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  • FIRST POST
    • teddysmum
    • By teddysmum 15th Mar 17, 11:54 AM
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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 2
    • teddysmum
    • By teddysmum 17th Mar 17, 2:49 PM
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    teddysmum
    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.
    Originally posted by youngretired


    We have one joint and two sole TSB accounts, with sole regular savers opened at the same time; the standing order going from the joint account.


    However, we did open in branch and set up the standing orders at that time.
    • teddysmum
    • By teddysmum 17th Mar 17, 2:55 PM
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    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.
    Originally posted by YorkshireBoy

    Our current accounts still have a couple of months to go with the 5%,but if you opened savers at the end of the incentive's life, missing a month's interest on £5000, total (due to a delay), wouldn't be catastrophic. (you would still get the 5% current account for 12 months, assuming it still exists)
    • No_Name
    • By No_Name 20th Mar 17, 10:25 AM
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    No_Name
    My flexdirect has expired, but still have a month to go on the regular saver.

    Do I downgrade to flexaccount now or do I need to wait until the regular saver matures?

    Do we have a concrete answer into the 3 months funding criteria if I downgraded to the flexaccount but wishing to open another flexclusive reguar saver once my current one matures?
    • Imvrasos
    • By Imvrasos 20th Mar 17, 10:49 AM
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    Imvrasos
    I read in these forums that some people kept the expired FlexDirect for a year, paying in 1k/month. They then contacted Nationwide after the 12 month anniversary of the interest drop, restarting the 5% interest period, with no downgrades involved.

    I already have a FlexDirect that expired two months ago, and I have been planning to do the above until January 2018. Is this still an option?
    • badger09
    • By badger09 20th Mar 17, 12:24 PM
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    badger09
    I read in these forums that some people kept the expired FlexDirect for a year, paying in 1k/month. They then contacted Nationwide after the 12 month anniversary of the interest drop, restarting the 5% interest period, with no downgrades involved.
    Originally posted by Imvrasos
    I am one of those about whom you may have read, though I did not continue to pay in £1k per month


    I already have a FlexDirect that expired two months ago, and I have been planning to do the above until January 2018. Is this still an option?
    Originally posted by Imvrasos
    Nobody on here will be able to tell you if that will still be an option in January 2018
    • ericlered
    • By ericlered 21st Mar 17, 4:01 PM
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    ericlered
    I read in these forums that some people kept the expired FlexDirect for a year, paying in 1k/month. They then contacted Nationwide after the 12 month anniversary of the interest drop, restarting the 5% interest period, with no downgrades involved.

    I already have a FlexDirect that expired two months ago, and I have been planning to do the above until January 2018. Is this still an option?
    Originally posted by Imvrasos
    Hmm not sure... I just called them about this as my 5% rate ended about 18 months ago and have been on the 1% rate since. Long story short I was put through to a gentleman in the new account opening department who has been trying to get clarification from managers all day as to whether the 5% can be reinstated without having to jump through the downgrade / upgrade hoops in order to fix this.
    • xylophone
    • By xylophone 21st Mar 17, 4:20 PM
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    xylophone
    Long story short I was put through to a gentleman in the new account opening department who has been trying to get clarification from managers all day as to whether the 5% can be reinstated without having to jump through the downgrade / upgrade hoops in order to fix this.
    See http://forums.moneysavingexpert.com/showthread.php?p=72034864#post72034864

    Post 19 onwards.

    Post 23 and post 32 replies from Nationwide.
    • badger09
    • By badger09 21st Mar 17, 4:24 PM
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    badger09
    Hmm not sure... I just called them about this as my 5% rate ended about 18 months ago and have been on the 1% rate since. Long story short I was put through to a gentleman in the new account opening department who has been trying to get clarification from managers all day as to whether the 5% can be reinstated without having to jump through the downgrade / upgrade hoops in order to fix this.
    Originally posted by ericlered

    See my posts on this thread - especially post 17

    http://forums.moneysavingexpert.com/showthread.php?t=5589897
    • ericlered
    • By ericlered 22nd Mar 17, 10:32 AM
    • 17 Posts
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    ericlered
    See http://forums.moneysavingexpert.com/showthread.php?p=72034864#post72034864

    Post 19 onwards.

    Post 23 and post 32 replies from Nationwide.
    Originally posted by xylophone
    Thanks, I had already read these posts and several others which is why I called NW to discuss. But even though the person I spoke to was "pretty sure" it could be done without changing accounts etc. he struggled to have this confirmed by a any of the managers in the new accounts opening / customer services department so I'm stuck in limbo for the time being, might call them again today.
    • xylophone
    • By xylophone 22nd Mar 17, 1:10 PM
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    xylophone
    might call them again today.
    I started with a secure message and was given the information at post 13.

    I then sent another secure message citing the information given to Badger and had a written reply as indicated.

    Perhaps you should put the case in a secure message.
    • teddysmum
    • By teddysmum 29th Mar 17, 6:39 PM
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    teddysmum
    Am I correct in assuming that, if I open a Flexclusive saver tomorrow and deposit £500 (max allowed), I could deposit a further £500 early in April,so that £1000 gets almost a whole year's interest ?
    • YorkshireBoy
    • By YorkshireBoy 29th Mar 17, 6:45 PM
    • 29,210 Posts
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    YorkshireBoy
    Am I correct in assuming that, if I open a Flexclusive saver tomorrow and deposit £500 (max allowed), I could deposit a further £500 early in April,so that £1000 gets almost a whole year's interest ?
    Originally posted by teddysmum
    Yes. They allow £500 per month, and define month as a calendar month (in the accompanying general T&Cs).
    • ericlered
    • By ericlered 30th Mar 17, 12:00 PM
    • 17 Posts
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    ericlered
    Am I correct in assuming that, if I open a Flexclusive saver tomorrow and deposit £500 (max allowed), I could deposit a further £500 early in April,so that £1000 gets almost a whole year's interest ?
    Originally posted by teddysmum
    Exactly what I did a few months ago.
    • teddysmum
    • By teddysmum 30th Mar 17, 4:41 PM
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    teddysmum
    Exactly what I did a few months ago.
    Originally posted by ericlered

    Two regular savers with £500 each until next week...Knowing our luck the rate will drop,now.
    Last edited by teddysmum; 30-03-2017 at 5:39 PM.
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