Nationwide - downgrade to FlexAccount and apply for Reg saver

No_Name · 19 April 2017 at 10:36AM

I'm getting mixed messages as to what I need to do in order to be able to get 5% on the FlexDirect next year.

It would seem I'll need to downgrade to the FlexAccount to be safe, but has anyone been on the same boat and have been able to apply for their Flexclusive regular saver straightaway? In essence, they didn't need to serve the 3 month funding requirement by virtue them having already done so on the FlexDirect?

grumbler · 19 April 2017 at 11:12AM

Why just not apply before downgrading?

No_Name · 19 April 2017 at 11:52AM

I thought about that, but would it subsequently nullify the regular saver.

Wouldn't like to find out after 12 months that it doesn't pay out 5% interest.

grumbler · 19 April 2017 at 1:34PM

Why would it not?
Both FlexDirect and Flexaccount qualify for Flexclusive regular saver

No_Name · 19 April 2017 at 1:43PM

To clarify, both my FlexDirect and Flexclusive Reg Saver both recently expired.

I've been advised that to get the 5% on the Flexdirect next year, I'll have to downgrade to the FlexAccount (some have said you can hang on to the FlexDirect at 1%, then request the 5% once the 12 months is up?).

By downgrading to the FlexAccount, I've also been advised that the 3 months funding requirement has to be met before I'll qualify for another Flexclusive Saver.

Hope you appreciate why I'm confused (probably the same as others?).

grumbler · 19 April 2017 at 1:50PM

No_Name wrote: »

To clarify, both my FlexDirect and Flexclusive Reg Saver both recently expired.

FlexDirect doesn't expire. Only the introductory interest rate does.
Does it meet the funding requirements currently? If it doesn't, then, indeed, I see a possible problem after downgrading.

I've been advised that to get the 5% on the Flexdirect next year, I'll have to downgrade to the FlexAccount (some have said you can hang on to the FlexDirect at 1%, then request the 5% once the 12 months is up?).

I'd downgrade to be safe.
The T&C are very clear:

If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate

teddysmum · 19 April 2017 at 5:02PM

People have had varying experiences, so I contacted the person who opened our Flexdirects and was told that, unlike some have found, keeping the Flexdirect when paying only 1% means you can't have a new 5% payer in 12 month's time. It has to be 12 months after the account is closed.

We have now opened savers and the branch did agree that downgrading to a Flexaccount (joint to cover two sole savers ) will be fine, when the current 5% runs out and the £750 per month (for 3 months) pay in requirement will have been met by paying in £1000 for more than that time. (I thought the £750 for 3 months was just to qualify to open the saver ; not a condition of keeping it open).

However, I do wonder about the lady's comment that we would have to still pay in £750 per month (though in our case there'd be no problem as £1000 will be paid in go to the two savers.)

There does seem to be quite some confusion about policy, which seems to be interpreted differently from branch to branch.

Having posted my findings on another thread, I did recall that the lady said that what she told me was the way my local branch interprets the rules and that people may find things different if dealing over the internet.

It certainly seems very wrong to have individual policies and it may be worth contacting the head office, but they only give postal addresses and not phone numbers.

yorkshireOAP · 19 April 2017 at 5:29PM

If I may I am hijacking you post no_name. I have had a flex account for many years, but just trickle small amounts of many through. I also have a flexdirect account paying 5%. When the flexdirect finishes, can I upgrade the flexaccount to a flexdirect and get 5% for a further 12 months?

Zanderman · 19 April 2017 at 5:38PM

yorkshireOAP wrote: »

If I may I am hijacking you post no_name. I have had a flex account for many years, but just trickle small amounts of many through. I also have a flexdirect account paying 5%. When the flexdirect finishes, can I upgrade the flexaccount to a flexdirect and get 5% for a further 12 months?

Not that easlly. FlexDirects don't finish, they carry on at a lower interest rate. They only end if you close them. And the rules state that you can't have the 5% rate again until 12 months have passed since the last time you had it. Opinions vary on whether you actually have to close the account or not for that 12 months. But you definitely can't 'finish' one and immediately start another. Not at 5%.

Ed-1 · 19 April 2017 at 5:40PM

yorkshireOAP wrote: »

If I may I am hijacking you post no_name. I have had a flex account for many years, but just trickle small amounts of many through. I also have a flexdirect account paying 5%. When the flexdirect finishes, can I upgrade the flexaccount to a flexdirect and get 5% for a further 12 months?

No. There needs to be 12 months between receiving 5% before getting it again.

teddysmum · 19 April 2017 at 5:54PM

I have just been 'chatting' online, to Emily who appears to be at Head Office, but to save repetitions, am going to post my findings on the original thread about Flexdirect/Flexclusive and Flexaccount interaction.

Nationwide - downgrade to FlexAccount and apply for Reg saver

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