Nationwide FlexDirect

StarShapedPeg
StarShapedPeg Posts: 154 Forumite
Combo Breaker First Anniversary
in Budgeting & bank accounts
Hello
I received a letter from Nationwide regarding my account on which the 5% interest was ending. I understand that they automatically downgrade it, but if I wanted to reapply for the rate in 12 months time whats the best thing to do?
I remember reading somewhere if you swap it then you can reapply for the same deal again should it still exist, but I can't seem to find the thread. :embarasse
Thank you.
#138 - The "Save 12k in 2017" challenge :j
#019 - The “Save 12k in 2018” challenge
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Comments

  • teddysmum
    teddysmum Posts: 9,471 Forumite
    First Anniversary Combo Breaker First Post
    Others have said they have kept it at 1%, then in 12 months either downgraded and instantly upgraded or asked for and been given another 12 months of 5%.
  • StarShapedPeg
    StarShapedPeg Posts: 154 Forumite
    Combo Breaker First Anniversary
    Brilliant, thanks so much, I'll leave it as is.
    #138 - The "Save 12k in 2017" challenge :j
    #019 - The “Save 12k in 2018” challenge
  • Placitasgirl
    Placitasgirl Posts: 389 Forumite
    Name Dropper First Anniversary First Post
    I can confirm this works as I completed my same day downgrade (to Flex Account) and upgrade back to Flex Direct on the telephone yesterday after a year earning 1%.

    Be warned though this is dealt with as 2 processes and the required reading of compliance scripting means that it does take around half an hour/40 minutes to complete the process. The agent who helped me was patient and worked as quickly as she could without skipping anything that had to be covered at her end. By the end of the call the account was showing my 5% interest and I've topped my balance back up to £2500 to earn 5% for another year. Well done Nationwide - one very happy customer!
  • Sea_Shell
    Sea_Shell Posts: 9,344 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Can you do all this on line? Really dont want to spend that long (twice!!) On the phone!
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • Placitasgirl
    Placitasgirl Posts: 389 Forumite
    Name Dropper First Anniversary First Post
    No unfortunately not it needs to be done by telephone. You do however have the option to downgrade your FD to a Flex Account online and can open a new FD account online also.
  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    Placitasgirl wrote: »
    No unfortunately not it needs to be done by telephone. You do however have the option to downgrade your FD to a Flex Account online and can open a new FD account online also.

    You have the option to UPGRADE not DOWNGRADE online. That is you can change from FlexAccount to FlexDirect online but not the other way round.
  • derrick
    derrick Posts: 7,424 Forumite
    Name Dropper First Post First Anniversary
    Ed-1 wrote: »
    You have the option to UPGRADE not DOWNGRADE online. That is you can change from FlexAccount to FlexDirect online but not the other way round.


    Which is exactly what I did on Tuesday.


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


  • teddysmum
    teddysmum Posts: 9,471 Forumite
    First Anniversary Combo Breaker First Post
    As mentioned on another thread, because of conflicting advice and experiences, I decided to email the senior staff member who opened our accounts at our local branch.

    The lady didn't respond in person, but a staff member rang, this morning,saying it was easier than emailing a reply.

    Contrary to what I was told over the phone, from general customer service , she said that we would have to downgrade or close Flexdirects, when the 5% ended in order to reapply in 12 months for new ones paying 5% ( She referred to the T&Cs which do say you must not have held a Flexdirect in the previous 12 months; not just one paying 5%).

    She said that this was branch policy and I'd leave the account earning 1% at my own risk.

    She agreed that cancelling the two sole accounts and keeping a joint Flexaccount for the Flexclusive would be fine, but added that we would need to still pay in £750 a month (surely just the condition for opening a saver?)
  • xylophone
    xylophone Posts: 44,345 Forumite
    Name Dropper First Anniversary First Post
    She said that this was branch policy and I'd leave the account earning 1% at my own risk.

    Branch policy? What about Nationwide's policy?
  • Ed-1
    Ed-1 Posts: 3,888 Forumite
    First Anniversary Name Dropper First Post
    xylophone wrote: »
    Branch policy? What about Nationwide's policy?

    Have Nationwide HQ delegated policy to all branches so they can all now decide how many loans to approve and whether to follow central policy? Unlikely.
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