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  • FIRST POST
    • derrick
    • By derrick 4th Mar 16, 11:32 AM
    • 6,803Posts
    • 2,227Thanks
    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 5
    • badger09
    • By badger09 13th Oct 16, 12:37 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    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.
    Originally posted by Ed-1
    It seems it is even easier than that.

    My FlexDirect 5% ended well over 12 months ago. The account is still active but not regularly externally funded.

    I sent a secure message yesterday about the apparent change in T&C and had confirmation today that as soon as I fund it with £1000, I will earn 5% again.

    No need for the downgrade/upgrade I've funded with £2500 & will update when interest is credited.
    • Cezzy
    • By Cezzy 13th Oct 16, 4:16 PM
    • 1,735 Posts
    • 245,817 Thanks
    Cezzy
    If someone switches to a Nationwide account to get the referral payment do the direct debits etc have to be in place for a specific time. When house is sold many will terminate.
    ~ Smile and light up your world ~
    ~ ask, believe, receive ~
    • veryintrigued
    • By veryintrigued 16th Oct 16, 11:31 AM
    • 1,684 Posts
    • 903 Thanks
    veryintrigued
    It seems it is even easier than that.

    My FlexDirect 5% ended well over 12 months ago. The account is still active but not regularly externally funded.

    I sent a secure message yesterday about the apparent change in T&C and had confirmation today that as soon as I fund it with £1000, I will earn 5% again.

    No need for the downgrade/upgrade I've funded with £2500 & will update when interest is credited.
    Originally posted by badger09
    Defo keep us in the loop on this please.

    I reckon you'll be receiving no interest and £25 compo for an advisers misinformation - but hope am wrong!
    • Kernel Sanders
    • By Kernel Sanders 16th Oct 16, 9:26 PM
    • 2,872 Posts
    • 1,212 Thanks
    Kernel Sanders
    If someone switches to a Nationwide account to get the referral payment do the direct debits etc have to be in place for a specific time. When house is sold many will terminate.
    Originally posted by Cezzy
    No, but advice given on this board is to wait until at least one payment has been collected for each DD.
    • Kendall80
    • By Kendall80 16th Oct 16, 9:57 PM
    • 818 Posts
    • 529 Thanks
    Kendall80
    My sole FlexDirect ended 13 months ago. I kept a joint one open (didnt downgrade). I sent them an IM today to query if I could reopen a solo and get the 5% Unfortunately, they said no.
    • Yorkshire Pud
    • By Yorkshire Pud 16th Oct 16, 11:32 PM
    • 621 Posts
    • 341 Thanks
    Yorkshire Pud
    I had a FlexDirect account paying 5% until March this year whereupon I closed it. I then read about some people opening a new FD before the 12 month re qualification period expired and them saying they got 5% again so I opened a new FD after one month and got.......1%.

    So I closed the new FD account.

    So I now have two potential 12 month anniversary dates, and with the conflicting information here I think to make sure I re qualify for the 5% rate I will have to wait until after the second account closure anniversary otherwise I risk extending the waiting period by yet another 12 months.

    That's going by the T&C but not the 'secret' T&C that are being presented alongside the normal T&C.

    Confused
    Last edited by Yorkshire Pud; 17-10-2016 at 4:35 AM.
    • Biggles
    • By Biggles 17th Oct 16, 8:35 AM
    • 6,963 Posts
    • 4,403 Thanks
    Biggles
    My sole FlexDirect ended 13 months ago. I kept a joint one open (didnt downgrade). I sent them an IM today to query if I could reopen a solo and get the 5% Unfortunately, they said no.
    Originally posted by Kendall80
    Ring the customer service free phone number, they'll say yes.
    • badger09
    • By badger09 17th Oct 16, 11:52 AM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    These are the edited secure messages between me & Nationwide:

    12/10/16 PM
    I understand that, if a FlexDirect account has not had interest @ 5% for over 12 months, it is possible to start earning 5% again providing £1000 is paid in every month from outside Nationwide. This is apparently a recent change but your T&Cs have not been updated to reflect this. Can you please confirm this is the case. Thank you


    13/10/16 AM
    Hello xxxx
    Thank you ever so much for your message, I hope you're enjoying your week so far!

    You are correct, as long as your FlexDirect has not had 5% interest within the last 12 months, as soon as you start putting the £1000.00 each month you will be gaining the 5% interest.

    I hope this helps and if you have any further questions, please don't hesitate to reply directly to this message or give our customer service centre a call on 0800302011 if abroad please call +441793656789.

