Nationwide Flexclusive Issue 1 ISA

m-holmes

Yes - My Fixed ISA was paying at 3.50% and as of yesterday it has dropped to 2.5%. Santander have said I will receive the interest today for the original Fixed rate account without penalty.

Obviously it would have dropped even more after May 1st had I left it in the original ISA.

Bonnie_Bankie

m-holmes wrote: »

Yes - My Fixed ISA was paying at 3.50% and as of yesterday it has dropped to 2.5%. Santander have said I will receive the interest today for the original Fixed rate account without penalty.

Obviously it would have dropped even more after May 1st had I left it in the original ISA.

I have the same fixed rate Isa with santander that matures 1st May. Nationwide accepted my application to transfer on 1 May without question. The letter received from nationwide states that "if you are in the process of transferring an isa then the funds will be added. Any instruction to transfer received after 1 May 2013 will not be accepted".
My NW branch also told me that any monies transferred in will have the deposit date back dated to 8 Jan 13. Happy days :beer:

m-holmes

Thanks for letting me know this, I see Nationwide employees giving conflicting information. I also thought the letter said that but they told me I was mistaken.

Can I ask why have they agreed to back date to the 8th January, did they give you a reason why they have used that date in particular?

tonywick

I sent them another email simply asking when these Ts & Cs changed - the answer I've had back is "23rd January". Now why would that happen on that date I wonder? And did they keep this little secret to themselves?

Time to phone and sort this out. Will report back!

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....

m-holmes

Ok I got nowhere with this.

I spoke to the Nationwide ISA office this morning. The gentlemen I spoke to said that my branch were correct and they would not be able to transfer on 1st May. I read the letter back to him, (etc) and he got very flustered with me and I thought wasn't really making much sense, he then said he was going to speak to the branch (Stevenage) about it. At this point I was placed on hold for about 20 seconds. I was then put directly through to the branch were I had to explain it all again.

It was all a bit irrelevant really now because Santander have changed my account and I can (and have) transferred. But it would have been nice to have had clarification.

Still at least I am getting the higher rate earlier then I expected.

Teresa_Green

Teresa_Green wrote: »

It is deeply concerning when people on the internet know far more about it than NW do!!

Just to confirm for any other chickens like me, David's advice is correct I have had a secure message from NW to say I can transfer via internet banking from online isa issue 6 to flexclusive isa without losing the tax free status of my money.

Does anyone know what the minimum balance for online isa issue 6 is please?

bondy01

Teresa_Green wrote: »

Just to confirm for any other chickens like me, David's advice is correct I have had a secure message from NW to say I can transfer via internet banking from online isa issue 6 to flexclusive isa without losing the tax free status of my money.

Does anyone know what the minimum balance for online isa issue 6 is please?

I transferred nearly 11k from that isa on saturday leaving £1.30 in it. I think the rate is different for amounts less than £1k. Can't remember where I read it though.

Teresa_Green

bondy01 wrote: »

I transferred nearly 11k from that isa on saturday leaving £1.30 in it. I think the rate is different for amounts less than £1k. Can't remember where I read it though.

Thank you, just found it and you are correct, minimum balance is £1.00 so I have transferred same as you into Flexclusive ISA, interest is 0.25% on anything less than £1K in Online ISA issue 6.

tonywick

tonywick wrote: »

I sent them another email simply asking when these Ts & Cs changed - the answer I've had back is "23rd January". Now why would that happen on that date I wonder? And did they keep this little secret to themselves?

Time to phone and sort this out. Will report back!

Phoned and spoke to somebody in the ISA dept about the change of heart on transferring into a Flexclusive ISA. At first was told just that this was "now possible", but on quoting the January date that I'd received in the email (I should have quoted 8th, not 23rd btw), he popped off to speak to a supervisor.

In the end I was advised to go into my branch and get an "ISA consolidation request form". Apparently on completing this and handing into the branch, whatever amount I transfer from my online Nationwide ISA into my Flexclusive ISA will have the 4.25 % applied backdated to 8th Jan.

So sounds promising - but still can't figure out where they got the January date from - maybe that's when someone first spotted that they didn't have the "no transfer" clause in the Ts and Cs?

david78

Teresa_Green wrote: »

Thank you, just found it and you are correct, minimum balance is £1.00 so I have transferred same as you into Flexclusive ISA, interest is 0.25% on anything less than £1K in Online ISA issue 6.

Good. But don't forget there is interest owed to you on the online saver, which won't be earning much interest. You will need to transfer again when this is paid (August).

If you click onto one of your Cash ISA account pots (doesn't matter which one as they are one Cash ISA really) you should find how much you have contributed to your Cash ISA this year hasn't changed because of the transfer

I will be doing another Transfer this way at the start of May when one of my fixed rate bonds will mature. Just need to get it to be re-invested in a web-saver account first. In my case I am transferring into an Online ISA (Issue 4, 3.1%).

I don't qualify for Flexclusive account because the current account is not my main account and I pay very little into it.