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  • FIRST POST
    • teddysmum
    • By teddysmum 15th Mar 17, 11:54 AM
    • 7,140Posts
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    teddysmum
    Nationwide 5% saver and current accounts
    • #1
    • 15th Mar 17, 11:54 AM
    Nationwide 5% saver and current accounts 15th Mar 17 at 11:54 AM
    Am I correct in assuming that the following will work ? :


    At the moment we have 3 FlexDirect accounts (2 sole and 1 joint, obviously), but no regular saver with Nationwide and these have about 3 months to go before the 5% ends and it's sensible to close them, hoping to take up the offer again in 12 months' time.


    If we open two sole(currently) 5% regular savers now, then at the end of their term, close the two sole FlexDirects and downgrade the joint to a FlexAccount .


    The joint Flexaccount will allow the two 5% regular savers to continue, as the £750 in per month has been satisfied by the Flexdirect so far and will continue to be satisfied by paying in to feed the savers.


    I can't find anything to disagree with this, but wonder if a single joint Flexaccount, with the correct ingoings, will allow two sole regular savers tocontinue..
Page 1
    • pafpcg
    • By pafpcg 15th Mar 17, 1:21 PM
    • 129 Posts
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    pafpcg
    • #2
    • 15th Mar 17, 1:21 PM
    • #2
    • 15th Mar 17, 1:21 PM
    In a word: Yes!

    This is almost the same as my partner and I did last year, with one difference: we 'downgraded' all three FlexDirect accounts to Flexaccounts and when the twelve months is done, all three will be 'upgraded' back to FlexDirect again (assuming the 5% is still on offer). The benefit of downgrading and upgrading via Flexaccounts is that the account numbers are retained so that when the monthly funds cycling from external accounts restarts, the payee details for the standing orders will already be in place.
    • teddysmum
    • By teddysmum 15th Mar 17, 1:49 PM
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    teddysmum
    • #3
    • 15th Mar 17, 1:49 PM
    • #3
    • 15th Mar 17, 1:49 PM
    In a word: Yes!

    This is almost the same as my partner and I did last year, with one difference: we 'downgraded' all three FlexDirect accounts to Flexaccounts and when the twelve months is done, all three will be 'upgraded' back to FlexDirect again (assuming the 5% is still on offer). The benefit of downgrading and upgrading via Flexaccounts is that the account numbers are retained so that when the monthly funds cycling from external accounts restarts, the payee details for the standing orders will already be in place.
    Originally posted by pafpcg
    That's an idea. I was thinking that the £5000 in the accounts to be closed and most of the £2500 (leave some to keep them happy) in the downgraded account would need a home, but , off course you don't need to leave a large sum if it's not earning.


    Out TSB savers will soon be up so that money will need a home, as we want more than the new 2% rate. (My husband already lost out on the Tesco current accounts (I have two) as he didn't apply when I told him to (the week before they announced the hold on new accounts).
    • No_Name
    • By No_Name 15th Mar 17, 1:56 PM
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    No_Name
    • #4
    • 15th Mar 17, 1:56 PM
    • #4
    • 15th Mar 17, 1:56 PM
    My flexdirect account expires in about a weeks time and my flexclusive regular saver in mid-April.

    Do I (online or phone?) just downgrade after the flexdirect expires next week to the flexaccount - would this affect my regular saver?

    I also intend to re-apply for a new reg saver immediately after my existing one expires - can this be done considering the conditions on the flexaccount's funding requirement etc?

    Will it be deemed as me already have met the 3 months criteria?
    • teddysmum
    • By teddysmum 15th Mar 17, 2:04 PM
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    teddysmum
    • #5
    • 15th Mar 17, 2:04 PM
    • #5
    • 15th Mar 17, 2:04 PM
    My flexdirect account expires in about a weeks time and my flexclusive regular saver in mid-April.

    Do I (online or phone?) just downgrade after the flexdirect expires next week to the flexaccount - would this affect my regular saver?

    I also intend to re-apply for a new reg saver immediately after my existing one expires - can this be done considering the conditions on the flexaccount's funding requirement etc?

    Will it be deemed as me already have met the 3 months criteria?
    Originally posted by No_Name


    From what has been said on here the payments to the FlexDirect count (ie you are a regular payer).


