Nationwide Flexclusive ISA - 4.25%, instant access

le_loup

Thanks Paul, and for all the work you've done on this subject from way back when. :T

chris1

Paul_Varjak wrote: »

I would also suggest that you open your 2013-2014 cash ISA with Nationwide and transfer the funds to the Flexclusive ISA before the 1st May deadline (preferably using on-line banking)

Why would you not just pay the new year's money directly into the Flexclusive ISA?

Paul_Varjak

chris1 wrote: »

Why would you not just pay the new year's money directly into the Flexclusive ISA?

Yes, you could try that on-line but I suspect they may well refuse to accept new ISA monies if you go into a branch with your passbook.

By opening another Nationwide ISA (one which will accept new monies) then, under Nationwide's own rules and the standard ISA regulations then each Nationwide ISA 'account' is, in effect, a single ISA account where monies can be transferred between each of the ISA products (subject, of course to limitations on fixed term products)

So, I think the safest way to ensure you get 2013-2014 ISA monies into the Flexclusive ISA, is to open a new Nationwide ISA in 2013-2014 (prior to May 1st) then move monies from that ISA to the Flexclusive ISA ASAP.

I suspect that after 1st May, 2013 that even the on-line movement of funds into a Flexclusive ISA from, say, a Nationwide current account will be blocked (even on-line) but movement of monies between the various Nationwide ISAs may well still be allowed after May 1st. So, if you cannot get your full ISA allowance into the Flexclusive ISA by May 1st, you may well still have a chance of getting 2013-2014 monies into the Flexclusive ISA via another Nationwide ISA.

Of course, for those who followed my original suggestion and retained £1 in another Nationwide cash ISA, they may not need to open another cash ISA in 2013-2014, they can use that existing cash ISA to feed the Flexclusive ISA at least before May 1st and possibly after that date too.

Just remember, if you do 'feed' your Flexlusive ISA using another Nationwide ISA, remember to leave £1 in the ISA 'feeder' so that you can keep that 'feeder' ISA in future years, should Nationwide make a similar mistake in their T&Cs in future years!

Paul_Varjak

le_loup wrote: »

Thanks Paul, and for all the work you've done on this subject from way back when. :T

I may well have been the first on MSE to point out the failings in the T&Cs and the use of on-line banking to get around Nationwide's interpretation of those T&Cs but I suspect that others must have noticed too (outside of MSE).

I did not enter into any protracted battle with Nationwide over this issue, I got £25 compensation from Nationwide and simply moved the ISA funds to the Flexclusive ISA on-line without any fuss.

So, it is a little surprising that Nationwide have written to me now (months after my last contact with them over this issue). So, maybe I was really the first to highlight this to them! No-one else seems to have received a similar letter (yet) to the one I received today.

beefturnmail

I was planning on simply transferring 2013-14 money direct from my flexaccount on 6th April - is there anything in the t & c to say this isn't allowed?

Given the letter Paul has received now wondering if I should open another Nationwide ISA and trasnfer before May 1st to be safe - do I have to wait till April 6th to apply, or can I apply now?

Paul_Varjak

beefturnmail wrote: »

I was planning on simply transferring 2013-14 money direct from my flexaccount on 6th April - is there anything in the t & c to say this isn't allowed?

Given the letter Paul has received now wondering if I should open another Nationwide ISA and trasnfer before May 1st to be safe - do I have to wait till April 6th to apply, or can I apply now?

I guess you could open another Nationwide Cash ISA now (funded with £1 from your Flexclusive ISA). Then, on April 6th, move monies from your Nationwide Flexaccount into the Flexclusive ISA directly or via the 'feeder ISA'

I already have a 'feeder ISA' with £1 in it and I will, on 6th April move the full ISA allowance from my Flexaccount into the Flexclusive ISA. If that fails, I will simply use the feeder ISA to move it to the Flexclusive ISA.

catoutthebag

Was trying to find the more recent thread which yesterday alerted me to the change in jan allowing transfers into the flexclusive, but can't? Anyway thanks to THAT OP!

Never knew of this & went to the branch who said it is true because of a hole in the clause? And they weren't advertising the new change but doing it for customers who requested a transfer in branch.

So moved all my online isa cash to the flexclusive which ties me in at a whopping (?!) 4.25 til oct, and as I don't think anyone will match this in April, it's one less thing to worry about. also have the decent flexclusive reg saver:beer:

Only few days :eek:

Get on in:money:

penny_pincha

Thanks Paul for highlighting this. I will certainly be making use of it too.:T

However, I didn't quite follow this phrase

Paul_Varjak wrote: »

If that fails, I will simply use the feeder ISA to move it to the Flexaccount.

Is it me, surely you meant the Flexclusive ISA. ?

A little bit confused :question:

Paul_Varjak

penny_pincha wrote: »

Thanks Paul for highlighting this. I will certainly be making use of it too.:T

However, I didn't quite follow this phrase

Is it me, surely you meant the Flexclusive ISA. ?

A little bit confused :question:

Sorry, when you reach the age of 62 you tend to have a few 'senior moments'. I have amended my earlier post accordingly.

innovate

Paul_Varjak wrote: »

I have just received a letter from Nationwide, which reads as follows...



So, you still have a chance to transfer any existing cash ISAs into the Flexclusive ISA from other providers, assuming you already have a Flexclusive ISA of course!

I would also suggest that you open your 2013-2014 cash ISA with Nationwide and transfer the funds to the Flexclusive ISA before the 1st May deadline (preferably using on-line banking)

It's all very well if they write to you.......but have we seen any T&C changes that support this 1st of May deadline?