Instant Access ISA 4.25% with Nationwide

ylesia

DreamerV wrote: »

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.

I have had a flexaccount for about 12 years but transferred my direct debits a couple of years ago to First Direct. However since my mortgage is with nationwide I left my mortgage going out of the flexaccount.

The only transactions on my flexaccount or £900 in by faster payment, £900 out for the mortgage and then the occasional cheque.

This qualifies me as a Main account holder so you will be fine

DreamerV

ylesia wrote: »

I have had a flexaccount for about 12 years but transferred my direct debits a couple of years ago to First Direct. However since my mortgage is with nationwide I left my mortgage going out of the flexaccount.

The only transactions on my flexaccount or £900 in by faster payment, £900 out for the mortgage and then the occasional cheque.

This qualifies me as a Main account holder so you will be fine

Thanks for this. Makes it worth me travelling in on Tues to see if they'll let me fill in a form

penny_pincha

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.

Nationwide's rules state "To qualify as a main FlexAccount holder, you have to hold a FlexAccount and:

• Pay in £750 or more each month (excluding internal transfers) for the last 3 months, or:
• Agree to complete an Account Transfer from an account (non Nationwide) using our Account Transfer Service or have done so in the past four months."

'OR' It's a little word but oh so important here.You can have or agree to have, a FlexAccount (current account) and sign up to it being you main account with your DD's & SO's going out as long as you can pay in at least £750 a month. You don't have to have done so in the last 3 months.

psychic_teabag

There was a post from what appeared to be a NW representative that said you couldn't just transfer in and out £750 per month to qualify. Didn't elaborate. But I can't see that post now, though I did quote part of it in my post #100 in t'other thread :
https://forums.moneysavingexpert.com/discussion/3886753

The post might have been deleted since they weren't an official representative.

ejv

psychic_teabag wrote: »

a NW representative that said you couldn't just transfer in and out £750 per month to qualify

I can't understand why, as long as they haven't mentioned a minimum balance:question:.Otherwise NW would be hoarding £13500 of your money by 18 months and would continue to accumulate if you want to keep it further on or avail their free travel insurance:huh:

GreenBitterfly

lippy1923 wrote: »

God its not rocket science. Just put £750 in each month. It doesn’t have to come from benefits. Or wages. It could be savings. If you have no savings at all, and only get £200pm for example- cycle the £200 through the flex 4 times using faster payments. It will take you about 5 minutes. Where does it state you have to put all £750 in at once?
O and I'm not disputing that £750 isnt a lot of money to some people!

Where does it state I actually wanted this account?!, it is rocket science to some people, there are people who for all that, it would be too much to grasp. They are people who are likely to be on the lower end of the wage or on benefits, who have no incentive at the minute to save, either through a lack of extra funds to save, or the knowledge to do this. I was merely making the point that £750 is a lot of money to some people, and accounts like this are out of some people's grasp.

psychic_teabag

ejv wrote: »

I can't understand why, as long as they haven't mentioned a minimum balance:question:.Otherwise NW would be hoarding £13500 of your money by 18 months and would continue to accumulate if you want to keep it further on or avail their free travel insurance:huh:

I think they would clearly prefer that you used it as a proper current account, but I'm not sure whether they can actually frame the rules in such a way to prevent just transferring in and out.

ejv

lippy1923 wrote: »

God its not rocket science. Just put £750 in each month.

I think its advisable you refer to the forum rules.:(

GreenBitterfly wrote: »

it is rocket science to some people,

It was for me till a few months ago:o

GreenBitterfly wrote: »

there are people who for all that, it would be too much to grasp. They are people who are likely to be on the lower end of the wage or on benefits, who have no incentive at the minute to save, either through a lack of extra funds to save, or the knowledge to do this. I was merely making the point that £750 is a lot of money to some people, and accounts like this are out of some people's grasp.

I think this £750 has part to do with their other perks like Free Travel insurance,£100 guarantee to transfer all DDs in 10 days, preferential loan rates etc etc......

I agree with Greenbitterfly that its bit harsh.....but hey... Natwest gives 3.5 % only if you transfer more than £30K...so everyone has a trick up their sleeve:mad: