Instant Access ISA 4.25% with Nationwide

penny_pincha

Ooo, ooo :j

This looks very enticing. However, Nationwide's rules state,
"
You can:

• pay in over the counter at any Nationwide branch
  
• set up a regular standing order
• transfer money in online from a Nationwide card account

Please note, transfers in from existing cash ISAs are not accepted into this account."


If I withdraw money out of another instant access Nationwide ISA in cash, could I not then open up one of these new ISA accounts (as it is a new tax tear) and just pay the money in in cash?:easter_ba

GreenBitterfly

lippy1923 wrote: »

You don't have to get a better job or be paid £750 per month. All you need to do is have the £750 go through the account each month, from another organisation. I have my wages paid into my halifax for the free £5 but I transfer £750 back to nationwide.
It could be the same £750 every month. Just cycle the amount, then move it back to where it needs to be.

Can't believe all this rubbish about not being full time and nationwide being unfair to low paid people! It doesnt state it has to come direct from an employer!

But a part of it at least has to come from a wage, who gets £750 a month just in benefits? Being on JSA is frustrating enough as it is, without having access to higher interest rates on savings, or current accounts that come with extras. When I was a (effectively) full time teaching assistant, I didn't get £750 a month even then, £750 is still an enormous amount for some people.

innovate

I haven't seen anything that says you have to pay in the £750 in one transaction - thus you could use several deposits (of the same money, that you cycle through one or more other current accounts on SOs)

I am also not sure you have to pay in your salary or pension - - I told them I'd prefer to keep my current arrangement and fund my Flexaccount with a Standing Order. They said that was perfectly ok.

I do have to do two Direct Debits though from the Flexaccount - which is ok, these can make use the £750 that get paid in every month. Remainder will quickly go out of Nationwide into an interest paying account ;-)

alanq

penny_pincha wrote: »

If I withdraw money out of another instant access Nationwide ISA in cash, could I not then open up one of these new ISA accounts (as it is a new tax tear) and just pay the money in in cash?:easter_ba

If Nationwide allows you could draw cash and redeposit but that would come out of this year's ISA allowance. If you transfer an ISA you still have all of this year's allowance to use for other funds.

xylophone

alanq wrote: »

If Nationwide allows you could draw cash and redeposit but that would come out of this year's ISA allowance. If you transfer an ISA you still have all of this year's allowance to use for other funds.

No transfers in allowed? http://www.nationwide.co.uk/savings/cash_isa/flexclusiveisa/introduction.htm

Slim

My understanding is that flexaccount holders must have had paid into their account at least £750 in each of the last three months. So those posters suggesting transferring funds in and out of their flexaccounts, presumably, would do this from now on and then hope that the account is still open in three months time.

My daughter has had a flexaccount as her main account for many years, in fact it's her only current account, but because she works part-time has had less than the £750 paid in each month. She is therefore not eligible for this higher interest paying account.

Nationwide should be encouraging the low paid to save. I appreciate that the £750 doesn't need to come solely from earnings but the reality is that most regular credits are salary or pension related. That Nationwide is effectively discriminating on the basis of income is, I think, completely unacceptable.

innovate

Slim wrote: »

My understanding is that flexaccount holders must have had paid into their account at least £750 in each of the last three months. So those posters suggesting transferring funds in and out of their flexaccounts, presumably, would do this from now on and then hope that the account is still open in three months time.

You don't have to wait for 3 months - - you could ask them to open a brand new Flexaccount (unless you have the max 5 of them already - - unlikely) & get the transfer from another bank signed up. Or just sign up for the transfer - it seems to be at the Branch's discretion how they handle this.

evenasus

xylophone wrote: »

No transfers in allowed? http://www.nationwide.co.uk/savings/cash_isa/flexclusiveisa/introduction.htm

alanq is correct - No transfers of ISAs in.

• Rates are variable
• Fixed introductory rate until 31 October 2013
• The annual interest rate (AER) is guaranteed to pay 1.50% above the Bank of England Base Rate until 1 January 2014 and will track changes in the Base Rate. Any changes will be made within one month of a Bank of England announcement.
• Please note, transfers in from existing cash ISAs are not accepted into this account.
• Maximum 1 account holder, minimum age 18

DreamerV

I would like to open this ISA. I have been a Nationwide customer for 10+ years with a flexaccount as my main account. Late this month (organised last month) all my direct debits are being switched through the FirstDirect switching service. However, I have had 750 going into the Flex Account every month for years, and this will continue to be the case. What consitutes main account? - would I be able to just set up a couple of direct debits from next month from the Flex Account and that qualify me? (as this month's direct debits will have mainly gone out from Nationwide).

Thanks for any advice.

Nine_Lives

Umm, as this is an ISA it should be in the ISA forum

Plus it's been discussed in the thread of the name for the past few days.