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    • RG2015
    • By RG2015 4th Dec 17, 4:51 PM
    • 649Posts
    • 337Thanks
    RG2015
    Nationwide FlexDirect Account
    • #1
    • 4th Dec 17, 4:51 PM
    Nationwide FlexDirect Account 4th Dec 17 at 4:51 PM
    My Nationwide FlexDirect Current Account is about to reach its 1 year anniversary and the interest rate will fall from 5% to 1%. My 5% Regular Saver will also be maturing and I will be opening a new one so I need to keep the current account open.

    The terms state that I need to pay in £1,000 per month to receive the 1% on up to £2,500 but there are better rates available elsewhere so I intend to reduce this to £250 to fund the RS.

    If I just transfer in £250 per month for the RS and leave a balance of £1.00 will this satisfy Nationwide's requirements for both the current account and the RS eligibility criteria?
Page 1
    • badger09
    • By badger09 4th Dec 17, 5:32 PM
    • 5,596 Posts
    • 4,906 Thanks
    badger09
    • #2
    • 4th Dec 17, 5:32 PM
    • #2
    • 4th Dec 17, 5:32 PM
    My Nationwide FlexDirect Current Account is about to reach its 1 year anniversary and the interest rate will fall from 5% to 1%. My 5% Regular Saver will also be maturing and I will be opening a new one so I need to keep the current account open.

    The terms state that I need to pay in £1,000 per month to receive the 1% on up to £2,500 but there are better rates available elsewhere so I intend to reduce this to £250 to fund the RS.

    If I just transfer in £250 per month for the RS and leave a balance of £1.00 will this satisfy Nationwide's requirements for both the current account and the RS eligibility criteria?
    Originally posted by RG2015
    Yes

    Though, personally I would not set a SO to the RS on the same day as the SO of £250 going in. I'd move it to the RS manually, or set it a couple of days later.

    I also now run my Flexdirect with a small balance but I do use it several times a year for an online payment. In fact I do that with all my 'feeder' current accounts because I'm naturally a cautious badger
    I'm a supporter of dunstonh
    • RG2015
    • By RG2015 4th Dec 17, 5:42 PM
    • 649 Posts
    • 337 Thanks
    RG2015
    • #3
    • 4th Dec 17, 5:42 PM
    • #3
    • 4th Dec 17, 5:42 PM
    Yes

    Though, personally I would not set a SO to the RS on the same day as the SO of £250 going in. I'd move it to the RS manually, or set it a couple of days later.

    I also now run my Flexdirect with a small balance but I do use it several times a year for an online payment. In fact I do that with all my 'feeder' current accounts because I'm naturally a cautious badger
    Originally posted by badger09
    Thank you.

    That's a good point on the SOs as to date I have always had a cushion of £2,500 to cover any external funding failures.

    I too am cautious and tend to put in the occasional small cash withdrawal or contactless TX on my non main current accounts.
    • Kim_13
    • By Kim_13 4th Dec 17, 7:33 PM
    • 1,476 Posts
    • 1,758 Thanks
    Kim_13
    • #4
    • 4th Dec 17, 7:33 PM
    • #4
    • 4th Dec 17, 7:33 PM
    That'll be fine, subject to the Regular Savings funding precautions mentioned above. Only the FlexAccount requires the account's minimum pay in requirement to be satisfied in order to retain the Regular Saver. For the FlexDirect you only need to pay in £1,000 per month if you want to receive the 1% interest on £1 in your case.

    I'm currently reusing my 1% FlexDirect for a temporary holding pot in one of the MSE savings challenges, so it has no balance some of the time.
    Last edited by Kim_13; 04-12-2017 at 7:37 PM.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £220.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 7:51 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    • #5
    • 4th Dec 17, 7:51 PM
    • #5
    • 4th Dec 17, 7:51 PM
    That'll be fine, subject to the Regular Savings funding precautions mentioned above. Only the FlexAccount requires the account's minimum pay in requirement to be satisfied in order to retain the Regular Saver. For the FlexDirect you only need to pay in £1,000 per month if you want to receive the 1% interest on £1 in your case.

    I'm currently reusing my 1% FlexDirect for a temporary holding pot in one of the MSE savings challenges, so it has no balance some of the time.
    Originally posted by Kim_13
    Switching an account into a FlexAccount (using the CASS) eliminates the need to pay in £750 a month.
    • Kim_13
    • By Kim_13 4th Dec 17, 7:58 PM
    • 1,476 Posts
    • 1,758 Thanks
    Kim_13
    • #6
    • 4th Dec 17, 7:58 PM
    • #6
    • 4th Dec 17, 7:58 PM
    Switching an account into a FlexAccount (using the CASS) eliminates the need to pay in £750 a month.
    Originally posted by YorkshireBoy
    Only for 4 months.

    "hold a FlexAccount and:
    have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else);or
    completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months"

    https://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £220.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 8:07 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    • #7
    • 4th Dec 17, 8:07 PM
    • #7
    • 4th Dec 17, 8:07 PM
    Only for 4 months.

    "hold a FlexAccount and:
    have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else);or
    completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months"

    https://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
    Originally posted by Kim_13
    I read that before I posted. My opinion is that I'd then be a 'Main Account' holder and so be able to open the Reg Saver so long as I did it by 4/4/18.

    The bit you've cropped from the start of your quote is the bit that says "To open this account:" (their bold). It follows then, that I could run this account for a year simply by switching, and there would be no need to fund each month.

    I do realise that in order to get a second bite of the regular saver next year (if it's still around) I'd need to re-assess the situation nearer the time.
    • Kim_13
    • By Kim_13 4th Dec 17, 8:25 PM
    • 1,476 Posts
    • 1,758 Thanks
    Kim_13
    • #8
    • 4th Dec 17, 8:25 PM
    • #8
    • 4th Dec 17, 8:25 PM
    I read that before I posted. My opinion is that I'd then be a 'Main Account' holder and so be able to open the Reg Saver so long as I did it by 4/4/18.

    The bit you've cropped from the start of your quote is the bit that says "To open this account:" (their bold). It follows then, that I could run this account for a year simply by switching, and there would be no need to fund each month.

    I do realise that in order to get a second bite of the regular saver next year (if it's still around) I'd need to re-assess the situation nearer the time.
    Originally posted by YorkshireBoy
    Knew I'd seen it somewhere; clause 4 would allow them to convert the account during the year: https://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3363-FlexclusiveRegularSaver2.pdf
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £220.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 8:41 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    • #9
    • 4th Dec 17, 8:41 PM
    • #9
    • 4th Dec 17, 8:41 PM
    Knew I'd seen it somewhere; clause 4 would allow them to convert the account during the year: https://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3363-FlexclusiveRegularSaver2.pdf
    Originally posted by Kim_13

    I don't think they'd ever do that (under the circumstances being discussed here). If I lost my job and couldn't meet the £750 a month there's no way Nationwide would take my 5% savings account off me...in my opinion of course. Just imagine the damage done there to customer relations!
    • RG2015
    • By RG2015 5th Dec 17, 3:36 PM
    • 649 Posts
    • 337 Thanks
    RG2015
    YesThough, personally I would not set a SO to the RS on the same day as the SO of £250 going in. I'd move it to the RS manually, or set it a couple of days later.
    Originally posted by badger09
    Definitely a good point. I have just checked this year's transactions and my Nationwide SO frequently is posted at the weekend before my external funding which does not. I will need to change the date if I take the balance down to £1.
    • AirlieBird
    • By AirlieBird 5th Dec 17, 4:55 PM
    • 744 Posts
    • 526 Thanks
    AirlieBird
    Definitely a good point. I have just checked this year's transactions and my Nationwide SO frequently is posted at the weekend before my external funding which does not. I will need to change the date if I take the balance down to £1.
    Originally posted by RG2015
    That's an important point. Nationwide will process SO for internal transfers on a weekend if that is when the payment date falls. Unless the Flex Account is topped up by faster payments there will need to be a sufficient balance to cover the SO before the weekend.
    • radoslaff
    • By radoslaff 6th Dec 17, 9:49 AM
    • 51 Posts
    • 13 Thanks
    radoslaff
    Definitely a good point. I have just checked this year's transactions and my Nationwide SO frequently is posted at the weekend before my external funding which does not. I will need to change the date if I take the balance down to £1.
    Originally posted by RG2015

    There will be at least one such occasion during the year, so instead of trying to catch it and eventually forget it it's much easier to set an incoming SO 3 days before the reg sav outgoing. This will cover the weekends and honestly £250 will not give you significant interest for 3 days wherever they stay.
    • Yorkshire Pud
    • By Yorkshire Pud 6th Dec 17, 10:40 AM
    • 804 Posts
    • 511 Thanks
    Yorkshire Pud
    I can't see any requirement in the reg saver T&C to have to continue funding a Nationwide FlexAccount with £750+ per month beyond the initial 3 months prior to opening the reg saver?

