Nationwide FlexDirect

teddysmum wrote: »

The only problem is needing two DDs per account, so hope two Tesco internet savers, one in my name and one in my husband's, each taking £5 from each Lloyds Club account will be ok (problem may be that they are the same type of account with the same bank ie Tesco)

YorkshireBoy wrote: »

EDIT: If you'd prefer a 'self-managing' system, consider setting the DDs up to total £8.15 (ish).

YorkshireBoy wrote: »

£8.15 (ish) is roughly the average interest paid per month on £5K at Lloyds now it's 2% AER. My set up is as follows:

Standing Orders
£1,500 in from Santander 123
£400 out to Club Lloyds Monthly Saver
£250 out to Monthly Saver
£850 back to Santander 123

DDs (interest extraction)
£5
£3

All set up to happen on the 3rd of the month.

My only 'admin' activity is to log into Lloyds once per month on the 3rd (or 4th) to check everything is in order. I don't mind a bit of work for 5%, but for 2% it needs to run itself!

teddysmum wrote: »

Reference my post#9 on this thread :


First of all, can someone send me some hair restorer, as I may have pulled chunks of my hair out, thanks to Nationwide's (not)very clear policy ?

As someone started yet another Nationwide thread, with the usual doubts about policy, I looked on the Nationwide website when 'chat' popped up so decided to respond.

I told Emily about the confusion over whether you can keep the Flexdirects going at 1%, then downgrade and upgrade after 12 months, to get 5% again or need to close or downgrade, when 5% ends, to benefit. I especially mentioned what I was told my local branch's policy was (ie you can't do the former).

Guess what ?

She told me that you can do the former and that my branch were giving out incorrect information, asking for the name of the person giving the information, as they would need to be contacted.

I asked for Head Office's particular number, which she gave me and said they would be willing to confirm what she told me ( it appears that Emily is at Head office). 0800 302011.

However, something I assumed was incorrect ( ie the local branch person said that, if you downgrade, you need to still feed a Flexaccount with £750/ month to satisfy the regular saver ) is, in fact, correct.

Emily said that the T&Cs for the Flexclusive say that you can only benefit from its rates if you satisfy the conditions (in the case of a Flexaccount, the need for £750/Month), but I pointed out that what she said was not clear, because the page states the £750/month as a condition to open a Flexclusive and does not say it's necessary to maintain the saver account, so she is going to pass this on as feedback.

I'm going to call Head Office and may request something in writing which I can scan on here, so we are all clear.

Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade.

teddysmum wrote: »

.

Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade. [/QUOTE]



There is another qualifying criteria