Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • StarShapedPeg
    • By StarShapedPeg 6th Apr 17, 12:28 PM
    • 61Posts
    • 262Thanks
    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 4
    • phillw
    • By phillw 30th Nov 17, 10:06 AM
    • 1,041 Posts
    • 622 Thanks
    phillw
    My 5% rate ran out on 4 Dec 2016, so I rang Nationwide to ask what I need to do to get another 12 months@ 5% from 4 Dec 17.
    Originally posted by olbas_oil
    It's 12 months from the last time it was a flex direct, not when the 5% ran out. Did you convert it to another current account type when the 5% ran out? They don't do it automatically, it just changes to a flex direct with 1% & that could never be converted to a flex direct with 5%
    Last edited by phillw; 30-11-2017 at 10:12 AM.
    • YorkshireBoy
    • By YorkshireBoy 30th Nov 17, 11:00 AM
    • 29,618 Posts
    • 17,478 Thanks
    YorkshireBoy
    It's 12 months from the last time it was a flex direct, not when the 5% ran out. Did you convert it to another current account type when the 5% ran out? They don't do it automatically, it just changes to a flex direct with 1% & that could never be converted to a flex direct with 5%
    Originally posted by phillw
    It could, as I and many others would testify, but not any more. That's the power of MSE for you!
    • YorkshireBoy
    • By YorkshireBoy 30th Nov 17, 11:02 AM
    • 29,618 Posts
    • 17,478 Thanks
    YorkshireBoy
    What are my best arguments for a complaint to get this changed?
    Originally posted by olbas_oil
    Ask them to rewrite the T&Cs, specifically condition 1.4
    • phillw
    • By phillw 30th Nov 17, 11:06 AM
    • 1,041 Posts
    • 622 Thanks
    phillw
    It could, as I and many others would testify, but not any more. That's the power of MSE for you!
    Originally posted by YorkshireBoy
    Both I and a friend tried it a couple of years ago and they refused, as far as I can tell it's always been the case. We had to switch to a flex account and then wait 12 months.
    Last edited by phillw; 30-11-2017 at 11:10 AM.
    • harz99
    • By harz99 30th Nov 17, 12:34 PM
    • 2,514 Posts
    • 2,452 Thanks
    harz99
    Is it (still) possible to open a new joint FD account when one or both of you already has an FD account and get the 5% introductory rate please?
    • Gary_Dexter
    • By Gary_Dexter 30th Nov 17, 3:37 PM
    • 186 Posts
    • 113 Thanks
    Gary_Dexter
    Is it (still) possible to open a new joint FD account when one or both of you already has an FD account and get the 5% introductory rate please?
    Originally posted by harz99
    You might want to start a new post.

    But the answer is likely no as you are already a customer of theirs
    • olbas_oil
    • By olbas_oil 30th Nov 17, 4:56 PM
    • 176 Posts
    • 84 Thanks
    olbas_oil
    It could, as I and many others would testify, but not any more. That's the power of MSE for you!
    Originally posted by YorkshireBoy
    When you say 'not any more' do you mean 'not any more from January' or 'not any more, right now'?
    I know there was some ambiguity about whether it was
    • a year since downgrading the account
    • or, a year since you last received 5%
    I know that many were able to get a new 5% on the latter criteria, but had understood Nationwide were removing that ambiguity with new terms and conditions coming into force in January. Has anyone been able to do it since they announced that they would be making this change?
    • soulsaver
    • By soulsaver 30th Nov 17, 5:23 PM
    • 1,495 Posts
    • 541 Thanks
    soulsaver
    Is it (still) possible to open a new joint FD account when one or both of you already has an FD account and get the 5% introductory rate please?
    Originally posted by harz99
    Yes but it depends on your actual circumstances... which are?
    • harz99
    • By harz99 30th Nov 17, 6:25 PM
    • 2,514 Posts
    • 2,452 Thanks
    harz99
    Yes but it depends on your actual circumstances... which are?
    Originally posted by soulsaver

