them much in the way of money.

rb10

I believe you can manage the isa online, it just has to be opened by phone/branch.

To the poster above, have you seen Nationwide's new internet bank? In my opinion it is far better than Barclays or Santander (although mobile banking is better at Santander).

DragonQ

rb10 wrote: »

I believe you can manage the isa online, it just has to be opened by phone/branch.

I highly doubt it, based on what they told me on the phone.

Zekko

Unless you are going to be actively depositing/withdrawing money into/out of this ISA on a regular basis, I don't see the problem with it not having online access.
I can certainly put up with that in return for a great rate.

Nine_Lives

Pay in £750 or more each month (excluding internal transfers) for the last 3 months, or:
Agree to complete an Account Transfer from an account (non Nationwide) using our Account Transfer Service or have done so in the past four months.

Well i agree. Thing is how do i go about this?

The only way i've done it in the past is when applying for an account online & it's part of the application process.

I have a Santander Everyday Current Account with just £1 in it which is staying active until the cashback shows in my TopCashBack account from opening it, so i'd be switching this account.

But how do i go about it so that i can then apply for this account over the phone?

rb10

K_P83 wrote: »

Well i agree. Thing is how do i go about this?

The only way i've done it in the past is when applying for an account online & it's part of the application process.

I have a Santander Everyday Current Account with just £1 in it which is staying active until the cashback shows in my TopCashBack account from opening it, so i'd be switching this account.

But how do i go about it so that i can then apply for this account over the phone?

Online, by phone or in branch.

Nine_Lives

Thanks, i've just found where you can do it online.

Question is, what should i set up? It doesn't specify anything about direct debits or standing orders the way these £100 joining incentives did.

So what to switch? I wonder if just 1 standing order of say, £1 half yearly would suffice??

DragonQ

I don't think standing orders count, I think you need at least one direct debit.

No idea if you have to keep those direct debits with the FlexAccount for a certain amount of time though.