Nationwide Flexclusive ISA - 4.25%, instant access

rb10

There's no need to faff around with moving 2013/14 money into a 'feeder ISA' to then transfer it into the Flexclusive ISA.

The product was always advertised as accepting new ISA money. The letter that you have received does nothing to indicate that this will change as a result of the revised T&Cs.

ylesia

Well this is interesting! I wrote to Nationwide to complain that I would not have opened another ISA if they had allowed me to transfer into the flexclusive back in April (when I asked). I asked for compensation of around £85 (difference in interest rate).

I have a letter saying that if I transfer my ISA on the 1st May 2013 (when it matures) then they will backdate interest to 1st May 2012!

I am going to send in my ISA transfer form with a copy of the letter attached and see what happens ...

Paul_Varjak

rb10 wrote: »

There's no need to faff around with moving 2013/14 money into a 'feeder ISA' to then transfer it into the Flexclusive ISA.

The product was always advertised as accepting new ISA money. The letter that you have received does nothing to indicate that this will change as a result of the revised T&Cs.

Until we see the actual rule changes we cannot be sure that 2013-2014 monies can be moved directly into the Flexclusive ISA. Even if new monies are still allowed, confusion at Nationwide may still abound and any attempt to transfer new monies may be blocked.

By all means, try moving new monies direct to the Flexclusive ISA after 1st May, if that works all well and good. If it does not, then having a 'feeder ISA' is a good backup plan.

Hooloovoo

Paul_Varjak wrote: »

The letter I received today clearly states the following...

Any idea how they are going to do this? What if I don't accept the changes to the terms and conditions that, currently, don't prohibit any existing cash ISA funds from being transferred in?

Paul_Varjak

Hooloovoo wrote: »

Any idea how they are going to do this? What if I don't accept the changes to the terms and conditions that, currently, don't prohibit any existing cash ISA funds from being transferred in?

The hard way is to raise a complaint and, if you don't like their repsponse, take your complaint to the FOS. The easy way is not to fight the T&Cs changes and use the 'feeder' ISA loophole which will probably still exist after 1st May.

Hooloovoo

Paul_Varjak wrote: »

The hard way is to raise a complaint and, if you don't like their repsponse, take your complaint to the FOS. The easy way is not to fight the T&Cs changes and use the 'feeder' ISA loophole which will probably still exist after 1st May.

Given the current FOS fiasco and the fact I'm not having a cash ISA for 2013/14 I think I'll just let it go.

[:rotfl:]

ylesia

rb10 wrote: »

There's no need to faff around with moving 2013/14 money into a 'feeder ISA' to then transfer it into the Flexclusive ISA.

The product was always advertised as accepting new ISA money. The letter that you have received does nothing to indicate that this will change as a result of the revised T&Cs.

Absolutely agree - 2013/14 money is not a transfer of existing cash ISA funds, it's a deposit of new money that you are turning into cash ISA funds.

rb10

Hooloovoo wrote: »

Any idea how they are going to do this? What if I don't accept the changes to the terms and conditions that, currently, don't prohibit any existing cash ISA funds from being transferred in?

Part 29 of your current T&Cs allows them to vary the T&Cs.

If you choose not to accept them, then you will have to close your account.

Paul_Varjak wrote: »

The hard way is to raise a complaint and, if you don't like their repsponse, take your complaint to the FOS. The easy way is not to fight the T&Cs changes and use the 'feeder' ISA loophole which will probably still exist after 1st May.

Assuming they word the new T&Cs properly, then the FOS complaint would just be a waste of time. What would you complain about?

I doubt you'll be able to transfer in through any route after 1st May, they're clearly on to it.

Hooloovoo

rb10 wrote: »

I doubt you'll be able to transfer in through any route after 1st May, they're clearly on to it.

Given there's only seven months left until no one will want to transfer in anyway, this seems like an awful lot of effort for them to go to.

rb10

Paul_Varjak wrote: »

Until we see the actual rule changes we cannot be sure that 2013-2014 monies can be moved directly into the Flexclusive ISA. Even if new monies are still allowed, confusion at Nationwide may still abound and any attempt to transfer new monies may be blocked.

By all means, try moving new monies direct to the Flexclusive ISA after 1st May, if that works all well and good. If it does not, then having a 'feeder ISA' is a good backup plan.

I do not believe that they would restrict new ISA money.

It appears that they will be aligning the T&Cs with the way the account was originally advertised. There's no logical reason why this would also include closing the account to any new subscriptions as well.

Based on the (albeit limited) info available so far, your plan wouldn't work, since that would involve a transfer of existing ISA funds.

For 2013/14 subscriptions, just transfer money online from your FlexAccount, any time on or after 6th April.