FlexDirect - Latest t's & c's from Nationwide effective January

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  • Retired_at_55
    Retired_at_55 Posts: 332 Forumite
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    EachPenny wrote: »
    We are only speculating about the future availability of the 5% offer, Nationwide are notorious for saying one thing in the T&C's and doing another in practice, so whilst I would say it is likely, I'd not go so far as 'definitely' myself ;)

    If you don't already have one, the Tesco Internet Saver account currently pays 1.2% for the first year and gives true instant access if you use it in conjunction with a Tesco current account. If you don't have a Tesco current account then that would probably be my first choice after the FlexDirect.



    Yes, in my experience and interpretation of the T&C's. When I've missed the £1000 payment I was paid no interest for that month, although as the account only had a few pounds in it for most of the month I didn't really miss out on much. :)


    That's more helpful information, EachPenny - thank you very much.


    Retired at 55
  • Over62
    Over62 Posts: 123 Forumite
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    Curses, foiled again! I was eligible to open a new Flex Direct on 24 January but no point now. Grrr.
  • colsten
    colsten Posts: 17,597 Forumite
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    EachPenny wrote: »
    If you don't have a Tesco current account then that would probably be my first choice after the FlexDirect.
    Skipping the 2% current accounts altogether?
  • eskbanker
    eskbanker Posts: 31,007 Forumite
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    colsten wrote: »
    EachPenny wrote: »
    If you don't have a Tesco current account then that would probably be my first choice after the FlexDirect.
    Skipping the 2% current accounts altogether?
    Why open a 2% account when the Tesco current account pays 3% though?
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Archi_Bald wrote: »
    Big thank yous and appreciation goes to all those who so studiously kept calling and visiting Nationwide to ask how they could circumvent the existing T&Cs and get an uninterrupted 5% AER. And then posted it all on one of the busiest consumer forums on the web :(

    This.

    There really are some planks out there.
  • schiff
    schiff Posts: 20,099 Forumite
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    Archi_Bald wrote: »
    Big thank yous and appreciation goes to all those who so studiously kept calling and visiting Nationwide to ask how they could circumvent the existing T&Cs and get an uninterrupted 5% AER. And then posted it all on one of the busiest consumer forums on the web :(

    The information about financial matters that we get from MSE surely exceeds anything we could find out from our own efforts. It does for me anyway. And there are tinier loopholes that have been argued to death than this one!

    It's natural that if you need to find out what is actually happening against a confusing background, mainly Nationwide's different rulings given in branches, to seek clarity. And who better to ask than Nationwide?
  • Londonlisa12
    Londonlisa12 Posts: 164 Forumite
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    Further bad news on the back of the 5% regular saver maximum going down to £250 per month.

    Think ill take the couple of hundred switch bonus and switch to another bank.
  • ToTo_Man
    ToTo_Man Posts: 126 Forumite
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    edited 28 October 2017 at 12:29PM
    Last week our two sole 5% paying FlexDirects hit 12 month maturity and our two associated 5% Flexclusive Regular savers became Flexclusive Saver Issue 8's. I phoned up last week asking to downgrade our two sole FDs to FlexAccounts so that we could upgrade them again to FDs in 12 months time, and was told that this loophole would be closed from January 2018, after which time any existing NW customer who had ever held a FD and received 5% interest would not be eligible for it again.

    Luckily we downgraded our joint FD to a joint FA last October so were able to upgrade that to a FD a few days ago and start receiving 5% on it again. We also opened two new Flexclusive Saver Issues 2s at 5%.

    What I'd like to know is, as we haven't yet downgraded or closed our two sole 1% FDs, can we open two additional Flexclusive Saver Issue 2s?

    The T&Cs on the website state:
    "You can only be the first named account holder of one Regular Saver, Flexclusive Regular Saver or Flexclusive Regular Saver 2 account at any one time, which can be held in sole or joint names.".

    I interpret this to mean each customer can only open one of these monthly saving accounts irrespective of how many FDs they hold. Is that correct?
  • colsten
    colsten Posts: 17,597 Forumite
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    Londonlisa12 wrote: »
    Further bad news on the back of the 5% regular saver maximum going down to £250 per month.

    Think ill take the couple of hundred switch bonus and switch to another bank.

    It's been max £250/mth for several months now.

    Leaving Nationwide is cutting your nose off to spite your face. There are other places which pay 5% on regular savers but not too many. You can switch without leaving Nationwide - just open another Nationwide account and switch that one. (NB. Please let us know who pays £200 for switching to them).
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    colsten wrote: »
    (nb. Please let us know who pays £200 for switching to them).
    HSBC (eventually). :)...
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