    All the best,
    yyyy
    Customer Consultant
    Digital Servicing
    http//:www.nationwide.co.uk


    13/10/16 AM
    Thank you yyyy That is great news. I hope your T&C will be updated to reflect this. Have a good day!


    13/10/16 PM
    Hello xxxx,

    Thank you for getting in touch with me today.
    I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.

    I hope you enjoy the rest of your week xxxx and should you have any further questions at all, please do not hesitate to reply to this message or call us on 0800 302011. If abroad, please call +44 1793 656789

    Best wishes
    zzzz
    Customer Consultant, Digital Service
    http://www.nationwide.co.uk

    Only the names have been changed to protect the innocent
    • dggar
    • By dggar 17th Oct 16, 1:39 PM
    • 471 Posts
    • 229 Thanks
    dggar
    An article on the Guardian web site dates 13th Oct gives the impression that two DDs are now required for the FlexDirect account. It's not clear whether this is only for new accounts or applies to existing accounts.


    I wonder what the situation would be for an account that has been open for more that 12 months since it stopped paying 5% and is now reactivated to pay 5% by depositing £1000.
    • Ed-1
    • By Ed-1 17th Oct 16, 1:43 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    An article on the Guardian web site dates 13th Oct gives the impression that two DDs are now required for the FlexDirect account. It's not clear whether this is only for new accounts or applies to existing accounts.


    I wonder what the situation would be for an account that has been open for more that 12 months since it stopped paying 5% and is now reactivated to pay 5% by depositing £1000.
    Originally posted by dggar
    No DDs are required. I saw that article too and it's wrong.
    • dggar
    • By dggar 17th Oct 16, 2:01 PM
    • 471 Posts
    • 229 Thanks
    dggar
    with reference to post#88.


    Does this mean that mean I can open a Flex Direct account and feed it for 12 months passing £1000 through it to get 5%, then use it as an ordinary account and get 1% for the next 12 months, and then start feeding £1000 again and get 5%.
    • Ed-1
    • By Ed-1 17th Oct 16, 2:10 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    with reference to post#88.


    Does this mean that mean I can open a Flex Direct account and feed it for 12 months passing £1000 through it to get 5%, then use it as an ordinary account and get 1% for the next 12 months, and then start feeding £1000 again and get 5%.
    Originally posted by dggar
    The account doesn't automatically convert back to paying 5% after 12 months; I know that for certain as mine didn't. However downgrading to FlexAccount and upgrading back to FlexDirect does start the 5% again. I'm not sure simply asking them to reinstate 5% would work.
    • badger09
    • By badger09 17th Oct 16, 4:14 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    with reference to post#88.


    Does this mean that mean I can open a Flex Direct account and feed it for 12 months passing £1000 through it to get 5%, then use it as an ordinary account and get 1% for the next 12 months, and then start feeding £1000 again and get 5%.
    Originally posted by dggar

    Apparently it does. I will report back when (if?) interest has been credited

    The account doesn't automatically convert back to paying 5% after 12 months; I know that for certain as mine didn't. However downgrading to FlexAccount and upgrading back to FlexDirect does start the 5% again. I'm not sure simply asking them to reinstate 5% would work.
    Originally posted by Ed-1
    How long ago was this? (I mean, when it didn't revert to 5%). Had you been paying in £1k per month?

    Have you read my post 88 above? It seems it will now
    • Ed-1
    • By Ed-1 17th Oct 16, 4:50 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    Apparently it does. I will report back when (if?) interest has been credited



    How long ago was this? (I mean, when it didn't revert to 5%). Had you been paying in £1k per month?

    Have you read my post 88 above? It seems it will now
    Originally posted by badger09
    My current FlexDirect has been open since early 2014. It stopped paying 5% in early 2015. I continued paying in £1k up until August this year earning 1%. I never bothered to downgrade to FlexAccount to wait a year to convert back after 12 months (which was the old approach). But following comments on this board from Speculator, I downgraded to FlexAccount mid-September, upgraded back to FlexDirect the next day and I'm now earning 5% again.
    Last edited by Ed-1; 17-10-2016 at 6:02 PM.
    • Biggles
    • By Biggles 17th Oct 16, 5:10 PM
    • 6,963 Posts
    • 4,403 Thanks
    Biggles
    These are the edited secure messages between me & Nationwide:

    12/10/16 PM
    I understand that, if a FlexDirect account has not had interest @ 5% for over 12 months, it is possible to start earning 5% again providing £1000 is paid in every month from outside Nationwide. This is apparently a recent change but your T&Cs have not been updated to reflect this. Can you please confirm this is the case. Thank you


    13/10/16 AM
    Hello xxxx
    Thank you ever so much for your message, I hope you're enjoying your week so far!

