Nationwide 5% saver and current accounts

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    edited 15 March 2017 at 6:56PM
    Sea_Shell wrote: »
    I am right in thinking that the qualifying Flex Direct Account can be either a Sole or Joint for 5% Regular savers, as we have 2 sole at the moment (already 1% & empty) but have just opened one new joint. We'll still be able to open new regular savers under the new qualifying Joint, won't we? We plan to downgrade or close the 2 sole accounts once the current Reg Savers mature in April.

    Hope I've not missed something glaringly obvious!!!
    If you check out the original 5% regular saver thread (started at launch in December 2015) I seem to remember people experienced problems doing this, in that the system opened a joint regular saver...something you don't want! There was a 'workaround' given in that thread I believe.

    In relation to your last sentence, wouldn't it be better to do that now?...and get the 5% rate a month earlier next year (if it's still available then).
  • teddysmum
    teddysmum Posts: 9,471
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    If you check out the original 5% regular saver thread (started at launch in December 2015) I seem to remember people experienced problems doing this, in that the system opened a joint regular saver...something you don't want! There was a 'workaround' given in that thread I believe.

    In relation to your last sentence, wouldn't it be better to do that now?...and get the 5% rate a month earlier next year (if it's still available then).



    Open two sole accounts while you still have the FlexDirect accounts and do so over the phone or in branch so you have reassurance over future implications
  • Having a joint FlexDirect does qualify for the regular savers, but when it comes to opening the new ones you won't be able to open them via your online accounts if you don't hold a sole Nationwide account and want to fund from the joint FlexDirect as the regular savers mimic the account names that the 1st payment comes from.

    So if you do close your sole accounts you will need to apply as follows: when it comes to applying say NO to online banking customer and just apply, then fund the initial payment from another sole account held elsewhere and then you will be able to fund the other 11 payments via the joint FlexDirect as it is only the 1st payment that affects the opening name process.

    The account is not opened straight away like when you apply via your online account and you will get a passbook.

    If you downgrade your accounts then you can open the new regular savers via online and fund the initial payments from your soles and then thereafter via your joint.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    teddysmum wrote: »
    Open two sole accounts while you still have the FlexDirect accounts and do so over the phone or in branch so you have reassurance over future implications
    But, as I said, that will delay the next sole FlexDirect openings (assuming it's still available next year). And by then they may have closed the 'loophole' I and others have enjoyed recently.
  • Sea_Shell
    Sea_Shell Posts: 9,272
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    So should we wait and open 2 new Reg Savers using our sole accounts as the 'linked' accounts, and then close/downgrade them, and the remaining Joint FD will enable us to continue to quality for the RS's.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.47% of current retirement "pot" (as at end February 2024)
  • Ed-1
    Ed-1 Posts: 3,867
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    But, as I said, that will delay the next sole FlexDirect openings (assuming it's still available next year). And by then they may have closed the 'loophole' I and others have enjoyed recently.

    Which loophole you on about?
  • If you are going to downgrade the soles to a FlexAccount then there is no need to wait as you are already meeting the existing regular savers T&C's by having the joint FlexDirect. You would just make the initial 1st payment on the new regular savers from the sole FlexAccount's.


    If you are going to close the sole FlexDirect's then it depends on you, if you'd rather open them online via your online accounts then just keep your soles until you have opened the new regular savers as you are only delaying opening the new FlexDirects next year by a month.
  • Sea_Shell
    Sea_Shell Posts: 9,272
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    Thanks YoungRetired, I was hoping that was the case.

    If we downgrade to FlexAccounts, do we get to keep the same debit card/pin etc. or do they re-issue new re-branded cards (I think all the account numbers stay the same)
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.47% of current retirement "pot" (as at end February 2024)
  • pafpcg
    pafpcg Posts: 878
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    Sea_Shell wrote: »
    If we downgrade to FlexAccounts, do we get to keep the same debit card/pin etc. or do they re-issue new re-branded cards (I think all the account numbers stay the same)

    You will get replacement cards branded as 'FlexAccount' but with the same sortcode and account numbers as the old FlexDirect accounts.
  • teddysmum
    teddysmum Posts: 9,471
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    Having a joint FlexDirect does qualify for the regular savers, but when it comes to opening the new ones you won't be able to open them via your online accounts if you don't hold a sole Nationwide account and want to fund from the joint FlexDirect as the regular savers mimic the account names that the 1st payment comes from.

    So if you do close your sole accounts you will need to apply as follows: when it comes to applying say NO to online banking customer and just apply, then fund the initial payment from another sole account held elsewhere and then you will be able to fund the other 11 payments via the joint FlexDirect as it is only the 1st payment that affects the opening name process.

    The account is not opened straight away like when you apply via your online account and you will get a passbook.

    If you downgrade your accounts then you can open the new regular savers via online and fund the initial payments from your soles and then thereafter via your joint.



    We have one joint and two sole TSB accounts, with sole regular savers opened at the same time; the standing order going from the joint account.


    However, we did open in branch and set up the standing orders at that time.
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