Nationwide Flexclusive Issue 1 ISA

gt94sss2

innovate wrote: »

Here is the relevant text, with blue highlights from me.

Interest

2. We will calculate interest on each whole pound in the account

Not sure what the current/old T&C say but this reminds me of a certain TV advert and champagne...!

If there is going to be a new Flexclusive ISA (I expect so), I hope they announce it by 6 April - otherwise they will have quite a few unhappy customers..

Regards
Sunil

westkirby

just opened a 1 year fixed rate isa 12/2/2013, substantial amount can i tranfer the whole amount into flexclusive isa, or will there be a penalty, any help thanks mark

rb10

westkirby wrote: »

just opened a 1 year fixed rate isa 12/2/2013, substantial amount can i tranfer the whole amount into flexclusive isa, or will there be a penalty, any help thanks mark

There will normally be a loss of interest for closing the fixed rate ISA early, if it is even permitted. You'll have to check the T&Cs of the fixed ISA to see.

KTF

westkirby wrote: »

just opened a 1 year fixed rate isa 12/2/2013, substantial amount can i tranfer the whole amount into flexclusive isa, or will there be a penalty, any help thanks mark

Depends on the t&c of the fixed isa. Given the information you supplied, thats the best answer you are going to get.

waterwatereverywhere

Hi,

Just received this letter today from Nationwide and didn't know anything about it until now and googling to find this thread.

Pls can anyone help re my situation? I have the 4.25% Flexclusive ISA with just the 1 year's contibution in it.

I have several previous years in a Santander ISA - 1 Year Fixed Rate which doesn't mature until 1st July 2013.

Can I transfer out all the money in Santander to the NW Flexclusive now or will I lose interest/face a penalty?

The Santander is 3.5%. Is it not worth the bother - how do I calculate whether it's worth moving the monies even if there will be a loss of interest/penalty for moving from Santander.

If it does make sense, how do I do the transfer?! Sorry, clueless ... ISAs fox me every time, hate having to think about it every April!!

Just had a Santander letter saying that my interest will not be paid until 1st July 2013.

Any clarity on this for my over-taxed little brain would be very welcome!

innovate

Doubt you can transfer anything into the Flexclusive that matures in July - - it's a long time after the May 1 deadline.

If you transferred it now, before maturity, you'd almost certainly incur a hefty penalty (180 days interest, may be?), if you can transfer at all. Not something that even a 4.25% ISA can make up in 6 months, which is all you would have if you acted now (and same in 3 weeks time)

You'll probably do best if you

1. leave you Santander ISA to mature and find a home for it as and when
2. max your 2013-14 allowance into the Flexclusive on Saturday
3. deal with the end of the Flexclusive 4.25% rate in October....there'll be plenty of us trying to find a home for the money, me included.

Bhamstudent

innovate wrote: »

Doubt you can transfer anything into the Flexclusive that matures in July - - it's a long time after the May 1 deadline.

The Nationwide letter isn't that clear IMO; it simply says that "Any instructions to transfer received after 1st May 2013 will not be accepted".

Now that can either mean:
a) that if I want to transfer in any ISA I must sign the form before 1st May regardless of at what point the ISA will transfer in; or
b) My transfer must be complete by 1st May.

Based on the wording I'd lean towards the former as it refers to an "instruction to transfer" rather than the "transfer" alone.

Any thoughts?

innovate

Bhamstudent wrote: »

The Nationwide letter isn't that clear IMO; it simply says that "Any instructions to transfer received after 1st May 2013 will not be accepted".

Now that can either mean:
a) that if I want to transfer in any ISA I must sign the form before 1st May regardless of at what point the ISA will transfer in; or
b) My transfer must be complete by 1st May.

Based on the wording I'd lean towards the former as it refers to an "instruction to transfer" rather than the "transfer" alone.

Any thoughts?

Agree, it's unclear what is meant to have happened by May 1. Because of that, I would assume having (proof of having) given them the transfer request by May 1 would be sufficient.

luci

I raised this question a week ago which no-one seemed to pick up on at the time.

http://forums.moneysavingexpert.com/showpost.php?p=60243205&postcount=1003

The letter is quite clear in that it states "any instructions to transfer received after 1st May 2013 will not be accepted".

That reads to me as "instructions" not actual transfers. I shall be getting my "instructions" in before 1st May for ISAs maturing after 1st May.

torchie

Good news! I have just had a call from Nationwide and they have confirmed they will backdate the difference in my interest on the amount I am transferring in to the original date of opening (i.e. April 2012).