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    • StarShapedPeg
    • By StarShapedPeg 6th Apr 17, 12:28 PM
    • 92Posts
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    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 3
    • teddysmum
    • By teddysmum 20th Apr 17, 3:20 PM
    • 7,434 Posts
    • 4,368 Thanks
    teddysmum
    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
    Originally posted by xylophone


    That's why I asked for the Head office phone number. If there is no written confirmation of policy, I will ask for his/her contact details.
    • teddysmum
    • By teddysmum 20th Apr 17, 3:26 PM
    • 7,434 Posts
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    teddysmum
    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.
    Originally posted by Superscrooge


    I've had one telephone CS person and one via chat saying that you can keep the 1% going without losing out on a new 5% and one local branch person saying that you have to downgrade or cancel as soon as the 5% ends, but (I forgot to ask the chat person , yesterday) the 'phone' and local branch person both said that just asking for a new 5%, without the rigmarole , should not be possible, so was possibly done in error, though both agreed the system is stupid.
    • teddysmum
    • By teddysmum 20th Apr 17, 3:34 PM
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    teddysmum

    Perhaps ceredigion's question should be rephrased to wouldn't it be easier if Nationwide applied their own T&C?
    Originally posted by isasmurf

    It would be good to know that all the staff were aware of the conditions (the person I 'chatted' with yesterday, seemed to think that the local branch rep was ill-informed ), as some will have lost out by taking the wrong advice.


    I was thinking that keeping the Directs at 1% (transferring isn't that much trouble) would be handy for dumping lump sums coming from savers, bonds etc, to get interest , while being available for feeding into regular savers or for a new account.


    Then it seemed that this wasn't viable, so I had to look around and decided on Lloyds, with a possible saver, but if we can keep the Directs there is no reason why Lloyds shouldn't join the loop.
    • xylophone
    • By xylophone 20th Apr 17, 4:46 PM
    • 21,274 Posts
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    xylophone
    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
    And with my experience - see link in 37 above.
    • xylophone
    • By xylophone 20th Apr 17, 4:53 PM
    • 21,274 Posts
    • 12,215 Thanks
    xylophone
    I've had one telephone CS person and one via chat saying that you can keep the 1% going without losing out on a new 5% and one local branch person saying that you have to downgrade or cancel as soon as the 5% ends
    This really is an utterly ridiculous situation.

    You have read Badger's experience and my experience which tally with

    Superscrooge's at his post 40 today.

    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
    I think that you will have to make a formal complaint in writing.
    • isasmurf
    • By isasmurf 20th Apr 17, 5:11 PM
    • 1,642 Posts
    • 667 Thanks
    isasmurf
    It would be good to know that all the staff were aware of the conditions (the person I 'chatted' with yesterday, seemed to think that the local branch rep was ill-informed ), as some will have lost out by taking the wrong advice.
    Originally posted by teddysmum
    The terms and conditions are clear. You must not have held a Flex Direct for 12 months to qualify for a promotional bonus. It sounds like that is exactly what the branch staff were advising.

    Far more people will have lost out by not knowing they can ask to have another year of 5% than being given the wrong advice.

    Nationwide should abide by their own published terms or change them. It isn't fair for a mutual owned by its members to apply a hidden, more generous, concession that only a privileged few know to ask for.
    • badger09
    • By badger09 20th Apr 17, 6:25 PM
    • 4,842 Posts
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    badger09
    The terms and conditions are clear. You must not have held a Flex Direct for 12 months to qualify for a promotional bonus. It sounds like that is exactly what the branch staff were advising.

    Far more people will have lost out by not knowing they can ask to have another year of 5% than being given the wrong advice.

    Nationwide should abide by their own published terms or change them. It isn't fair for a mutual owned by its members to apply a hidden, more generous, concession that only a privileged few know to ask for.
    Originally posted by isasmurf
    I couldn't agree more.

    Obviously, I would prefer it if they changed the published T&Cs to reflect the apparent beneficial change communicated to some of us.
    • YorkshireBoy
    • By YorkshireBoy 20th Apr 17, 6:53 PM
    • 29,030 Posts
    • 16,813 Thanks
    YorkshireBoy
    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.
    Originally posted by Superscrooge
    There's a lot that can happen in 12 months. Personally I'd downgrade, rather than risk Nationwide adopting the line of 'enough is enough! It's published T&Cs from now on!"...in May, or June, or July, or August, or...well you get the picture?
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 20th Apr 17, 7:45 PM
    • 39 Posts
    • 19 Thanks
    wiseonesomeofthetime
    Has anyone given a thought as to whether the 5% interest introductory offer will actually exist in twelve months time?