    I do fund my FlexAccount with £750 per month to retain the travel insurance otherwise I wouldn't need to (except in the preceding three months before opening a new reg saver when the existing one matures).
    • RG2015
    • By RG2015 6th Dec 17, 12:06 PM
    • 649 Posts
    • 337 Thanks
    RG2015
    There will be at least one such occasion during the year, so instead of trying to catch it and eventually forget it it's much easier to set an incoming SO 3 days before the reg sav outgoing. This will cover the weekends and honestly £250 will not give you significant interest for 3 days wherever they stay.
    Originally posted by radoslaff
    Thanks, but I meant changing the date of my SO so it would apply every month not just for the compromised months.
    • ceredigion
    • By ceredigion 6th Dec 17, 8:54 PM
    • 2,422 Posts
    • 3,028 Thanks
    ceredigion
    I can't see any requirement in the reg saver T&C to have to continue funding a Nationwide FlexAccount with £750+ per month beyond the initial 3 months prior to opening the reg saver?
    Originally posted by Yorkshire Pud

    You've been looking at the "summary box"
    look at the actual T&C's and you get.



    Account holding and eligibility
    1. The account is for individuals aged 18 or over who meet one of the following two criteria:
    i) hold a FlexOne, FlexStudent, FlexDirect or FlexPlus account, or
    ii) hold a FlexAccount and: • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else);
    or •
    4 completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.

    I am sure you could argue the point but is it worth it.
    • Yorkshire Pud
    • By Yorkshire Pud 7th Dec 17, 12:36 PM
    • 804 Posts
    • 511 Thanks
    Yorkshire Pud
    You've been looking at the "summary box"
    look at the actual T&C's and you get.





    I am sure you could argue the point but is it worth it.
    Originally posted by ceredigion
    Yes I was looking at the actual T&C as stated in my post.

    Whether its worth it or not is up to the individual who could decide not to pay in £750 a month after qualification and still have the regular saver for 12m.

    Same as switching qualifies without any further need to switch every month.
    • Marvo5
    • By Marvo5 7th Dec 17, 1:24 PM
    • 103 Posts
    • 79 Thanks
    Marvo5
    I'm in the same boat at the OP but am considering changing the account to the Flexplus. No need for any regular payment, 3% on £2500 and able to keep the regular saver. Sure there's a £13 fee but if you keep the £2,500 balance it will reduce that by £6.25pm and roughly the same for the regular saver. So, you're getting your worldwide Travel, breakdown and mobile phone for next to nothing. Seems like a no-brainer to be honest.
    • roddydogs
    • By roddydogs 7th Dec 17, 1:42 PM
    • 5,939 Posts
    • 2,469 Thanks
    roddydogs
    Be aware if you go to Flexplus, you CANT then go back to flex direct & still get European TI, its lost forever, disgusting I know but thats the rules. Aparrantly its a right song& dance to downgrade as well.
    • Marvo5
    • By Marvo5 7th Dec 17, 2:00 PM
    • 103 Posts
    • 79 Thanks
    Marvo5
    That's a surprise to me. I went from FlexPlus to Flex-direct without any problems whatsoever in February. I'm not envisaging any problems reversing the journey. Having said that it's not a biggie, I understand Nationwide have dropped the amount you can put in to the regular saver down from £500pm to £300pm so not such a great pull.

    To be honest I think we may have turned the corner savings wise so wont be jumping in too quickly when they announce another rise.
    • badger09
    • By badger09 7th Dec 17, 2:25 PM
    • 5,596 Posts
    • 4,906 Thanks
    badger09
    That's a surprise to me. I went from FlexPlus to Flex-direct without any problems whatsoever in February. I'm not envisaging any problems reversing the journey. Having said that it's not a biggie, I understand Nationwide have dropped the amount you can put in to the regular saver down from £500pm to £300pm so not such a great pull.

    To be honest I think we may have turned the corner savings wise so wont be jumping in too quickly when they announce another rise.
    Originally posted by Marvo5
    Your understanding is incorrect

    https://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
    I'm a supporter of dunstonh
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