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  • FIRST POST
    • derrick
    • By derrick 4th Mar 16, 11:32 AM
    • 6,806Posts
    • 2,229Thanks
    derrick
    Nationwide Flexdirect
    • #1
    • 4th Mar 16, 11:32 AM
    Nationwide Flexdirect 4th Mar 16 at 11:32 AM
    I opened a Flexdirect April 2015 after previously having one that ended over 12 months previously and have been receiving 5% until 29th February 2016 when I only got 1% for February.

    NW reasoning is that as I left the original one open I should not have got the 5% and they are relying on this statement from here, ; http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts#tab:Ratesfeesandampoverdrafts

    In particular the last paragraph.

    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.


    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.


    And T&C's here: http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/P857_ImportantInformation-TermsAndConditions.pdf where they say: -

    1.4 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



    They say that any other Flexdirect account should have been closed, then a 12 month gap. Is this correct? As I find this to be ambiguous as nowhere can I find any reference to this.

    Any comments and has anyone else had the interest rate reduced like this? I had no correspondence from NW, I only found out when I went into the account this morning and found the reduced interest payment.

    .
    Don`t steal - the Government doesn`t like the competition


Page 4
    • colsten
    • By colsten 13th Apr 16, 6:04 PM
    • 8,145 Posts
    • 6,638 Thanks
    colsten
    If you downgrade, whilst already having a regular saver, do you have to 're-qualify' for it by paying min £750 for 3 months? (I dont have the docs to hand, but I'm sure I read something along those lines )
    Originally posted by Sea Shell

    It would certainly be prudent to start depositing £750 a month into the FlexAccount.

    4. If you no longer meet the eligibility criteria we may transfer the account to another instant access savings account and the terms and conditions of that account will apply and we will contact you when we do this.
    • Futuristic
    • By Futuristic 13th Apr 16, 6:25 PM
    • 638 Posts
    • 325 Thanks
    Futuristic
    I opened a FlexAccount one month before my FlexDirect account matured (at the same time I opened the reg saver) and then closed my FlexDirect account once matured. My 5% saver still remains active.
    • wakeupalarm
    • By wakeupalarm 5th Jun 16, 12:36 AM
    • 666 Posts
    • 289 Thanks
    wakeupalarm
    Do NW send you any online notification when the 5% rate drops to 1% or do you just wait until the anniversary of when you opened the account and assume the rate has dropped?
    • john1002
    • By john1002 5th Jun 16, 12:47 AM
    • 766 Posts
    • 306 Thanks
    john1002
    I got letter and email about 2 months before it reduced to advise.

    So you will be notified.

    John
    • Defoe
    • By Defoe 4th Oct 16, 5:26 AM
    • 341 Posts
    • 3,564 Thanks
    Defoe
    Imagine being on your deathbed and thinking about how you spent your life. Where does arguing about 5% or 1% of £2,500 feature in your proud achievements?
    Reduced comping to appear more discerning but still looking to exceed £2,000 in 2016

    Wins in 2016: 48 prizes realised value £745
    Wins in 2015: 81 prizes realised value £2,065
    • MABLE
    • By MABLE 4th Oct 16, 8:12 AM
    • 3,062 Posts
    • 1,615 Thanks
    MABLE
    Imagine being on your deathbed and thinking about how you spent your life. Where does arguing about 5% or 1% of £2,500 feature in your proud achievements?
    Originally posted by Defoe
    Well a lot to me.
    • ToTo Man
    • By ToTo Man 4th Oct 16, 12:38 PM
    • 63 Posts
    • 23 Thanks
    ToTo Man
    I wonder if anyone can help me... 1st time poster so please be gentle��

    Me and the other half have just opened a FlexDirect a/c in joint names and also intend to do the monthly saver together for the full £500 per month. My question is - After the twelve months of 5% on both these products is it possible to downgrade the joint FlexDirect a/c for the twelve months waiting period until being able to go again. But while this 12 month wait is going on open two more flexDirect accounts as individuals and have two monthly savers going. Then after 12 months start again by upgrading the previously downgraded with the joint account for the cycle to start again?

