Regular Savings Accounts: The Best Currently Available List!

[Deleted User] · 10 October 2016 at 8:56PM

adindas wrote: »

I have not read it carefully on the T&C. Wonder is there any restriction to hold newly launched Cambridge BS RS i5 together with Regular Saver i4 if you already have RS i4 ?? Leeds BS allow this what about Cambridge BS ??

Looks like you can only have one RS open at any time. Another drawback is that the new RS i5 can only be opened in a branch, which appear to exist only in Cambridgeshire. RS i4 could be opened by post.

YorkshireBoy · 10 October 2016 at 9:40PM

darkidoe wrote: »

Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?

Last time I looked the T&Cs were not at all clear as to whether eligibility was maintained by doing the above.

I'm covered anyway via an old FlexAccount that sees monthly funding for ongoing travel insurance benefits, but if I didn't have this I'd make sure I had a 3 month overlap with both accounts before closing the FlexDirect. Actually, the only way to 'know' you're a main account customer with a FlexAccount is to be in possession of the travel insurance welcome letter (unless you've switched to it of course).

Maybe take a look on their website and see if anything's changed?

Mee · 11 October 2016 at 10:31AM

Excuse my ignorance, but how does one downgrade a FlexDirect to a FlexAccount? My FD is due to fall to 1% by the end of the year.
Thanks

adindas · 11 October 2016 at 1:45PM

Mee wrote: »

Excuse my ignorance, but how does one downgrade a FlexDirect to a FlexAccount? My FD is due to fall to 1% by the end of the year.
Thanks

Call them as simple as that.
Just be aware if the interest you are after. Flex Account is hardly paying any interest. But you will get European travel insurance by meeting the criteria.

mary · 11 October 2016 at 4:52PM

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

YorkshireBoy · 11 October 2016 at 6:31PM

mary wrote: »

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

Lots of people on here have been told that, and some of them in writing via secure message (the lucky ones?), but the fact remains that the T&Cs state you cannot have 'held' a FlexDirect account for 12 months if you want another bite at the 5% rate. I can't see that rate being available for much longer anyway. My money's on 3% for new customers at the start of November, or even before!

adindas · 11 October 2016 at 6:35PM

mary wrote: »

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

It id a good idea if you write down the name of the person who told you that. You might need it in the future when something went wrong.

Unlike other Banks such as HSBC, Tesco, 1st direct etc, NW Customer Services is notoriously known to be inconsistent one to each other. They have a lot of rookies working in their front lines. I fully doubt what she was telling you was true.

You might want to call them another time to get a different person and ask the same question again and compare their answer ?

But I also want to know if this was true. Probably good to know if there is a case like this previously that could be reported ??

Westie983 · 11 October 2016 at 7:03PM

mary wrote: »

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

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.

Ed-1 · 11 October 2016 at 7:09PM

adindas wrote: »

But I also want to know if this was true. Probably good to know if there is a case like this previously that could be reported ??

Yes it's true. Ask me and Speculator

. If it isn't then downgrading to FlexAccount and upgrading to FlexDirect the next day certainly works.

It's not just one NW customer service person that has said this. It's several so there's certainly been something sent out to staff to say this is fine. It's about time NW got round to updating the statement on their website to reflect it.

EarthBoy · 11 October 2016 at 7:21PM

adindas wrote: »

..Just be aware if the interest you are after. Flex Account is hardly paying any interest. ...

FlexAccount doesn't pay any interest at all; it hasn't done for years.

Regular Savings Accounts: The Best Currently Available List!

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