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  • FIRST POST
    • StarShapedPeg
    • By StarShapedPeg 6th Apr 17, 12:28 PM
    • 57Posts
    • 254Thanks
    StarShapedPeg
    Nationwide FlexDirect
    • #1
    • 6th Apr 17, 12:28 PM
    Nationwide FlexDirect 6th Apr 17 at 12:28 PM
    Hello
    I received a letter from Nationwide regarding my account on which the 5% interest was ending. I understand that they automatically downgrade it, but if I wanted to reapply for the rate in 12 months time whats the best thing to do?
    I remember reading somewhere if you swap it then you can reapply for the same deal again should it still exist, but I can't seem to find the thread.
    Thank you.
    #138 - The "Save 12k in 2017" challenge
Page 2
    • xylophone
    • By xylophone 7th Apr 17, 4:48 PM
    • 23,472 Posts
    • 13,650 Thanks
    xylophone
    I myself have a Lloyds Club account and "service" it with two Tesco DDs, from a couple of my Tesco savings accounts.
    • YorkshireBoy
    • By YorkshireBoy 7th Apr 17, 4:57 PM
    • 29,539 Posts
    • 17,355 Thanks
    YorkshireBoy
    The only problem is needing two DDs per account, so hope two Tesco internet savers, one in my name and one in my husband's, each taking £5 from each Lloyds Club account will be ok (problem may be that they are the same type of account with the same bank ie Tesco)
    Originally posted by teddysmum
    That's going to be a problem for you both. You can't DD pull from an account that isn't yours. See the savings account T&Cs, and the many experiences posted on here backing this up. You'll need two savings accounts each, or 2 joint savings accounts between you.


    EDIT: If you'd prefer a 'self-managing' system, consider setting the DDs up to total £8.15 (ish).
    Last edited by YorkshireBoy; 07-04-2017 at 5:14 PM.
    • teddysmum
    • By teddysmum 7th Apr 17, 9:25 PM
    • 8,522 Posts
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    teddysmum
    I already have an internet saver, drawing £5/month from our main amount as a spare DD, so it will have to be one for my husband and two of the other type of saver. (Interest on the latter is poor,but the money doesn't have to stay put.)
    • teddysmum
    • By teddysmum 7th Apr 17, 9:28 PM
    • 8,522 Posts
    • 5,052 Thanks
    teddysmum

    EDIT: If you'd prefer a 'self-managing' system, consider setting the DDs up to total £8.15 (ish).
    Originally posted by YorkshireBoy
    Why do you suggest this ?


    I don't use standing orders, except for the TSB regular saver (as required) preferring to do manual transfers, so I can adjust as necessary and it keeps my brain working.
    • YorkshireBoy
    • By YorkshireBoy 7th Apr 17, 10:38 PM
    • 29,539 Posts
    • 17,355 Thanks
    YorkshireBoy
    Why do you suggest this ?

    I don't use standing orders, except for the TSB regular saver (as required) preferring to do manual transfers, so I can adjust as necessary and it keeps my brain working.
    Originally posted by teddysmum
    £8.15 (ish) is roughly the average interest paid per month on £5K at Lloyds now it's 2% AER. My set up is as follows:

    Standing Orders
    £1,500 in from Santander 123
    £400 out to Club Lloyds Monthly Saver
    £250 out to Monthly Saver
    £850 back to Santander 123

    DDs (interest extraction)
    £5
    £3

    All set up to happen on the 3rd of the month.

    My only 'admin' activity is to log into Lloyds once per month on the 3rd (or 4th) to check everything is in order. I don't mind a bit of work for 5%, but for 2% it needs to run itself!
    • teddysmum
    • By teddysmum 8th Apr 17, 4:16 PM
    • 8,522 Posts
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    teddysmum
    £8.15 (ish) is roughly the average interest paid per month on £5K at Lloyds now it's 2% AER. My set up is as follows:

    Standing Orders
    £1,500 in from Santander 123
    £400 out to Club Lloyds Monthly Saver
    £250 out to Monthly Saver
    £850 back to Santander 123

    DDs (interest extraction)
    £5
    £3

    All set up to happen on the 3rd of the month.

    My only 'admin' activity is to log into Lloyds once per month on the 3rd (or 4th) to check everything is in order. I don't mind a bit of work for 5%, but for 2% it needs to run itself!
    Originally posted by YorkshireBoy


    Ah, you mean it covers the interest sweep.
    • teddysmum
    • By teddysmum 19th Apr 17, 6:47 PM
    • 8,522 Posts
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    teddysmum
    Reference my post#9 on this thread :


    First of all, can someone send me some hair restorer, as I may have pulled chunks of my hair out, thanks to Nationwide's (not)very clear policy ?

    As someone started yet another Nationwide thread, with the usual doubts about policy, I looked on the Nationwide website when 'chat' popped up so decided to respond.

