Nationwide Flexclusive ISA - 4.25%, instant access

libra10

Called into local Nationwide branch this morning, and asked them to transfer another ISA into Flexclusive ISA.

They did it there and then, no problems at all.

bondy01

Glad I've revisited this thread. Better move the nearly 11k in the online isa to the £5640 + interest in my flexclusive isa. Thanks all.

Hooloovoo

So, given that I've clearly won my FOS case, anyone have any bets on when they are actually going to write and tell me?

All of you guys transferring now - I wouldn't settle for just transferring. You want it back dated to when the account was opened and you should have been allowed to transfer.

KTF

Thats assuming you could transfer and it wasn't tied in so you couldn't transfer it anyway.

I wonder who in Nationwide got the blame for writing the t&c for this account.

Paul_Varjak

Hooloovoo wrote: »

So, given that I've clearly won my FOS case, anyone have any bets on when they are actually going to write and tell me?

All of you guys transferring now - I wouldn't settle for just transferring. You want it back dated to when the account was opened and you should have been allowed to transfer.

Might be worthwhile pointing out to the FOS that Nationwide now seem to be agreeing with us over this issue. Nationwide views it as a 'legal technicality'. My take on it is that it was hard for them to accept they were blatantly in the wrong.

They have not changed the Terms & Conditions, so don't need to highlight the fact that people can transfer their monies. I wonder what similar issues may arise when account holders open up multiple FlexDirect accounts or have one Flex account and one Flexdirect account?

Paul_Varjak

libra10 wrote: »

Called into local Nationwide branch this morning, and asked them to transfer another ISA into Flexclusive ISA.

They did it there and then, no problems at all.

Good to know that it has been filtered down to frontline staff.

le_loup

KTF wrote: »

I wonder who in Nationwide got the blame for writing the t&c for this account.

No one IN Nationwide. He/she probably got fired months ago.

thenudeone

patgc wrote: »

I moved my Online Issue 3 directly to my Flexclusive Issue 1 via the Online banking Easy Transfer box on the left of the screen which gives you the option to move monies from one of any of your NW accounts to any other of your NW accounts or to another persons account. This was immediate and with no problems.

I suspect that what what you've actually done is withdraw funds out of the other ISA and made a new deposit using this year's ISA allowance.

When I asked about doing it online, the reply was clear:

"I apologise that it is not possible to transfer between these 2 ISA's via the internet bank.
I have sent an ISA Consolidation form to you, which you will need to complete and send back to us."

I think it would be worth you checking exactly what Nationwide thinks has happened. It will be easier to "undo" it and do it the "proper way" the earlier you notify them.

It would be very annoying to get a letter in several months time from HMRC or Nationwide saying that the additional deposit had voided the tax-free status of your ISA because you had already used your allowance this year.

patgc

Checking on my account it definitely says "amount deposited this tax year £5640" with a total balance above the is figure.
I have again contacted NW and asked wether the transfer has been done correctly or if I need to fill in forms.. I was however told via a phone call when I was arguing the toss with them that I could transfer direct through Online banking. So will wait and see what they say.

Hooloovoo

thenudeone wrote: »

I suspect that what what you've actually done is withdraw funds out of the other ISA and made a new deposit using this year's ISA allowance.

You would suspect wrongly.

Nationwide allow you to have many different accounts all combined within your ISA wrapper. Transferring online between one ISA-account and another ISA-account does NOT cause the money to leave the ISA wrapper. This is all within HMRC rules, since it's the ISA manager that is the limitation not the number of accounts held with that manager.

I do understand your confusion though - I had to confirm it with Nationwide myself and even they got it wrong in their reply! I had to fight to get it sorted out. The Nationwide Online Banking does the right thing - if you just trust it then everything works fine. It's only when you get humans involved that the problems start.