Nationwide Flexclusive ISA - 4.25%, instant access

lippy1923

Very impressed with how quickly Nationwide transfered my online ISA to the Flexclusive one. I didn't even need to fill out a form, just went in and they did it there and then online for me. Only took a day to show the move of funds online which I'm very happy about

Hominu

Maybe I've not been keeping up with this thread, but the last time I asked them about transferring into a Flexclusive ISA, all they said was that "Transfer in is not permitted, only transfer out", although that was May last year...

ridin8ude

Hominu wrote: »

Maybe I've not been keeping up with this thread,

Yup I'm the same - but their stance has changed and it's possible as confirmed by several within this thread.

le_loup

Ah! Well you do need to keep up because transfers in from other NW ISAs have been permitted from the start of the account.

Hooloovoo

Hominu wrote: »

Maybe I've not been keeping up with this thread

Might be a good idea to get up to date before posting?

someone wrote: »

So what is everyone who hold this account plans for this ISA season?

I'm going to be using my full S&S ISA allowance for 13/14. I'm not going to bother with a cash ISA this year.

Hooloovoo

I have finally received the reply from the FOS.

They have stated that since Nationwide have corrected my subscription amount for this year that this is satisfactory and that I have not incurred any loss of interest.

Whilst there is no specific reference to transfers of existing funds into the Flexclusive ISA in the terms and conditions, this does not mean that you are permitted to do so.

I beg to differ. The HMRC specifically allow transfers between ISA accounts. This means it is allowed unless prohibited by the terms and conditions.

The literature surrounding the account (Cash ISA - Your Guide), clearly defines subscriptions to this account as "new". This does not include previous year subscriptions.

So advertising material overrules the terms and conditions now, does it?

Whilst I can see that Nationwide has accepted this restriction was not clear from the terms and conditions, in any case the Flexclusive ISA does not permit transfers and so I cannot find that Nationwide has made any error. I consider the features of the Flexclusive ISA to be clear and I am satisfied these were explained to you when you opened the account. I note Nationwide accepted the transfer in error, however, it has now reinstated your ISA and I cannot find you have incurred a financial loss, as you would not have been entitled to make transfers into this particular ISA.

What a joke.

I have 14 days to reply if I wish to continue the complaint.

However, my 14 days starts from when they originally tried to contact me on 1st March. So I have to reply by this Thursday.

What a shower of useless f eckwits.

badger09

Hooloovoo wrote: »

I have finally received the reply from the FOS.

They have stated that since Nationwide have corrected my subscription amount for this year that this is satisfactory and that I have not incurred any loss of interest.

I beg to differ. The HMRC specifically allow transfers between ISA accounts. This means it is allowed unless prohibited by the terms and conditions.

So advertising material overrules the terms and conditions now, does it?

What a joke.

I have 14 days to reply if I wish to continue the complaint.

However, my 14 days starts from when they originally tried to contact me on 1st March. So I have to reply by this Thursday.

What a shower of useless f eckwits.

I absolutely despair! This is supposed to be the arbiter we can all trust. Whoever dealt with your complaint obviously does not have the intellect required to interpret Terms and Conditions which were quite clear, and relies instead on advertising bumph, which cannot possibly take precedence over those T&C.

Are you going to follow this up Hooloovoo? Clearly, if Nationwide have reinstated your transfer, you haven't lost out in terms of interest, but what about the time and aggravation - let alone the wrong conclusion from FOS?

ylesia

I can't believe that reponse!

I sent a letter to Nationwide complaining that I asked if I could transfer into the flexclusive ISA last year and was told 'no' so I transferred my previous years to a one year fix with another provider. I asked for the difference in interest between the one year fix rate and the 4.25% as compensation as I should have been allowed to transfer.

I got an immediate written response saying that if I transfer when my current fix expires they will backdate interest to April 2012 when I should have been allowed to transfer!

I am not holding my breath but will certainly be looking after this letter and seeing what happens when I transfer.

This seems to be an exact opposite reponse from the one you have got from the ombusman!

veryintrigued

Hooloovoo wrote: »

I have finally received the reply from the FOS.

They have stated that since Nationwide have corrected my subscription amount for this year that this is satisfactory and that I have not incurred any loss of interest.

I beg to differ. The HMRC specifically allow transfers between ISA accounts. This means it is allowed unless prohibited by the terms and conditions.

So advertising material overrules the terms and conditions now, does it?

What a joke.

I have 14 days to reply if I wish to continue the complaint.

However, my 14 days starts from when they originally tried to contact me on 1st March. So I have to reply by this Thursday.

What a shower of useless f eckwits.

So did they reply in red then?

Hooloovoo

badger09 wrote: »

Are you going to follow this up Hooloovoo?

Yes, I've drafted out a reply that I will send tomorrow.

Clearly, if Nationwide have reinstated your transfer, you haven't lost out in terms of interest, but what about the time and aggravation - let alone the wrong conclusion from FOS?

They haven't reinstated my transfer. Every time I transferred, whenever someone looked at my account (to reply to a secure message, or to deal with some ombudsman correspondence) they would reverse the transfer. As soon as I noticed, I would just transfer it back again. That happened several times.

Now, since they have decided they are in the wrong, presumably they wont be reversing my transfer again. But it still needs to be back dated to when I originally first made the transfer, and not the more recent date of my latest undoing their undoing [:rotfl:]

Not to mention the interest I've lost by transferring some of it out to a lower-rate two-year fix, just like ylesia.

I reckon at an absolute minimum I am down £350 in interest.