    I told Emily about the confusion over whether you can keep the Flexdirects going at 1%, then downgrade and upgrade after 12 months, to get 5% again or need to close or downgrade, when 5% ends, to benefit. I especially mentioned what I was told my local branch's policy was (ie you can't do the former).

    Guess what ?

    She told me that you can do the former and that my branch were giving out incorrect information, asking for the name of the person giving the information, as they would need to be contacted.

    I asked for Head Office's particular number, which she gave me and said they would be willing to confirm what she told me ( it appears that Emily is at Head office). 0800 302011.

    However, something I assumed was incorrect ( ie the local branch person said that, if you downgrade, you need to still feed a Flexaccount with £750/ month to satisfy the regular saver ) is, in fact, correct.

    Emily said that the T&Cs for the Flexclusive say that you can only benefit from its rates if you satisfy the conditions (in the case of a Flexaccount, the need for £750/Month), but I pointed out that what she said was not clear, because the page states the £750/month as a condition to open a Flexclusive and does not say it's necessary to maintain the saver account, so she is going to pass this on as feedback.

    I'm going to call Head Office and may request something in writing which I can scan on here, so we are all clear.

    Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade.
    Last edited by teddysmum; 19-04-2017 at 6:55 PM.
    • ceredigion
    • By ceredigion 19th Apr 17, 7:08 PM
    • 2,385 Posts
    • 2,982 Thanks
    ceredigion
    Reference my post#9 on this thread :


    First of all, can someone send me some hair restorer, as I may have pulled chunks of my hair out, thanks to Nationwide's (not)very clear policy ?

    As someone started yet another Nationwide thread, with the usual doubts about policy, I looked on the Nationwide website when 'chat' popped up so decided to respond.

    I told Emily about the confusion over whether you can keep the Flexdirects going at 1%, then downgrade and upgrade after 12 months, to get 5% again or need to close or downgrade, when 5% ends, to benefit. I especially mentioned what I was told my local branch's policy was (ie you can't do the former).

    Guess what ?

    She told me that you can do the former and that my branch were giving out incorrect information, asking for the name of the person giving the information, as they would need to be contacted.

    I asked for Head Office's particular number, which she gave me and said they would be willing to confirm what she told me ( it appears that Emily is at Head office). 0800 302011.

    However, something I assumed was incorrect ( ie the local branch person said that, if you downgrade, you need to still feed a Flexaccount with £750/ month to satisfy the regular saver ) is, in fact, correct.

    Emily said that the T&Cs for the Flexclusive say that you can only benefit from its rates if you satisfy the conditions (in the case of a Flexaccount, the need for £750/Month), but I pointed out that what she said was not clear, because the page states the £750/month as a condition to open a Flexclusive and does not say it's necessary to maintain the saver account, so she is going to pass this on as feedback.

    I'm going to call Head Office and may request something in writing which I can scan on here, so we are all clear.

    Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade.
    Originally posted by teddysmum


    Wouldn't it be easier to just follow the published T&C
    • Ed-1
    • By Ed-1 19th Apr 17, 7:09 PM
    • 2,036 Posts
    • 1,096 Thanks
    Ed-1
    Emily said that the T&Cs for the Flexclusive say that you can only benefit from its rates if you satisfy the conditions (in the case of a Flexaccount, the need for £750/Month), but I pointed out that what she said was not clear, because the page states the £750/month as a condition to open a Flexclusive and does not say it's necessary to maintain the saver account, so she is going to pass this on as feedback.
    Originally posted by teddysmum
    Point 4 in the T&Cs states:

    "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."

    http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

    Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade.
    Originally posted by teddysmum
    That's clearly rubbish. If you downgrade from FlexDirect to FlexAccount it's the same account, just under a different account type, so the £1,000 going in in the previous 3 months would obviously meet the conditions.
    • ceredigion
    • By ceredigion 19th Apr 17, 7:34 PM
    • 2,385 Posts
    • 2,982 Thanks
    ceredigion
    [QUOTE=teddysmum;72425804].

    Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade. [/QUOTE]



    There is another qualifying criteria
    • teddysmum
    • By teddysmum 19th Apr 17, 9:44 PM
    • 8,522 Posts
    • 5,052 Thanks
    teddysmum
    [QUOTE=ceredigion;72426057]
    .

    Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade. [/QUOTE]



    There is another qualifying criteria
    Originally posted by teddysmum
    Which is ?
    • teddysmum
    • By teddysmum 19th Apr 17, 9:49 PM
    • 8,522 Posts
    • 5,052 Thanks
    teddysmum
    Wouldn't it be easier to just follow the published T&C
    Originally posted by ceredigion


    Apparently not.


    We have two groups on here having taken different advice and I have had two lots of advice directly from Nationwide. CS by phone and today 'chat' agreeing, but my local branch, with whom I'd need to deal, give different information.


    The advice from CS and chat does seem to disagree with the T&Cs which say to get 5% you must not have had a Flexdirect account in the previous 12 months. This is what my local rep quoted, but people on here have done as the first two suggest and been paid.


