Nationwide Flexclusive ISA @ 2.25% AER

SpideressUK

Having looked on the site for the best cash ISA (one where you do not tie up your money for a long time or be a regular saver - one where you can get your money out whenever you want to) I opened a Nationwide Flexclusive ISA @ 2.25% AER (I already had a current account with them so was able to open it online).

However, a word of warning to anyone who opens one. You can put your money INTO it for free via BACS from your existing bank account but the only way to get your money OUT of it is via CHAPS for which they charge a £20 transaction fee every time.:eek:

I will therefore be closing my Nationwide ISA.

lippy1923

SpideressUK wrote: »

Having looked on the site for the best cash ISA (one where you do not tie up your money for a long time or be a regular saver - one where you can get your money out whenever you want to) I opened a Nationwide Flexclusive ISA @ 2.25% AER (I already had a current account with them so was able to open it online).

However, a word of warning to anyone who opens one. You can put your money INTO it for free via BACS from your existing bank account but the only way to get your money OUT of it is via CHAPS for which they charge a £20 transaction fee every time.:eek:

I will therefore be closing my Nationwide ISA.

Why can't you move the money to the flex current account, then you can do what you like.

badger09

SpideressUK wrote: »

Having looked on the site for the best cash ISA (one where you do not tie up your money for a long time or be a regular saver - one where you can get your money out whenever you want to) I opened a Nationwide Flexclusive ISA @ 2.25% AER (I already had a current account with them so was able to open it online).

However, a word of warning to anyone who opens one. You can put your money INTO it for free via BACS from your existing bank account but the only way to get your money OUT of it is via CHAPS for which they charge a £20 transaction fee every time.:eek:

I will therefore be closing my Nationwide ISA.

Where did you get that information?

Once it appears on your online banking screen, you should be able to withdraw to your Nationwide current account. I have the 1st issue (4.25%) and could do so if I wanted to.

AlwaysLearnin

From their site:

"Withdrawal arrangements: Instant access.

You can take out up to £500 per day in cash or larger amounts by cheque in branch. You can withdraw funds online through Internet Banking."

http://www.nationwide.co.uk/savings/cash_isa/flexclusive_isa/default.htm

rb10

It's simple to do - on the home screen, just use the 'Quick Transfer' boxes on the left to choose your ISA as the 'From' account, your current account as the 'To' account, and enter the amount.

SpideressUK

Thank you everyone. I got the information from Nationwide themselves. Using their "my messages" in the online screen. I asked them how do I gt money INTO my ISA (from my Royal Bank of Scotland bank account) and how do I get money OUT (to my Royal Bank of Scotland account) and that is the process they told me.

I no longer have a local branch of the Nationwide near me (they closed my most local one down) so physically going in and out to either put money in or take it out is not very practicable - it would cost me more in petrol travelling to and fro from the nearest branches than the interest would pay me on the account (considering I have such a small amount of money to save in it)

I have not actually used whatever it is that I do have with them for 3 years as I only got their cards based on advice from here as to them being good to use abroad so I have a VISA Debit and a VISA Credit. I assume that the VISA Debit is for a "current account" as the site says I have a "FlexAccount" and I assume I would use the VISA Debit card to go into a branch and withdraw any money from this.

I think the next best rate I can get is a TESCO ISA so am going to look at that and how easy it is to get money in and out of that and if it is better for me (since I no longer have a local branch for Nationwide) I will close the Nationwide ISA (which has no money in it yet anyway) and open a Tesco one.

At least though.........for anyone opening a Nationwide ISA who still has a local branch..........the info you have all given above is really useful.

Thank you

rb10

SpideressUK wrote: »

I have not actually used whatever it is that I do have with them for 3 years as I only got their cards based on advice from here as to them being good to use abroad so I have a VISA Debit and a VISA Credit. I assume that the VISA Debit is for a "current account" as the site says I have a "FlexAccount" and I assume I would use the VISA Debit card to go into a branch and withdraw any money from this.

A Visa Debit card is attached to your FlexAccount, and yes, that is a normal current account.

You don't have to go into a branch to withdraw the money. You can just make an online payment to another account (e.g. your RBS account), or withdraw the cash from any ATM.

le_loup

I think the OPs first task is to understand what accounts he already has and how they work before investigating new challenges to his understanding.

AndyPK

What you have is fine also long as you have online or phone banking.

If you want to withdraw from Isa just move to you flex account and then to where you want it.

I would think tesco will be more difficult.

SpideressUK

le_loup wrote: »

I think the OPs first task is to understand what accounts he already has and how they work before investigating new challenges to his understanding.

I am not a he.

SpideressUK

AndyPK wrote: »

What you have is fine also long as you have online or phone banking.

If you want to withdraw from Isa just move to you flex account and then to where you want it.

I would think tesco will be more difficult.

I have sent Nationwide another message via their "My Messages" to ask how I can get money from my "Flex Account - current account" to my RBS bank account (I have online banking with the RBS) to see if the only way to do that is also CHAPS @£20 a time. There message to me was "I confirm that you will need to make an external payment via (CHAPS)" so it appears all external payments (which are not in branch or any cash machine withdrawals) have to be via CHAPS. The "move money" tab seems to only from Nationwide to Nationwide or Nationwide to a bill like electric etc