    Seems like a lot of blood pressure issues may be arising for something that may not be around in 2018.

    Don't get me wrong, the higher rate interest would be more than welcome in the current climate, however, I am not going to make myself ill over it.

    Having lunch out once a month less, and putting that money into a good old fashioned piggy bank, will reap the same rewards for me

    Most sandwiches and coffees are overpriced anyway!
    • teddysmum
    • By teddysmum 21st Apr 17, 5:21 PM
    • 7,434 Posts
    • 4,368 Thanks
    teddysmum
    Has anyone given a thought as to whether the 5% interest introductory offer will actually exist in twelve months time?

    Seems like a lot of blood pressure issues may be arising for something that may not be around in 2018.

    Don't get me wrong, the higher rate interest would be more than welcome in the current climate, however, I am not going to make myself ill over it.

    Having lunch out once a month less, and putting that money into a good old fashioned piggy bank, will reap the same rewards for me

    Most sandwiches and coffees are overpriced anyway!
    Originally posted by wiseonesomeofthetime


    Indeed the possibility of the offer being withdrawn has been mentioned a number of times and people are aware of it, but don't want the bother of adding 'if still available' over and over.


    I have the impression that some in Nationwide have another set of rules which differ from the published ones , considering the latter to be badly worded.


    The rule quoted above, about Flexdirect interest, it seems is only being applied by a few, my local branch included, so should the T&Cs say that you must not have held a 5% paying Flexdirect in the previous 12 months ?


    The other case is where they are saying that to support a regular saver you must continue to pay in 750 a month, as failure to satisfy the T&Cs means they downgrade the saver. However, they only mention needing to have been paying in 750, to open the saver, with no mention of carrying on after opening.


    In one case they are downgrading a requirement and in the other are enhancing it.
    Last edited by teddysmum; 21-04-2017 at 5:34 PM.
    • EachPenny
    • By EachPenny 21st Apr 17, 5:48 PM
    • 600 Posts
    • 359 Thanks
    EachPenny
    Has anyone given a thought as to whether the 5% interest introductory offer will actually exist in twelve months time?
    Originally posted by wiseonesomeofthetime
    That was one factor I considered when my latest 5% ran out recently. I have 'banked' an exchange of messages with Nationwide CS saying that I can continue with my FlexDirect at 1% for the next year and then take advantage of whatever introductory offer is available in 12 month's time, whether 5% or something else

    I decided with the Loyalty Saver at only 0.75% it was handy to keep the FlexDirect at 1% for float funds.

    I agree with the comments about Nationwide's T&C's not reflecting what a select few are being told - but I'm even more annoyed at NW's relentless drive to get new current account customers whatever the cost. When people are joining up with NW abusing the recommend a friend scheme and when the interest rate on Flexdirect has been 'protected' whilst the Loyalty saver has been repeatedly cut, I have to question whether the concept of mutuality still exists at Nationwide, or if it has become a bank by stealth.

    The whole charade of opening accounts, closing them, upgrading and downgrading them is only necessary because Nationwide insist on paying such low rates of interest on all their other accounts. The cost of all the admin in dealing with account opening and closing (especially current accounts with cards, PINs etc to produce) is eating into Nationwide's profits, which in turn diminishes the money available to return to members. As much as I like the idea of 5% interest, I'd much rather they called an end to the game and led the market in taking a far more sustainable approach to savings interest rates. I.E. Pay more for loyalty and long-term savings. [/Rant]
    • YorkshireBoy
    • By YorkshireBoy 21st Apr 17, 6:07 PM
    • 29,030 Posts
    • 16,813 Thanks
    YorkshireBoy
    The other case is where they are saying that to support a regular saver you must continue to pay in 750 a month, as failure to satisfy the T&Cs means they downgrade the saver. However, they only mention needing to have been paying in 750, to open the saver, with no mention of carrying on after opening.
    Originally posted by teddysmum
    But if you don't pay in 750 a month you're no longer a "main account customer", thereby they'd apply condition 4 from the reg saver T&Cs wouldn't they?...
    "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."
    The eligibility criteria is to be a "main account customer". So there is "mention"?
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