Leaving Nationwide...

dan_uk_manchester

Hi all,

I have been looking at potentially switching bank.

I currently have a Flexaccount with Nationwide, along with a Flexclusive ISA. I think this is only available to Nationwide customers.

I contacted nationwide to ask what I would need to do with my ISA if I left, they have said that it would be unaffected. Does this sound right? I also have a Help to Buy ISA with them which I wouldn’t be looking to switch.

Cheers!

EachPenny

dan_uk_manchester wrote: »

I currently have a Flexaccount with Nationwide, along with a Flexclusive ISA. I think this is only available to Nationwide customers.

I contacted nationwide to ask what I would need to do with my ISA if I left, they have said that it would be unaffected. Does this sound right? I also have a Help to Buy ISA with them which I wouldn’t be looking to switch.

The Flexclusive products are only available if you meet the terms which are set out for each product. To open (and keep) a Flexclusive ISA you have to be a current account holder, which you won't be if you switch your current account away from Nationwide.

The T&C's state: "If you no longer meet the account eligibility criteria we reserve the right to transfer the account to another ISA within our range."

So Nationwide would be within their rights to transfer you to a non-Flexclusive ISA, but it is up to them whether they do or not.

However, the Flexclusive ISA interest rate is only 0.75% which is pretty poor. You ought to be able to get at least 1%, possibly 1.06% with an instant access ISA which accepts transfers in.

The simplest way of solving your problem would be to move your Flexclusive ISA as well as your current account.

dan_uk_manchester

Thanks very much, that’s really helpful.