Nationwide Flexclusive Issue 1 ISA

torchie

tonywick wrote: »

I started by emailing Nationwide. I expressed the concern that both my wife and I have sizeable amounts in online ISA accounts (at 3.1%) that we would obviously have moved into our Flexclusibve ISAs last year at 4.25% if we'd known it was possible (especially since the bonus on both expires in Oct 2013, so it's a step into the unknown whatever we do then).

The response was cagey and defensive:

"[FONT=Arial, Helvetica, sans-serif]Thank you for your message.[/FONT]
I am sorry to hear of your concerns regarding the letter you have received.

It has recently been introduced that you can transfer funds into the Flexclusive ISA. I apologise for any inconvenience that has previously been caused because of this."


Looks like a phone call from Mr. Angry is in order....

I found that when I when registered the issue as a formal complaint, it was resolved quickly and amicably and I hope you have the same experience.

torchie

RedRuby wrote: »

I didn't have a good experience today when I went in branch to transfer my isa. They were clued up on the situation once I explained what I wanted but they didn't have any transfer forms. So then they said that they would input in straight into their system but once I hand over the information of my post office transfer I was told I couldn't do it because the account doesn't have a sort code and account number that fits neatly onto their system. It only has an isa number. Then the person got all defensive when I showed them my statement which only had the isa number and that I didn't think that there was a sort code and account number as the statement would say so. She said she couldn't complete my transfer.

And I even tried to complain about the inconvenience of having a nationwide isa which I had to transfer out of nationwide because they wouldn't let me transfer it into the flexclusive isa hoping that I might too get the offer of backdated interest as some others have it. But again no luck and they were rather defensive repeating constantly that the flexclusive isa hadn't been set up with transfers in mind and it was only because of the blip of not putting that info in the t & Cs that they were letting people transfer before May.

It is not that they are simply "letting" holders do transfers in before 1st May, it's that they have to give 28 days notice of any change to the Ts & Cs so once having served that notice by letter to all FlexClusive account holders, they have to wait the stautory time. I am sure by contacting the Post Office, they should be able to give you sort code and other account details - they are the same as reqiired on the form so the fact that Nationwide had run out of forms (not really a great surprise) will not hamper your efforts to do the transfer. Good luck.

System

KTF wrote: »

I just called them and my transfer in from a previous provider is there but waiting to be cleared which is fine.

Then on Saturday I will do an internal transfer £5760 to top it up with this years allowance.

By the time the bonus ends in October, the majority of it will be 'invested' in my house so am less concerned about what the rate will be after that at the moment.

I also have this ISA where the bonus ends in October. Would it make sense for me to transfer £5759 into this ISA on 06/04/2013 and leave £1 incase another good ISA comes up which I could potentially open using £1 (if I can open with such a small sum). Then in October 2013 I can transfer my Nationwide ISA to the better rate ISA.

Has anyone does this in the past and would recommend the approach?

patgc

That is exactly what I am doing. Have set up the transfer from my current Flex to my Flexclusive 1, leaving £10 available in the hope that something reasonable comes up to keep for when the bonus finishes in October

DragonQ

Summer01 wrote: »

I also have this ISA where the bonus ends in October. Would it make sense for me to transfer £5759 into this ISA on 06/04/2013 and leave £1 incase another good ISA comes up which I could potentially open using £1 (if I can open with such a small sum). Then in October 2013 I can transfer my Nationwide ISA to the better rate ISA.

Has anyone does this in the past and would recommend the approach?

You can't do that. All of your current tax year subscription must be in the same place, so you wouldn't be able to put the £1 in.

However, this is unnecessary anyway. If you're opening an ISA just to transfer in money from another ISA, you don't need an opening deposit (even if the website form or whatever says you do - just say you'll pay by cheque later, then fill in an official ISA transfer form).

KTF

Thats what I am doing.

innovate

And me................................................

RedRuby_2

Does anyone know what rate the isa drops too after October?

KTF

Available to new subscriptions only, Flexclusive ISA is a variable rate, instant access account that guarantees to pay a core rate of at least 1.50% above the Bank of England Base Rate until 1 January 2014. At Base Rate’s current level, Flexclusive ISA would pay a core rate of 2.00% AER* tax-free. In addition, the account will offer an introductory bonus of 2.25% fixed until 31 October 2013 bringing the overall rate, paid on balances of £1 and over, to 4.25% AER* tax-free.

From: http://www.nationwide.co.uk/mediacentre/pressreleases/viewarticle.htm?id=1945

So it will drop (at current BoE rate) to 2% when the bonus finishes on October 31.

supermoneysaver1982

Hi,
This is last year's ISA and this rate is no longer available.
Cheers