Nationwide Flexclusive Issue 1 ISA

badger09

Teresa_Green wrote: »

I have just telephoned Nationwide Customer Services and been told that I can transfer old ISA money from online issue 6 ISA into my Flexclusive ISA via online banking, I asked if he was sure and told yes but you need to do this before end of this month as after that you won't be able to.

I asked if he would do this for me and told no.

I want to do this via online banking but am nervous in case he is wrong? Certainly seems to be against the advice on this thread?

There is a much longer thread here
https://forums.moneysavingexpert.com/discussion/3886753

Sorry, don't have time to search entire thread, but several of us have done this many months ago

Teresa_Green

Thank you for quick responses. Just spoke to my Branch direct and been told that this is possible (but I am still feeling nervous!) Especially as another staff member then said in the background to tell me to come in so they could key it in for me, I asked if they have the forms to do this and they said they would just key it across and not use a form?

My thinking is the same as above, if you couldn't do it then it would not appear on the drop down menu.

I have already put this new years allowance in from e-savings but had to go via flexaccount for that, as you say it does not appear in the drop down menu if you cannot do it...

The person at my branch also said the Flexclusive ISA may think it was new money but I said I have already paid that in so...

david78

Best just to do it online. It really does work.

The Nationwide system knows that both accounts are Cash ISAs and doesn't count the transfered money as "new money" in the Flexclusive ISA account.


You have to do it before the 1st May though.

david78

These are the appropriate words from the Web ISA T&Cs. The other online accounts have similar wording. Key words are the last sentence.

If both accounts are already open (partial transfer
from e-ISA / Online ISA / Web ISA only
), you will need to log into the
Internet Bank and complete the following actions.


o From your account list click on the account that you wish to move money from.
oFrom the left hand menu you can then click ‘Transfer Money’.
oYou can then select the account that you wish to move money to from the dropdown list.
oEnter the amount that you wish to transfer.
oThe date of your transfer will be displayed below.
oSelect next to continue.
Transferring in these ways will not affect your annual ISA allowance.

Teresa_Green

david78 wrote: »

These are the appropriate words from the Web ISA T&Cs. The other online accounts have similar wording. Key words are the last sentence.

If both accounts are already open (partial transfer
from e-ISA / Online ISA / Web ISA only
), you will need to log into the
Internet Bank and complete the following actions.


o From your account list click on the account that you wish to move money from.
oFrom the left hand menu you can then click ‘Transfer Money’.
oYou can then select the account that you wish to move money to from the dropdown list.
oEnter the amount that you wish to transfer.
oThe date of your transfer will be displayed below.
oSelect next to continue.
Transferring in these ways will not affect your annual ISA allowance.

Brilliant

Is there a copy of that somewhere on the NW website??

david78

http://www.nationwide.co.uk/NR/rdonlyres/8DC335E0-09BA-4415-8107-4A4921BFFC5C/0/P1036.pdf

I know this is the Web ISA, but these words have always appeared in all their online ISA accounts.

You should be able to see these words for your Issue 6 Online ISA by logging in to your online account (I can see mine for Issue 4). Pick account, then other services, view terms and conditions.

Teresa_Green

Thanks David, I found the following:

Online ISA




The following conditions apply to the Online ISA only.

1. The minimum initial deposit for Online ISA is £1,000.
2. Online ISA is available for use through the Nationwide Internet Bank. You must hold at least one of the following accounts in order to open and operate an Online ISA:
   • Nationwide current account
   • InvestDirect
   • CashBuilder Card
   • Smart Card
3. Withdrawals from the account require no notice and can only be made through the Nationwide Internet Bank to one of the card accounts listed above held by you either jointly or solely.
4. You cannot make withdrawals from this account by cheque, cash, standing order, Direct Debit, CHAPS or overseas electronic payments.
5. Nationwide reserves the right to limit the number of Online ISA accounts you can have.
6. Payments into the account can only be made through the Nationwide Internet Bank from a card account held by you.
7. Transfers from your Online ISA to another cash ISA product (excluding another Online ISA or e-ISA), must be done using a paper application form and cannot be done from your card account.
8. Interest is credited to your account annually on 31 August and on closure.
9. Requests to close the account can only be made through the Nationwide Internet Bank.
10. From the date of your death the ISA will receive net (with tax deducted) interest at the current Champion ISA core interest rate but never less than the lowest interest tier of the e-ISA.
11. An introductory interest rate is fixed for the set period applicable to the issue number of the account that you hold and is calculated on the daily balance in the account over the year. After this introductory period, the interest rate will revert to the variable rate applicable to this account. Your issue number and introductory interest rate expiry date can be found in the welcome letter you will receive after your Online ISA is opened and will appear at the end of your account name on the Internet Bank, you can use this to look up the interest rate applicable to your account on the interest rate pages of nationwide.co.uk.
12. Nationwide's No Penalty Transfer Policy does not apply to this account. This means that in future we may offer the account with different features such as a new fixed rate or fixed rate period and we will not write and tell you about it.

Number 7. above is the sticking point for me?

The flexclusive ISA is or was supposed to be Branch Based, but shows online and I have transferred into it already online this year's allowance.

The person in Branch told me I would still need to go in for them to close the online ISA even if I transferred via online banking which is wrong as it is an online account, to be operated online as you say.

bondy01

david78 wrote: »

Best just to do it online. It really does work.

The Nationwide system knows that both accounts are Cash ISAs and doesn't count the transfered money as "new money" in the Flexclusive ISA account.

How long does it take for the transaction to be shown? I have added both new and an online isa money today but the transactions are not shown. The balance has been updated though so I suppose that is what matters.

david78

With Nationwide you only really have one Cash ISA. What you and me call different ISAs are really just separate account pots in the one cash ISA. So you can transfer money internally between these pots as much as you like (as long as you don't breach T&Cs or try to transfer into fixed rate pots).

With the online accounts you can just do the transfer online. If you transfer everything your Online ISA account will go to £0. You can then ask them to close this by sending them a secure message. (It won't close automatically in case you wanted to transfer some money back some day!)

david78

bondy01 wrote: »

How long does it take for the transaction to be shown? I have added both new and an online isa money today but the transactions are not shown. The balance has been updated though so I suppose that is what matters.

If the balance has increased its worked. Transactions normally show the next working day.

Did you do a transfer from an Online ISA account today?