    I have Flexplus a/c wife has Flexdirect a/c. That will change early January to I have Flexplus and Flexdirect, and wife Flexdirect a/c's if all goes to plan.
    Last edited by harz99; 30-11-2017 at 6:28 PM.
    • soulsaver
    • By soulsaver 30th Nov 17, 6:44 PM
    • 1,495 Posts
    • 541 Thanks
    soulsaver
    I have Flexplus a/c wife has Flexdirect a/c. That will change early January to I have Flexplus and Flexdirect, and wife Flexdirect a/c's if all goes to plan.
    Originally posted by harz99
    Officially you could (can?) have a FD with intro bonus(ib) and a joint FD with ib as long as the joint isn't you first named So, by implication, 1st named is not getting the ib on a solo ac as well.

    I.e. You can't have 3 ib between 2peeps - argued it hasn't always been the case in the past though.
    • clivep
    • By clivep 1st Dec 17, 11:03 AM
    • 224 Posts
    • 97 Thanks
    clivep
    Officially you could (can?) have a FD with intro bonus(ib) and a joint FD with ib as long as the joint isn't you first named So, by implication, 1st named is not getting the ib on a solo ac as well.

    I.e. You can't have 3 ib between 2peeps - argued it hasn't always been the case in the past though.
    Originally posted by soulsaver
    ??? Maybe you're thinking of the conditions for their Regular Savings accounts?
    You've always been allowed 3 ib between 2 peeps.

    "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) fixed. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names".

    We hold 3 a/c between us all getting the 5%.
    Last edited by clivep; 02-12-2017 at 10:50 AM.
    • clivep
    • By clivep 1st Dec 17, 11:20 AM
    • 224 Posts
    • 97 Thanks
    clivep
    It's 12 months from the last time it was a flex direct, not when the 5% ran out. Did you convert it to another current account type when the 5% ran out? They don't do it automatically, it just changes to a flex direct with 1% & that could never be converted to a flex direct with 5%
    Originally posted by phillw
    No, it's 12 months from when you last had the 5%.

    However, I don't believe you can CONVERT back to a 5%. What you have to do is firstly close the FlexDirect or convert it to a FlexAccount. You can then open a NEW FlexDirect and as long as it has been 12 month since the end of your previous 5% rate then you'll qualify for the 5% for another 12 months (under current t's & c's until January of course).

    I confirmed this was the case in August and this is an extract from their secure message:

    "I can see that your previous FlexDirect accounts were opened on the 6th August 2015 and closed on the 19th August 2016.
    This means that you can apply for a new FlexDirect and receive the introductory interest again, if you open the account after 6th August 2017".


    I can also confirm that the 5% is being paid on our 3 a/cs (2 x sole + joint).
    • gt94sss2
    • By gt94sss2 8th Dec 17, 9:46 PM
    • 3,989 Posts
    • 1,840 Thanks
    gt94sss2
    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
    Originally posted by Superscrooge
    Has anyone done this recently?

    I asked to redesignate one of my 1% FlexDirect accounts to 5% via an online message.

    The first time, the response was:

    Under the current Terms and Conditions of this account you are only entitled to one promotional credit interest rate of 5% AER if they have not held the same account in the last 12 months.

    I can see that you currently hold a FlexDirect account therefore you would not qualify for the 5% interest rate.
    and on asking them to check given that others have mananaged this, I got:

    In order to earn the 5% interest again on a FlexDirect account you will need to open a completely new FlexDirect account, we aren't able to change the interest rate on your current FlexDirect account.

    If you're planning on doing this please make sure your new account is opened before 13/01/2018 as this is when we will be changing the terms and conditions of the 5% interest being a one time offer only.
    though I suspect they will say I don't qualify as I wont have been without a FlexDirect account for 12 months?
    • clivep
    • By clivep 9th Dec 17, 10:32 AM
    • 224 Posts
    • 97 Thanks
    clivep
    Has anyone done this recently?

    I asked to redesignate one of my 1% FlexDirect accounts to 5% via an online message.
    Originally posted by gt94sss2
    Yes, I did it recently under the current rules.

    No you can't convert/redesignate. Past apparent successes in achieving this often seem to have been done over the phone with the Nationwide rep actually closing the old a/c and opening a new one.

