Nationwide Flexclusive- Terms and Conditions Query

Arvon1

I have received a letter from Nationwide a few weeks ago stating that the terms and conditions when I opened the isa in April 2012 did not reflect the advice given that transfers in were not allowed. They are allowing transfers in now and have amended the T&C which have affect from 1st of May 2013. They are willing to back date the lost interest of any transfers in to Jan 2013 only. This doesn't seem fair to me as based on their 'no transfer in' I invested the rest of my Cash ISA pot with another provider at a lower rate than that t Nationwide. I have complained to Nationwide and have had a letter to say that back dating interest till jan 2013 is their only offer as this is the time they started to allow people to transfer in, although their t&c have technically allowed transfer in all along.

Should I pursue the matter to get the interest I lost from April 2012 till JAN 2013?

rb10

Some people are trying to do this. Haven't seen anyone who's been successful yet.

Have you actually lost any interest though? Remember that from January to April you've been getting double interest - 4.25% at Nationwide and whatever you were getting elsewhere. This probably makes up for the fact that you were on a slightly lower rate from April-December 2012.

Hominu

rb10 wrote: »

Have you actually lost any interest though? Remember that from January to April you've been getting double interest - 4.25% at Nationwide and whatever you were getting elsewhere. This probably makes up for the fact that you were on a slightly lower rate from April-December 2012.

Not sure what you mean by "double interest".

Surely if you were only getting 3% on 20K instead of 4.25% thats £450 compared to £637, so Nationwide in effect 'owe' you the difference (£187), but good luck getting it from them.

I thought about transferring, but after doing the maths I'd actually be worse off by transferring to Nationwide, as the rate expires in October whilst my current deal is valid until next April and I'm guessing October til April the rates will be about 2%.

le_loup

No. You will be getting interest backdated by Nationwide AND the interest you received from the other provider.
Meanwhile read the other threads on what the rest of us have done.