    Perhaps you would like to give your interpretation ?
    • teddysmum
    • By teddysmum 19th Apr 17, 10:09 PM
    • 8,522 Posts
    • 5,052 Thanks
    teddysmum
    Point 4 in the T&Cs states:

    "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."

    http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

    I quite understand that, but the Flexaccount does not require £750 paid and the T&Cs only say that to open a Flexclusive via this account you need to have paid in £750 for the previous 3 months and not that you have to maintain this level.

    That's clearly rubbish. If you downgrade from FlexDirect to FlexAccount it's the same account, just under a different account type, so the £1,000 going in in the previous 3 months would obviously meet the conditions.
    I, too, thought this was the logical case, but having seen someone's post saying that he'd assumed this, but Nationwide advised his wife otherwise, I thought there would be no harm in asking Head Office about this.



    Originally posted by Ed-1

    Obviously my reply is in pink.
    • ceredigion
    • By ceredigion 19th Apr 17, 10:12 PM
    • 2,385 Posts
    • 2,982 Thanks
    ceredigion
    [QUOTE=ceredigion;72426057]
    .

    Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade. [/QUOTE]



    There is another qualifying criteria
    Originally posted by teddysmum
    Which is ?
    Originally posted by teddysmum



    To open this account:
    You need to be 18 or over and a main current account customer with us. This means you must either:
    • Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and:
      • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); or
      • completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or
    • Hold a FlexStudent account and have paid in £1,500 in 2 or more transactions in the last 12 months.
    • Hold a FlexDirect or FlexPlus account.
    • isasmurf
    • By isasmurf 20th Apr 17, 6:14 AM
    • 1,718 Posts
    • 738 Thanks
    isasmurf
    Wouldn't it be easier to just follow the published T&C
    Originally posted by ceredigion
    Apparently not.
    Originally posted by teddysmum
    It would. It is only those looking to abuse what is clearly intended to be an introductory incentive that make it difficult. I accept the ethos of this site is to take advantage where possible and that NW have muddied the water by giving concessions that are better than the T&C to some customers.

    Perhaps ceredigion's question should be rephrased to wouldn't it be easier if Nationwide applied their own T&C?
    • No_Name
    • By No_Name 20th Apr 17, 10:38 AM
    • 65 Posts
    • 1 Thanks
    No_Name
    Great! So we're no clearer than where we started! Seriously though, it's good to have people's opinions.

    I guess safest option is to downgrade (only by phone?), then apply for the Flex Reg Saver online - I guess it'll be rejected if it deems me not having met the qualifying funding requirements?

    Has anyone confirmed this method?
    • xylophone
    • By xylophone 20th Apr 17, 11:32 AM
    • 23,472 Posts
    • 13,650 Thanks
    xylophone
    Great! So we're no clearer than where we started! Seriously though, it's good to have people's opinions.
    My experience is here at post 19.

    http://forums.moneysavingexpert.com/showthread.php?t=5629890

    If you still have your Flexdirect account you can open a new regular saver.

    Presumably you have been depositing £1000 a month up to now?

    You could downgrade to Flexaccount and pay in £750 a month going forward, transferring £500 a month to the Flexclusive saver and the balance wherever you like?

    After a year you upgrade to Flexdirect again?

    Really this whole business is so ridiculous - perhaps they should just change to a Lloyds Bank model.
    • xylophone
    • By xylophone 20th Apr 17, 11:53 AM
    • 23,472 Posts
    • 13,650 Thanks
    xylophone
    We have two groups on here having taken different advice and I have had two lots of advice directly from Nationwide. CS by phone and today 'chat' agreeing, but my local branch, with whom I'd need to deal, give different information
    Time for a complaint to the Chief Executive regarding lack of clarity and transparency?

    https://portal.nationet.com/nationwide/forms/making-a-complaint-to-ceo.asp
    • badger09
    • By badger09 20th Apr 17, 12:12 PM
    • 5,434 Posts
    • 4,679 Thanks
    badger09
    I've posted on this topic many times.

    http://forums.moneysavingexpert.com/showthread.php?t=5424775&page=6
    post 114 20/12/17

    http://forums.moneysavingexpert.com/showthread.php?t=5589897
    post 7 2/2/17 onwards

    Feel free to quote my experience in your formal complaints
    • Superscrooge
    • By Superscrooge 20th Apr 17, 2:49 PM
    • 911 Posts
    • 629 Thanks
    Superscrooge
    5% interest on my FlexDirect ends next week.

    I have just contacted Nationwide to ask whether I need to close the account or downgrade it, to be eligible for 5% again in 12 months.

    Nationwide advise I do not need to take any action. I can keep the FlexDirect account open earning 1% and then after 12 months ask for the 5% interest to be re-instated. It won't happen automatically

    This seems to agree with previous posts from Badger09

    I got the feeling Nationwide don't want to publicise this. But if customers ask, they prefer to do this rather than faff about, closing, downgrading and upgrading accounts.
    Last edited by Superscrooge; 20-04-2017 at 2:52 PM.
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