Nationwide Flexclusive ISA - 4.25%, instant access

veryintrigued

Hooloovoo wrote: »

Terms and Conditions do not have to explicitly say what is allowed. They only have to say what is not allowed.

Just like the law - if there is not a law against something then you are allowed to do it.

It would be blatantly unrealistic to expect the law, or any terms and conditions, to explicitly state everything that you are allowed to do.

No. It is IT that is programmed to do what the terms and conditions state. There is no condition that forbids transfer into a Flexclusive ISA. Therefore the website allows it.

Why do you and other posters do this? It is incredibly annoying. Just use the quote feature the way it is intended to be used. Posting replies inside a quote is very confusing. Surely it takes more time to mess about colouring the text than it would to quote properly.

Well you seem to have it all covered then. I'll keep an eye out for updates letting us know your probable 'success'.

Back to my original (and only) point I do hope no-one else tries this method now they see the difficulties its causing you!!

Finally am sorry about the red quoting. I hope the ombudsman doesnt reply in red to you.

Hooloovoo

veryintrigued wrote: »

Back to my original (and only) point I do hope no-one else tries this method now they see the difficulties its causing you!!

It's only causing me difficulties because I was stupid enough to ask about it, and they were stupid enough to give me an incorrect reply - ie mess up my ISA allowance.

Finally am sorry about the red quoting. I hope the ombudsman doesnt reply in red to you.

Maybe they will reply in red to Nationwide and write "must try harder" on their terms and conditions.

le_loup

As far as we know Hooloovoo is the only one having any sort of trouble. There seem to be many others, including me who are not. And no, I am not "the person who also (threaten to) transfer the balance back (after NW pushed it the other way and advised that this shouldn't have been allowed)"
But I am the person who read the T&Cs and acted upon them. As for encouragement to others, what's wrong with telling people what the T&Cs say?

beefturnmail

Thanks all - does anyone have a copy of the flexsclusive ISA t & c? - I can't seem to locate them

Hooloovoo

beefturnmail wrote: »

Thanks all - does anyone have a copy of the flexsclusive ISA t & c? - I can't seem to locate them

http://www.nationwide.co.uk/savings/legal.htm

Click on "ISAs" in the menu on the left.

This is slightly different to the T&Cs in the "Cash ISA - Your Guide" leaflet. But only because some terms have changed elsewhere and so the paragraph numbers are different. The actual terms under Flexclusive ISA are exactly the same.

leaphaze

Hooloovoo wrote: »

Why do you and other posters do this? It is incredibly annoying. Just use the quote feature the way it is intended to be used. Posting replies inside a quote is very confusing. Surely it takes more time to mess about colouring the text than it would to quote properly.

Plus it would be confusing for colour-blind readers.

Gordon_the_Moron

someone wrote: »

I believe that you will be able to do that without a problem.

I will probably do that unless there is an amazing account to transfer to. Will have to think what will happen to the rate for the last 5 months.

Here's a suggestion for you, what I'll be doing at least!

- You can split up previous year's allowances
- Flexclusive is instant access so you can break it up
- Most accounts offering instant access allowing transfers in will allow further transfers later.

On April 5 2013 I will be looking what the best instant access account on the market allowing transfers in is. I will then transfer £1 from my 2012/2013 allowance into it. I will then fill the Flexclusive with my 2013/2014 allowance. Come November when the rate expires I transfer to it from the Flexclusive.

Best buys available in April are usually a whole lot better than in November when it comes to ISAs!

Milarky

Gordon_the_Moron wrote: »

Here's a suggestion:

On April 5 2013 I will be looking what the best instant access account on the market allowing transfers in is. I will then transfer £1 from my 2012/2013 allowance into it. I will then fill the Flexclusive with my 2013/2014 allowance. Come November when the rate expires I transfer to it from the Flexclusive.

Looks like a good idea because it in no way limits the transfer options in November.

Paul_Varjak

Milarky wrote: »

I haven't seen anywhere on this thread mention of "offer and acceptance".

It seems to me that Nationwide only ever 'offered' this account in line with the marketing department's own understanding that is was for 'New subscriptions/annual limit" monies. Thus anyone applying for it at the time (last March or April) would have understood that 'transfers' (i.e. previously subscribed money) were specifically ruled out from any subsequent acceptance by Nationwide. Nationwide did accept that next April's allowance could be added - which was also clearly part of the offer.


That was the offer and that was what customers accepted.


The Ombudsman is probably going to side with Nationwide because (at worst) they are 'guilty' of temptation only by allowing ISA-to-ISA transfers completely online (as opposed to merely raising a request online and generating a human-audited paper 'application for transfer'). 'Good intentions', but now people are using it to deflect the clear 'offer and acceptance' that governs here.

I don't think that is correct. What you call Nationwide's 'offer' was an 'Invitation to treat'. It is we who then make an 'offer' and in making that offer to Nationwide we had to tick a box to say we agreed to the 'Terms & Conditions'. Next to the tick box was a link to those 'Terms & Conditions'. We, as the potential customers made our offer on those Terms & Conditions and Nationwide clearly accepted our offers based on those Terms and Conditions.

There is no guarantee that we saw any marketing material and Nationwide do not appear to have that marketing material anyway, judging by Nationwide's responses to those who have complained, so Nationwide's attempt to rely on that marketing material is now a moot point.

In my case I was clearly told over the phone before opening this account that I could transfer my existing Nationwide ISA to that account. As Nationwide Internet banking allowed me to do the transfer, I believe that advice to now be correct.

Gordon_the_Moron

Milarky wrote: »

Looks like a good idea because it in no way limits the transfer options in November.

Obviously not, if something better is there in November than April it doesn't stop you from going for that, it just means you will have kept April's deal available which you otherwise wouldn't. Historically the deals in April have always been better.