    Be careful not to swap before the earning time of the last month has passed ie the interest is credited. (Also, as the interest is paid on a specific day, is there still some interest to come for a part month ? Just a thought and may be worth a call to check dates)
    • pafpcg
    • By pafpcg 15th Mar 17, 2:29 PM
    • 129 Posts
    • 83 Thanks
    pafpcg
    • #6
    • 15th Mar 17, 2:29 PM
    • #6
    • 15th Mar 17, 2:29 PM
    My husband already lost out on the Tesco current accounts (I have two) as he didn't apply when I told him to.
    Originally posted by teddysmum
    Eh? It's YOUR fault!

    One of the more dubious "benefits" of the internet is that the bank's web-site doesn't really know who is filling in the forms and applying for accounts. I always make the applications for my partner either before or after I make my own application; sometimes I even tell her that she's got a new account.......
    • youngretired
    • By youngretired 15th Mar 17, 3:03 PM
    • 78 Posts
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    youngretired
    • #7
    • 15th Mar 17, 3:03 PM
    • #7
    • 15th Mar 17, 3:03 PM
    To those that are thinking of downgrading to a FlexAccount to keep the regular saver, where it states in the T&C's about funding for 3 months I would check first with Nationwide.

    "Will it be deemed as me already have met the 3 months criteria?" we thought YES so I asked this question for my sister who's FlexDirect was coming to a end and was advised that previous funding under the FlexDirect did not count towards the 3 months, hence she would need to open a new FlexAccount and fund this for the 3 months (along with her FlexDirect) to ensure that she could keep her regular saver.
    • teddysmum
    • By teddysmum 15th Mar 17, 4:11 PM
    • 7,140 Posts
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    teddysmum
    • #8
    • 15th Mar 17, 4:11 PM
    • #8
    • 15th Mar 17, 4:11 PM
    Eh? It's YOUR fault!

    One of the more dubious "benefits" of the internet is that the bank's web-site doesn't really know who is filling in the forms and applying for accounts. I always make the applications for my partner either before or after I make my own application; sometimes I even tell her that she's got a new account.......
    Originally posted by pafpcg


    He insists on talking to a person , face to face or over the phone (and I do agree with him.) I had to do mine over the phone as the website had a glitch, but, in fact it was quicker, as there was no repeat rigmarole (she just joked that I'd heard the T&Cs once so no need to repeat.)
    • teddysmum
    • By teddysmum 15th Mar 17, 4:16 PM
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    teddysmum
    • #9
    • 15th Mar 17, 4:16 PM
    • #9
    • 15th Mar 17, 4:16 PM
    To those that are thinking of downgrading to a FlexAccount to keep the regular saver, where it states in the T&C's about funding for 3 months I would check first with Nationwide.

    "Will it be deemed as me already have met the 3 months criteria?" we thought YES so I asked this question for my sister who's FlexDirect was coming to a end and was advised that previous funding under the FlexDirect did not count towards the 3 months, hence she would need to open a new FlexAccount and fund this for the 3 months (along with her FlexDirect) to ensure that she could keep her regular saver.
    Originally posted by youngretired
    I wouldn't have expected that, the condition seems to be there to make sure you are loyal and paying in £1000 for 12 months shows more loyalty than £750 for 3 months. Posters, above have found it works and, sometimes staff, especially new recruits , give out incorrect information.
    • Sea Shell
    • By Sea Shell 15th Mar 17, 4:31 PM
    • 283 Posts
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    Sea Shell
    I am right in thinking that the qualifying Flex Direct Account can be either a Sole or Joint for 5% Regular savers, as we have 2 sole at the moment (already 1% & empty) but have just opened one new joint. We'll still be able to open new regular savers under the new qualifying Joint, won't we? We plan to downgrade or close the 2 sole accounts once the current Reg Savers mature in April.

    Hope I've not missed something glaringly obvious!!!
    • teddysmum
    • By teddysmum 15th Mar 17, 5:19 PM
    • 7,140 Posts
    • 4,215 Thanks
    teddysmum
    I am right in thinking that the qualifying Flex Direct Account can be either a Sole or Joint for 5% Regular savers, as we have 2 sole at the moment (already 1% & empty) but have just opened one new joint. We'll still be able to open new regular savers under the new qualifying Joint, won't we? We plan to downgrade or close the 2 sole accounts once the current Reg Savers mature in April.

    Hope I've not missed something glaringly obvious!!!
    Originally posted by Sea Shell


    According to replies above, people have done just that.
    • YorkshireBoy
    • By YorkshireBoy 15th Mar 17, 6:53 PM
    • 28,926 Posts
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    YorkshireBoy
    I am right in thinking that the qualifying Flex Direct Account can be either a Sole or Joint for 5% Regular savers, as we have 2 sole at the moment (already 1% & empty) but have just opened one new joint. We'll still be able to open new regular savers under the new qualifying Joint, won't we? We plan to downgrade or close the 2 sole accounts once the current Reg Savers mature in April.