    Thank you in advance for any thoughts....
    Originally posted by Jds
    Did you ever get an answer to this, jds? I'm in a similar (but simpler) predicament. I have a FlexDirect in joint-names that has just come to the end of the 12 month 5% promotional rate. Given that my existing FlexDirect is held in joint-names, can I open a new FlexDirect in single name and qualify for the 5% on it immediately, or do I still need to wait 12 months?
    Last edited by ToTo Man; 04-10-2016 at 12:42 PM.
    • youngretired
    • By youngretired 4th Oct 16, 1:45 PM
    • 67 Posts
    • 31 Thanks
    youngretired
    A person can hold a joint and a sole FlexDirect and get the 5% interest rate. These can either be held at the same time or like yourself start the sole when the joint finishes. I've done this for the last 3 years and the interest is always paid OK.
    • xylophone
    • By xylophone 4th Oct 16, 2:11 PM
    • 19,184 Posts
    • 10,895 Thanks
    xylophone
    Well a lot to me.
    Enough interest accumulated to pay for the funeral ( or make the heirs happy)..?
    • xnoxxnox
    • By xnoxxnox 4th Oct 16, 3:45 PM
    • 61 Posts
    • 13 Thanks
    xnoxxnox
    I had flexdirect 12 months ago, sans 10 days. At the time converted to flexplus. In ten days will ask to convert it back to flexdirect. I guess you could have changed it to just "Flex Account" too. No, the fact that rate reverts to 1% is still the same product which you still hold. When you opened a second flexdirect it should have got 1% rate, they just missed it (obviously not an automated thing).
    • Ed-1
    • By Ed-1 4th Oct 16, 4:18 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    I had flexdirect 12 months ago, sans 10 days. At the time converted to flexplus. In ten days will ask to convert it back to flexdirect. I guess you could have changed it to just "Flex Account" too. No, the fact that rate reverts to 1% is still the same product which you still hold. When you opened a second flexdirect it should have got 1% rate, they just missed it (obviously not an automated thing).
    Originally posted by xnoxxnox
    I maintained my FlexDirect account for over a year after the 5% ended and in mid-September rang to covert to FlexAccount then upgraded back to FlexDirect the next day. I sent a secure message to them the other day querying what rate I am currently getting. They confirmed that there has been a change of policy and as long as you haven't had the 5% on a FlexDirect account for the last year you will get it again for a further year if you open (or upgrade an account to) a FlexDirect, hence I'm getting 5% again.
    • locky123
    • By locky123 7th Oct 16, 5:57 PM
    • 290 Posts
    • 32 Thanks
    locky123
    How do I online downgrade from Flexdirect to Flexaccount?
    • Ed-1
    • By Ed-1 7th Oct 16, 6:15 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    How do I online downgrade from Flexdirect to Flexaccount?
    Originally posted by locky123
    You can't. You need to ring them or visit a branch and book an appointment to do it.
    • locky123
    • By locky123 7th Oct 16, 6:20 PM
    • 290 Posts
    • 32 Thanks
    locky123
    You can't. You need to ring them or visit a branch and book an appointment to do it.
    Originally posted by Ed-1
    Thanks, just tried online and see that you can upgrade online but not downgrade, not completely helpfull.
    • locky123
    • By locky123 7th Oct 16, 6:35 PM
    • 290 Posts
    • 32 Thanks
    locky123
    My FlexDirect account is 30 months old, so do I downgrade to FlexAccount and then say next day upgrade to FlexDirect and get 5% rate?
    • derrick
    • By derrick 7th Oct 16, 6:53 PM
    • 6,806 Posts
    • 2,229 Thanks
    derrick
    My FlexDirect account is 30 months old, so do I downgrade to FlexAccount and then say next day upgrade to FlexDirect and get 5% rate?
    Originally posted by locky123

    No, you will need to wait 12 months.

    .
    Don`t steal - the Government doesn`t like the competition


    • YorkshireBoy
    • By YorkshireBoy 7th Oct 16, 7:15 PM
    • 28,328 Posts
    • 16,135 Thanks
    YorkshireBoy
    No, you will need to wait 12 months.

    .
    Originally posted by derrick
    Recent reports on here suggest this is not now necessary (despite what the T&Cs say).
    • derrick
    • By derrick 7th Oct 16, 7:22 PM
    • 6,806 Posts
    • 2,229 Thanks
    derrick
    Recent reports on here suggest this is not now necessary (despite what the T&Cs say).
    Originally posted by YorkshireBoy
    Yet we are told on here to read the t & c's not listen to heresay.


    .
    Don`t steal - the Government doesn`t like the competition


    • Ed-1
    • By Ed-1 7th Oct 16, 8:18 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    My FlexDirect account is 30 months old, so do I downgrade to FlexAccount and then say next day upgrade to FlexDirect and get 5% rate?
    Originally posted by locky123
    Yes. As long as you've not had the 5% for at least a year on any FlexDirect account, you'll get it again by downgrading and then upgrading back to FlexDirect. Speculator originally reported this change of policy and I can second that it is the case after doing it myself last month and asking Nationwide.
    • Kernel Sanders
    • By Kernel Sanders 13th Oct 16, 1:27 AM
    • 2,874 Posts
    • 1,212 Thanks
    Kernel Sanders
    In order of preference:
    1. switch it to a bank that pays you a switching bonus
    2. downgrade it to FlexAccount (e.g. to have it in reserve for future switching offer by another bank)
    3. close it
    Originally posted by Archi Bald
    Could you or somebody else please revise this advice to cater for someone who only opened a Flexclusive 5% reg saver half way into the first year. She also wants to use the 'matured' Flex Direct as a switcher to a First Direct current account she opened several months ago but has never funded.
    Thanks in advance.
    Last edited by Kernel Sanders; 13-10-2016 at 1:35 AM.
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