Nationwide Flexdirect

derrick · 4 March 2016 at 3:43PM

Archi_Bald wrote: »

How much more clearly do you want to be told that you are not entitled to 5% interest if you held a FlexDirect in the last 12 months?

Do you really think that Nationwide would tell people in their T&Cs how to exploit an omission in the T&Cs? All you are doing by raising this as an issue is risking that they will fix this loophole. You'll be massively popular on here if this happens.

But they have been aware of it for over 12 months, see post above yours, second paragraph.

At the risk of repeating myself, nowhere does it state you need to close one before waiting 12 months to open another, and bristolleedsfans post #4 re the secure message supports this.

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matty_544 · 4 March 2016 at 3:51PM

derrick wrote: »

"You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement."

It is my view it is a different product as one has a 1% rate and the other a 5% rate.

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The OP clearly is the only one that thinks a Flexdirect account paying 1% interest and a Flexdirect account paying 5% are two different products.

WHY OH WHY would nationwide point out in their T&Cs that

If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement."

You cant get the 5% rate again UNLESS u opened a new separate flexdirect account which would render the above term as totally pointless in having it.

Zanderman · 4 March 2016 at 3:59PM

derrick wrote: »

At the risk of repeating myself, nowhere does it state you need to close one before waiting 12 months to open another, and bristolleedsfans post #4 re the secure message supports this..

Don't keep repeating yourself.

The rules are, if you take the trouble to read and interpret them correctly, quite clear:

Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. (4.89% gross p.a). The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% (4.89% gross p.a) to 1% gross p.a/AER (variable) within 7 working days of the account being opened.
If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

You had an FD account earning 5%. Then opened another, after the 12 months of 5% expired for the first. That second one was never entitled to the 5% rate, as you still had the first one.

Rather than grumbling about the reduced rate, just be grateful they made a mistake and gave the higher one in error for a while.

grumbler · 4 March 2016 at 4:07PM

derrick wrote: »

...nowhere does it state you need to close one before waiting 12 months to open another, ....

How come?

if you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement

If you don't close it, then you keep having it, don't you?
The only way not to have it is to close it.
Black and white. There is absolutely no any ambiguity and absolutely no grounds for complaining, either to NW or to FOS.

matty_544 · 4 March 2016 at 4:20PM

If u make a complaint to the FOS and they find in favour of NW. i do hope NW make every effort to recover the 10months of 5% interest u wernt entitled to but still received.

U were given close to £100 over the 10 months that u were not entitled to and for the sake of £20 more money u are still not entitled to, u threaten them with the FOS

pafpcg · 4 March 2016 at 5:17PM

derrick wrote: »

I have asked them to honour the agreement for the 12 month period or I shall make a complaint to the FSA, costing them more than the £20 or so it will cost to honour.
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I hope you worded that request to the Nationwide a little better than that - you've made it sound like blackmail!

If I were in your position, I'd keep quiet, close the account and happily accept the extra interest that the terms & conditions say I'm not entitled to. Then, I'd worry about whether Nationwide will remember me in twelve months time when I try to open a new FlexDirect account.....

Doctor_Duke · 4 March 2016 at 7:27PM

I would remember them - oh dear you've been declined!! Oops...

derrick · 5 March 2016 at 9:31AM

I disagree for the need to close the account then wait 12 months before opening another, as does the Secure Message from Nationwide in post #4, the poster in #4 and the CS agent on the phone, whose suggestion it was to do an internal review.

And from F&Qs, where they say you can open up to four Nationwide CA's:
http://www.nationwide.co.uk/support/support-articles/faqs/current-account-faqs/flex-direct-faqs#xtab:can-i-open-more-than-one-flexdirect-account

Can I open more than one FlexDirect account?

You can open up to four Nationwide current accounts. However, under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
Any additional FlexDirect accounts held will result in the credit interest rate being reduced from 5% to 1% within 7 working days of the account being opened. If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate.

It does not state you need to close any account whilst waiting for the 12 month period to pass. It says, "if you have previously held", not still hold.

Lets take that T&C, if someone opens 4 accounts, 1 @ 5% and 3 @ 1%, after 12 months the 5% becomes a 1% rate therefore now having 4 accounts @ 1%. Are you seriously saying that ALL 4 accounts need to be closed until the 12 months waiting period passes? Ridiculous.

I will wait for the supervisor/manager to call me back on Monday and will report back the result.

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anoncol · 5 March 2016 at 10:04AM

The terms are pretty clear.

derrick · 5 March 2016 at 10:18AM

anoncol wrote: »

The terms are pretty clear.

Clear or not, Nationwide do not seem to be able to stick to them as many posts on here will testify that people have opened extra accounts whist existing ones still open, see post #10 second paragraph as an example, I did this myself, (as did others), and it went unnoticed for months.

Why does their system allow this and why when it does take 9 months to realise.

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Nationwide Flexdirect

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