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Ed-1 wrote: »

It's about time NW got round to updating the statement on their website to reflect it.

It's not just the "statement on their website" though Ed...they'd need to re-write the T&Cs, and mail them to all customers...even those with FlexAccount and FlexPlus accounts since it's all one document.

Westie983 wrote: »

I hope you have this is writing as this is not what the T&C's say.

It says

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.

The choice is yours, but I have opened up at flex account in September when my rate finished, and will be down grading my flex direct in December when the Flexclusive regular saver matures, and I will have funded the flex account with £750 for the last three months, which will qualify me for the next flexclusive regular saver if they offer one, at a rate that is competitive, that said in a years time Im not sure that they will be offering the rate but its worth the wait to find out, by not holding a flex direct for 12 months.

Why didn't you just downgraded the FlexDirect to FlexAccount? Any particular benefit of opening a separate Flexaccount? Unless of course they do not allow for this FlexD-FlexA conversion to take place.

I think I shall not risk it and just downgrade the account to a Flexaccount.

Speculator wrote: »

Mary is correct. I have been paid THE FULL 4.89% in August and September so what the advisor told me was right. Didn't need to downgrade my Flexdirect.

see this thread
http://forums.moneysavingexpert.com/showthread.php?t=5515190&page=2

My wife kept open around 6 flexdirect a/cs open and before last xmas, made £150 in Amazon vouchers with the Nationwide Visa Simply Rewards promo. I made about £100

If you keep your flex direct account, to get back 5% interest after one year what did you do ? Does it happen automatically or you will need to inform them to reinstate a higher interest rate ??

adindas wrote: »

If you keep your flex direct account, to get back 5% interest after one year what did you do ? Does it happen automatically or you will need to inform them to reinstate a higher interest rate ??

My wife converted a Flexaccount (she currently has 6 flexdirect opened!)

I simply opened a second Flexdirect. The advisor did say I could convert a Flexdirect to a flexaccount then convert it back again to get 4.89%. His exact words were "believe it or not , if you convert your flexdirect to a flexaccount and convert it back again to a Flexdirect, you will get 5%".

However, Nationwide account conversions are only processed over the weekend so it would have taken me about 2 weeks.

Much easier to simply open a second Flexdirect. I opened my 2nd Flexdirect and did not asked them to apply the 5%. It was automatic.

I secure messaged them shortly after opening and they confirmed it was earning 5%.

Speculator wrote: »

My wife converted a Flexaccount (she currently has 6 flexdirect opened!)

I simply opened a second Flexdirect. The advisor did say I could convert a Flexdirect to a flexaccount then convert it back again to get 4.89%. His exact words were "believe it or not , if you convert your flexdirect to a flexaccount and convert it back again to a Flexdirect, you will get 5%".

However, Nationwide account conversions are only processed over the weekend so it would have taken me about 2 weeks.

Much easier to simply open a second Flexdirect. I opened my 2nd Flexdirect and did not asked them to apply the 5%. It was automatic.

I secure messaged them shortly after opening and they confirmed it was earning 5%.

Fabulous info there Speculator. IMO there is no point to have more than one FlexD at the same time as they only pay one account with 5% which have been echoed by many members here including me. Not to mention the monthly funding requirement.

I have similar experience to get 5% interest on FlexD continuously without the need to wait for one year that I want to share to have a better understanding the way the algorithm work.

- At all time I always have 1 FlexD and 2 FlexA. No benefit to have more than one FlexD at the same time. All My FlexD and FlexA get minimum monthly funding requirement at all time.

- When my FlexD interest drop, I converted it to FlexA. On the same day I converted one of my old FlexA to become a FlexD. In this case, all of my FlexAs have been running for at least a year before conversion back to FlexD.

- My new FlexD, the conversion of one of my old FlexA has been running for three months now and I have been paid the correct interest of 5%.

- Doing this you always have FlexD with interest of 5% all the time, no need to wait for one year, no need to open a new a/c which mean credit check.

I think this method works better than keep your FlexD running with low interest and then ask to reinstate the interest after one year.

Those who have a spare FlexA, try this it should work.

Ed-1 wrote: »

It doesn't happen automatically. There needs to be action on the part of the account holder. So you need to either ask them or do a quick fire switcharoo between FlexAccount and FlexDirect

Thanks for the info Ed-1
Based on my personal experience (as above), it seems to me the algorithm just check the length of the account get paid interest lower than 5% and therefore after one year it will entitle to get 5% again based on T&C ?

I still cannot understand the way Ed-1 and Speculator do "same day (or one day gap) conversion" FlexD - FlexA and back to FlexD again, to get 5% interest. AFAIK when you convert it from FlexD - FlexA they will replace your debit card; the FlexD debitcard is grey while FlexA debitcard is Blue. At least this is my personal experience whihc I have been doing for a few times. So doing that with just or few days gap you will get two new debit cards sent to your address ?? If this is the case it is quite risky to get caught of abusing the system as it will put you under their microscope knowing that you get two debitcards at almost the same time for the same account. Not to mention the cost for them doing them to change the debitcard twice.

My view is open for discussion to get detail understanding the best way to get 5% continuously without the need to wait for one year.