    You are correct, as long as your FlexDirect has not had 5% interest within the last 12 months, as soon as you start putting the £1000.00 each month you will be gaining the 5% interest.

    By that time, I had already had my account downgraded after a phone call and was about to upgrade back to a FlexDirect.


    I hope this helps and if you have any further questions, please don't hesitate to reply directly to this message or give our customer service centre a call on 0800302011 if abroad please call +441793656789.

    All the best,
    yyyy
    Customer Consultant
    Digital Servicing
    http//:www.nationwide.co.uk


    13/10/16 AM
    Thank you yyyy That is great news. I hope your T&C will be updated to reflect this. Have a good day!


    13/10/16 PM
    Hello xxxx,

    Thank you for getting in touch with me today.
    I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.

    I hope you enjoy the rest of your week xxxx and should you have any further questions at all, please do not hesitate to reply to this message or call us on 0800 302011. If abroad, please call +44 1793 656789

    Best wishes
    zzzz
    Customer Consultant, Digital Service
    http://www.nationwide.co.uk

    Only the names have been changed to protect the innocent
    Originally posted by badger09
    Exactly.

    My edited secure messages were, briefly, as follows:-


    Me:- (13 Oct pm)
    I opened my FlexDirect in early October 2014 and qualified for 5% interest for the twelve months to 3 October 2015.

    I have continued to fund the account with £750 per month since I opened a Select credit card in July 2016.

    I have read that, if I recommence funding the account with £1,000 per month, I will again qualify for the 5% interest for another year as I haven't qualified for over twelve months now. Is this correct, please?

    Nationwide:- (14 Oct am)
    With regards to this situation, to be eligible for the 5% interest, you must not have held a FlexDirect account in the last 12 months. Therefore as you currently have a FlexDirect account which has previously received 5% interest, this will mean that you are not eligible for the 5% interest again unfortunately.

    Me:- (14 Oct am)
    Apart from the suggestion in my original message, there seem to be several well-documented instances where customers have been told they can downgrade their FlexDirect to a FlexAccount (apparently this may necessitate a visit to a branch) and then upgrade immediately online to a FlexDirect, upon which they have qualified again for 5% for another 12 months.

    Can you confirm?

    Nationwide:- (14 Oct pm - different member of staff)
    I'm pleased to say that if you've not had the 5% rate for over 12 months, you're eligible to have it again.

    I've sent a request to the relevant team to get your interest rate reinstated to 5%. This should be completed within 3 working days.


    But, by that time, I'd already had my account downgraded after making a phone call, and was about to upgrade it back to a FlexDirect.
    • badger09
    • By badger09 17th Oct 16, 5:40 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Interesting.

    In my secure messages exchange, there was no mention of needing to send a request to a relevant team to have the 5% reinstated.

    Time will tell.
    • ceredigion
    • By ceredigion 17th Oct 16, 7:59 PM
    • 1,681 Posts
    • 1,703 Thanks
    ceredigion
    Wouldn't it be simpler just to comply with the publish T&Cs,
    • Yorkshire Pud
    • By Yorkshire Pud 17th Oct 16, 8:49 PM
    • 621 Posts
    • 341 Thanks
    Yorkshire Pud
    Wouldn't it be simpler just to comply with the publish T&Cs,
    Originally posted by ceredigion
    I sent a secure message and was told the date in 2017 when my FD will have been closed for 12 months whence I can open a new one for 5%.

    Also linked me to the T&C stating same.

    Getting sundry employees to say other doesnt make it real and its also possible that some people get 5% when they shouldn't.
    • Ed-1
    • By Ed-1 17th Oct 16, 8:55 PM
    • 1,496 Posts
    • 810 Thanks
    Ed-1
    Wouldn't it be simpler just to comply with the publish T&Cs,
    Originally posted by ceredigion
    Why wave goodbye to 5% (it may not be around if you wait 12 months...)?
    • ceredigion
    • By ceredigion 17th Oct 16, 9:29 PM
    • 1,681 Posts
    • 1,703 Thanks
    ceredigion
    Why wave goodbye to 5% (it may not be around if you wait 12 months...)?
    Originally posted by Ed-1

    That is missing the point. I am more than happy to operate accounts beyond there published conditions. But in this case you are gaining nothing by trying to be clever. If you were getting the 5% year on year (which was possible once ) I could understand it.
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