Nationwide Flexdirect
Comments
-
with reference to post#88.
Does this mean that mean I can open a Flex Direct account and feed it for 12 months passing £1000 through it to get 5%, then use it as an ordinary account and get 1% for the next 12 months, and then start feeding £1000 again and get 5%.
The account doesn't automatically convert back to paying 5% after 12 months; I know that for certain as mine didn't. However downgrading to FlexAccount and upgrading back to FlexDirect does start the 5% again. I'm not sure simply asking them to reinstate 5% would work.0 -
with reference to post#88.
Does this mean that mean I can open a Flex Direct account and feed it for 12 months passing £1000 through it to get 5%, then use it as an ordinary account and get 1% for the next 12 months, and then start feeding £1000 again and get 5%.
Apparently it does. I will report back when (if?) interest has been creditedThe account doesn't automatically convert back to paying 5% after 12 months; I know that for certain as mine didn't. However downgrading to FlexAccount and upgrading back to FlexDirect does start the 5% again. I'm not sure simply asking them to reinstate 5% would work.
How long ago was this? (I mean, when it didn't revert to 5%). Had you been paying in £1k per month?
Have you read my post 88 above? It seems it will now:cool:0 -
Apparently it does. I will report back when (if?) interest has been credited
How long ago was this? (I mean, when it didn't revert to 5%). Had you been paying in £1k per month?
Have you read my post 88 above? It seems it will now:cool:
My current FlexDirect has been open since early 2014. It stopped paying 5% in early 2015. I continued paying in £1k up until August this year earning 1%. I never bothered to downgrade to FlexAccount to wait a year to convert back after 12 months (which was the old approach). But following comments on this board from Speculator, I downgraded to FlexAccount mid-September, upgraded back to FlexDirect the next day and I'm now earning 5% again.0 -
Exactly.These are the edited secure messages between me & Nationwide:
12/10/16 PM
I understand that, if a FlexDirect account has not had interest @ 5% for over 12 months, it is possible to start earning 5% again providing £1000 is paid in every month from outside Nationwide. This is apparently a recent change but your T&Cs have not been updated to reflect this. Can you please confirm this is the case. Thank you
13/10/16 AM
Hello xxxx
Thank you ever so much for your message, I hope you're enjoying your week so far!
You are correct, as long as your FlexDirect has not had 5% interest within the last 12 months, as soon as you start putting the £1000.00 each month you will be gaining the 5% interest.
By that time, I had already had my account downgraded after a phone call and was about to upgrade back to a FlexDirect.
I hope this helps and if you have any further questions, please don't hesitate to reply directly to this message or give our customer service centre a call on 0800302011 if abroad please call +441793656789.
All the best,
yyyy
Customer Consultant
Digital Servicing
http//:https://www.nationwide.co.uk
13/10/16 AM
Thank you yyyy That is great news. I hope your T&C will be updated to reflect this. Have a good day!
13/10/16 PM
Hello xxxx,
Thank you for getting in touch with me today.
I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.
I hope you enjoy the rest of your week xxxx and should you have any further questions at all, please do not hesitate to reply to this message or call us on 0800 302011. If abroad, please call +44 1793 656789
Best wishes
zzzz
Customer Consultant, Digital Service
http://www.nationwide.co.uk
Only the names have been changed to protect the innocent:p
My edited secure messages were, briefly, as follows:-
Me:- (13 Oct pm)
I opened my FlexDirect in early October 2014 and qualified for 5% interest for the twelve months to 3 October 2015.
I have continued to fund the account with £750 per month since I opened a Select credit card in July 2016.
I have read that, if I recommence funding the account with £1,000 per month, I will again qualify for the 5% interest for another year as I haven't qualified for over twelve months now. Is this correct, please?
Nationwide:- (14 Oct am)
With regards to this situation, to be eligible for the 5% interest, you must not have held a FlexDirect account in the last 12 months. Therefore as you currently have a FlexDirect account which has previously received 5% interest, this will mean that you are not eligible for the 5% interest again unfortunately.
Me:- (14 Oct am)
Apart from the suggestion in my original message, there seem to be several well-documented instances where customers have been told they can downgrade their FlexDirect to a FlexAccount (apparently this may necessitate a visit to a branch) and then upgrade immediately online to a FlexDirect, upon which they have qualified again for 5% for another 12 months.
Can you confirm?
Nationwide:- (14 Oct pm - different member of staff)
I'm pleased to say that if you've not had the 5% rate for over 12 months, you're eligible to have it again.
I've sent a request to the relevant team to get your interest rate reinstated to 5%. This should be completed within 3 working days.
But, by that time, I'd already had my account downgraded after making a phone call, and was about to upgrade it back to a FlexDirect.0 -
Interesting.
In my secure messages exchange, there was no mention of needing to send a request to a relevant team to have the 5% reinstated.
Time will tell.0 -
Wouldn't it be simpler just to comply with the publish T&Cs,0
-
ceredigion wrote: »Wouldn't it be simpler just to comply with the publish T&Cs,
I sent a secure message and was told the date in 2017 when my FD will have been closed for 12 months whence I can open a new one for 5%.
Also linked me to the T&C stating same.
Getting sundry employees to say other doesnt make it real and its also possible that some people get 5% when they shouldn't.0 -
ceredigion wrote: »Wouldn't it be simpler just to comply with the publish T&Cs,
Why wave goodbye to 5% (it may not be around if you wait 12 months...)?0 -
Why wave goodbye to 5% (it may not be around if you wait 12 months...)?
That is missing the point. I am more than happy to operate accounts beyond there published conditions. But in this case you are gaining nothing by trying to be clever. If you were getting the 5% year on year (which was possible once ) I could understand it.0 -
We have now opened two FlexDirects in sole names and have downgraded our existing jointly-held FlexDirect to a FlexAccount.
We have also opened two Flexclusive Regular Savers in sole names. The T&C's pdf says nothing about the type of account from which the Flexclusive must be funded, but the website says:
Paying money in -
Flexclusive Regular Saver has a maximum balance increase of £500 per month.
You can pay money in:
- Via Nationwide cash machines, if you have a card.
- By setting up a regular or one-off payment from a current account.
- Online or via the Mobile Banking app (if you are registered for Internet Banking), from your Nationwide card account or instant access savings account.
- Over the counter at any Nationwide branch.
I assume the "instant access savings account" part which I have emboldened includes instant access Nationwide ISAs, in which case we can transfer £500 per month from our Instant Access ISA Savers directly into our Flexclusives without having to use our FlexDirects as the "middle man"?0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards