Nationwide Flexdirect

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  • locky123
    locky123 Posts: 466 Forumite
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    How do I online downgrade from Flexdirect to Flexaccount?
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    locky123 wrote: »
    How do I online downgrade from Flexdirect to Flexaccount?

    You can't. You need to ring them or visit a branch and book an appointment to do it.
  • locky123
    locky123 Posts: 466 Forumite
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    Ed-1 wrote: »
    You can't. You need to ring them or visit a branch and book an appointment to do it.

    Thanks, just tried online and see that you can upgrade online but not downgrade, not completely helpfull.
  • locky123
    locky123 Posts: 466 Forumite
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    My FlexDirect account is 30 months old, so do I downgrade to FlexAccount and then say next day upgrade to FlexDirect and get 5% rate?
  • derrick
    derrick Posts: 7,424 Forumite
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    locky123 wrote: »
    My FlexDirect account is 30 months old, so do I downgrade to FlexAccount and then say next day upgrade to FlexDirect and get 5% rate?


    No, you will need to wait 12 months.

    .
    Don`t steal - the Government doesn`t like the competition


  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    derrick wrote: »
    No, you will need to wait 12 months.

    .
    Recent reports on here suggest this is not now necessary (despite what the T&Cs say).
  • derrick
    derrick Posts: 7,424 Forumite
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    YorkshireBoy wrote: »
    Recent reports on here suggest this is not now necessary (despite what the T&Cs say).

    Yet we are told on here to read the t & c's not listen to heresay.


    .
    Don`t steal - the Government doesn`t like the competition


  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    locky123 wrote: »
    My FlexDirect account is 30 months old, so do I downgrade to FlexAccount and then say next day upgrade to FlexDirect and get 5% rate?

    Yes. As long as you've not had the 5% for at least a year on any FlexDirect account, you'll get it again by downgrading and then upgrading back to FlexDirect. Speculator originally reported this change of policy and I can second that it is the case after doing it myself last month and asking Nationwide.
  • Kernel_Sanders
    Kernel_Sanders Posts: 3,617 Forumite
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    edited 13 October 2016 at 1:35AM
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    Archi_Bald wrote: »
    In order of preference:
    1. switch it to a bank that pays you a switching bonus
    2. downgrade it to FlexAccount (e.g. to have it in reserve for future switching offer by another bank)
    3. close it
    Could you or somebody else please revise this advice to cater for someone who only opened a Flexclusive 5% reg saver half way into the first year. She also wants to use the 'matured' Flex Direct as a switcher to a First Direct current account she opened several months ago but has never funded.
    Thanks in advance.
  • badger09
    badger09 Posts: 11,211 Forumite
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    Ed-1 wrote: »
    Yes. As long as you've not had the 5% for at least a year on any FlexDirect account, you'll get it again by downgrading and then upgrading back to FlexDirect. Speculator originally reported this change of policy and I can second that it is the case after doing it myself last month and asking Nationwide.

    It seems it is even easier than that.

    My FlexDirect 5% ended well over 12 months ago. The account is still active but not regularly externally funded.

    I sent a secure message yesterday about the apparent:cool: change in T&C and had confirmation today that as soon as I fund it with £1000, I will earn 5% again.

    No need for the downgrade/upgrade:) I've funded with £2500 & will update when interest is credited.
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