    Re-read my post immediately above yours, all your questions are answered.
    • clivep
    • By clivep 9th Dec 17, 10:39 AM
    • 224 Posts
    • 97 Thanks
    clivep
    I asked to redesignate one of my 1% FlexDirect accounts to 5% via an online message.
    Originally posted by gt94sss2
    Do you have more than one sole FlexDirect or more than one Joint FlexDirect? Have any been 5% in the last 12 months?
    • gt94sss2
    • By gt94sss2 10th Dec 17, 3:03 AM
    • 3,989 Posts
    • 1,840 Thanks
    gt94sss2
    Do you have more than one sole FlexDirect or more than one Joint FlexDirect? Have any been 5% in the last 12 months?
    Originally posted by clivep
    I currently have 2 FlexDirect's in my sole name - from when Nationwide were paying 5% on each account (not just the first). However, the 5% ended on both accounts years ago.
    • clivep
    • By clivep 10th Dec 17, 10:46 AM
    • 224 Posts
    • 97 Thanks
    clivep
    I currently have 2 FlexDirect's in my sole name - from when Nationwide were paying 5% on each account (not just the first). However, the 5% ended on both accounts years ago.
    Originally posted by gt94sss2
    So close both the sole FlexDirects or convert them to Flexaccounts. You can do this by sending them a secure message online. This may take a few days before it's done. Then you can open a new one to get the 5% under the current rules.
    • Kim_13
    • By Kim_13 10th Dec 17, 12:08 PM
    • 1,467 Posts
    • 1,752 Thanks
    Kim_13
    So close both the sole FlexDirects or convert them to Flexaccounts. You can do this by sending them a secure message online. This may take a few days before it's done. Then you can open a new one to get the 5% under the current rules.
    Originally posted by clivep
    The poster wouldn't meet the criteria of not having held a FlexDirect for a year though. While some posters have got the 5% again without doing this, I haven't heard of any since the changes were announced. Staff received an internal memo to tighten up on the rules at around this time, according to one poster.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £220.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • clivep
    • By clivep 10th Dec 17, 2:05 PM
    • 224 Posts
    • 97 Thanks
    clivep
    The poster wouldn't meet the criteria of not having held a FlexDirect for a year though. While some posters have got the 5% again without doing this, I haven't heard of any since the changes were announced. Staff received an internal memo to tighten up on the rules at around this time, according to one poster.
    Originally posted by Kim_13
    But the rules haven't changed yet and I have it in writing that under the current rules you get the 5% if you haven't had the 5% in the last 12 months. It certainly worked for me in August with the 5% rate automatically applied so no need to speak to staff. Whilst this was before the January changes were announced I wouldn't have thought that they'd change the automated systems before the new changes come into effect.
    • olbas_oil
    • By olbas_oil 16th Dec 17, 10:26 AM
    • 176 Posts
    • 84 Thanks
    olbas_oil
    The poster wouldn't meet the criteria of not having held a FlexDirect for a year though. While some posters have got the 5% again without doing this, I haven't heard of any since the changes were announced. Staff received an internal memo to tighten up on the rules at around this time, according to one poster.
    Originally posted by Kim_13
    That is not the criteria. The criteria, under existing T&C, clause 1.4 is not having held the same product in the last 12 months. This is ambiguous. Flexdirect@5% is a different product to Flexdirect@1%. I was able to use this argument to get a new 5% rate on a flexdirect that was held up to 2 weeks ago (12 months@1%).
    On a slightly different note: Does anyone know how to verify the rate you are getting on a flexdirect by looking at the website? I can see the actual interest paid, but not the percentage rate. (But I know it is 5% because I have a secure message confirming it).
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,134Posts Today

5,641Users online

Martin's Twitter
  • RT @bearface83: @MartinSLewis check out the @Missguided new 60% off offer. Upping the cost of items almost double to make us think it?s a?

  • RT @efitzpat: Thank you SO SO much @MartinSLewis for your Student Loans refund advice! I just got a grand refunded right before Xmas! Whoop?

  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • Follow Martin