Nationwide Flexclusive ISA 1.6% - or not

le_loup

As a flexclusive ISA can only be operated through a flexclusive account, I don't see how!

colsten

le_loup wrote: »

As a flexclusive ISA can only be operated through a flexclusive account, I don't see how!

I think you might misunderstand how a FlexClusive ISA works. There is no such thing as "operating an ISA through a Flexclusive account".

In answer to Lungboy's question: your answer is in the Flexclusive ISA T&Cs:

2. If you no longer meet the account eligibility criteria we reserve the right to transfer the account to another ISA within our range.

bowlhead99

To get access to Flexclusive offers you must either:

a)
Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount with a Visa debit card (not cash card or cash card+) and have:
Been paying in £750+ a month for the last 3 months (excluding internal transfers);
or
Completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or

b)
Hold a FlexDirect or FlexPlus account

As a reminder,
FlexAccount is free to operate, but as per (a) above you need to pay in a monthly minimum amount (or have very recently opened it using an account switch) to access the Flexclusive offers.

Under (b), FlexPlus account has no minimum monthly deposit to qualify you for the Flexclusive offers but is not free to operate, it costs a tenner a month.

Under (b), FlexDirect has no minimum monthly deposit to qualify you for the Flexclusive offers, although most people do make their minimum monthly deposit because they want the interest.

If Lungboy doesn't want to keep making monthly deposits into their FlexDirect account because the 1% interest is not worth having for the hassle of maintaining monthly cashflows, then they can simply stop making those monthly deposits. But if their account still exists, i.e. hasn't closed, they still qualify under (b) for access to the 'Flexclusive' benefits such as being allowed to hold a Flexclusive ISA with preferential interest rates.

Lungboy

Thanks Colston, I missed that.

Thanks Bowlhead, I guess that's the way to go then, keep the account but stop funding it. I had intended to switch it to FD for the bonus cash.

e: actually, would I be better off sticking my ISA in the Skipton 1.62% 1yr fixed and switching the NW account to FD, rather than keeping the NW account just to have the ISA.