    Hope I've not missed something glaringly obvious!!!
    Originally posted by Sea Shell
    If you check out the original 5% regular saver thread (started at launch in December 2015) I seem to remember people experienced problems doing this, in that the system opened a joint regular saver...something you don't want! There was a 'workaround' given in that thread I believe.

    In relation to your last sentence, wouldn't it be better to do that now?...and get the 5% rate a month earlier next year (if it's still available then).
    Last edited by YorkshireBoy; 15-03-2017 at 6:56 PM.
    • teddysmum
    • By teddysmum 15th Mar 17, 7:21 PM
    • 7,140 Posts
    • 4,215 Thanks
    teddysmum
    If you check out the original 5% regular saver thread (started at launch in December 2015) I seem to remember people experienced problems doing this, in that the system opened a joint regular saver...something you don't want! There was a 'workaround' given in that thread I believe.

    In relation to your last sentence, wouldn't it be better to do that now?...and get the 5% rate a month earlier next year (if it's still available then).
    Originally posted by YorkshireBoy


    Open two sole accounts while you still have the FlexDirect accounts and do so over the phone or in branch so you have reassurance over future implications
    • youngretired
    • By youngretired 15th Mar 17, 7:28 PM
    • 78 Posts
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    youngretired
    Having a joint FlexDirect does qualify for the regular savers, but when it comes to opening the new ones you won't be able to open them via your online accounts if you don't hold a sole Nationwide account and want to fund from the joint FlexDirect as the regular savers mimic the account names that the 1st payment comes from.

    So if you do close your sole accounts you will need to apply as follows: when it comes to applying say NO to online banking customer and just apply, then fund the initial payment from another sole account held elsewhere and then you will be able to fund the other 11 payments via the joint FlexDirect as it is only the 1st payment that affects the opening name process.

    The account is not opened straight away like when you apply via your online account and you will get a passbook.

    If you downgrade your accounts then you can open the new regular savers via online and fund the initial payments from your soles and then thereafter via your joint.
    • YorkshireBoy
    • By YorkshireBoy 15th Mar 17, 7:46 PM
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    YorkshireBoy
    Open two sole accounts while you still have the FlexDirect accounts and do so over the phone or in branch so you have reassurance over future implications
    Originally posted by teddysmum
    But, as I said, that will delay the next sole FlexDirect openings (assuming it's still available next year). And by then they may have closed the 'loophole' I and others have enjoyed recently.
    • Sea Shell
    • By Sea Shell 16th Mar 17, 6:36 AM
    • 283 Posts
    • 201 Thanks
    Sea Shell
    So should we wait and open 2 new Reg Savers using our sole accounts as the 'linked' accounts, and then close/downgrade them, and the remaining Joint FD will enable us to continue to quality for the RS's.
    • Ed-1
    • By Ed-1 16th Mar 17, 9:54 AM
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    Ed-1
    But, as I said, that will delay the next sole FlexDirect openings (assuming it's still available next year). And by then they may have closed the 'loophole' I and others have enjoyed recently.
    Originally posted by YorkshireBoy
    Which loophole you on about?
    • youngretired
    • By youngretired 16th Mar 17, 6:11 PM
    • 78 Posts
    • 37 Thanks
    youngretired
    If you are going to downgrade the soles to a FlexAccount then there is no need to wait as you are already meeting the existing regular savers T&C's by having the joint FlexDirect. You would just make the initial 1st payment on the new regular savers from the sole FlexAccount's.


    If you are going to close the sole FlexDirect's then it depends on you, if you'd rather open them online via your online accounts then just keep your soles until you have opened the new regular savers as you are only delaying opening the new FlexDirects next year by a month.
    • Sea Shell
    • By Sea Shell 17th Mar 17, 6:32 AM
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    Sea Shell
    Thanks YoungRetired, I was hoping that was the case.

    If we downgrade to FlexAccounts, do we get to keep the same debit card/pin etc. or do they re-issue new re-branded cards (I think all the account numbers stay the same)
    • pafpcg
    • By pafpcg 17th Mar 17, 9:32 AM
    • 129 Posts
    • 83 Thanks
    pafpcg
    If we downgrade to FlexAccounts, do we get to keep the same debit card/pin etc. or do they re-issue new re-branded cards (I think all the account numbers stay the same)
    Originally posted by Sea Shell
    You will get replacement cards branded as 'FlexAccount' but with the same sortcode and account numbers as the old FlexDirect accounts.
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