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  • FIRST POST
    • clivep
    • By clivep 14th Oct 17, 2:20 PM
    • 220Posts
    • 96Thanks
    clivep
    FlexDirect - Latest t's & c's from Nationwide effective January
    • #1
    • 14th Oct 17, 2:20 PM
    FlexDirect - Latest t's & c's from Nationwide effective January 14th Oct 17 at 2:20 PM
    "At the moment, all you need to do is read this summary and the enclosed T&Cs. If you’re happy with the changes we’re making, you don’t need to do anything else and the changes will automatically apply from 13 January 2018.

    5. Introductory rates and offers
    From time to time we may have introductory rates and offers on our accounts – you can usually only benefit from these once, or only have one at any time, so we’ve added a condition to explain when you won’t be entitled to any introductory rates or offers.
    Find details in General Current Account T&Cs – clauses 5 and 6.

    Your account
    Introductory rates and offers
    5. You are only entitled to one introductory rate or offer (where applicable) for each Nationwide current account product at any one time.
    6. If you have previously held a Nationwide current account you are not entitled to the introductory rate or offer (where applicable) for that current account product under this agreement".


    My wife and I have 3 FlexDirect accounts between us (one joint and each has a sole a/c). This is our 2nd bite of the 5% having waited 12 months after the previous 5% ended.

    It's unclear whether the new clause 5 will allow a joint a/c to get 5% in addition to sole a/cs after 13th January.

    Clause 6 certainly looks like after January 13th you'll no longer be able to get 5% again on a new FlexDirect a/c if you've had one at any time in the past.

    What I find a bit unclear is whether or not they could actually stop giving 5% on our current FlexDirect a/cs from January 13th. I think this unlikely but the new t's & c's that will apply to our existing FlexDirect a/cs would appear to allow them to do this.
Page 2
    • YorkshireBoy
    • By YorkshireBoy 28th Oct 17, 12:42 PM
    • 29,609 Posts
    • 17,459 Thanks
    YorkshireBoy
    (nb. Please let us know who pays £200 for switching to them).
    Originally posted by colsten
    HSBC (eventually). ...
    • polymaff
    • By polymaff 28th Oct 17, 2:35 PM
    • 1,799 Posts
    • 776 Thanks
    polymaff
    Curses, foiled again! I was eligible to open a new Flex Direct on 24 January but no point now. Grrr.
    Originally posted by Over62
    And for us it was to be the 18th January.
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 28th Oct 17, 6:23 PM
    • 136 Posts
    • 67 Thanks
    wiseonesomeofthetime
    I interpret this to mean each customer can only open one of these monthly saving accounts irrespective of how many FDs they hold. Is that correct?
    Originally posted by ToTo Man
    Yes.

    You are allowed ONE Flexclusiver Regular Saver where you are the first named.

    So, one on a sole account

    OR

    One on a joint account, where you are the first named.

    You cannot hold one for each.

    A pity, however, Santander and First Direct/HSBC also hold 5% Regular savers if prepared to jump through a few more hoops.

    Even with interest rates likely to be on the rise, I cannot see these 5% RS accounts being superseded in next 12 months.

    Might be proven wrong though. Wouldn't be the first time
    • djpailo
    • By djpailo 2nd Nov 17, 4:16 PM
    • 428 Posts
    • 144 Thanks
    djpailo
    I actually forgot about this. I will still keep the account for the 1% rate though given DD's are more difficult to come by now.
    • Rich2808
    • By Rich2808 2nd Nov 17, 6:16 PM
    • 529 Posts
    • 417 Thanks
    Rich2808
    Just to be clear - given the new terms don't come in until 13 January if you open a flex direct before then (after a 12 month gap) will you definitely be eligible for the 5% again for a full year (or just until 13 Jan) or not?
    • Heng Leng
    • By Heng Leng 3rd Nov 17, 5:24 PM
    • 4,270 Posts
    • 1,311 Thanks
    Heng Leng
    Just to be clear - given the new terms don't come in until 13 January if you open a flex direct before then (after a 12 month gap) will you definitely be eligible for the 5% again for a full year (or just until 13 Jan) or not?
    Originally posted by Rich2808
    They can't apply it retrospectively.
    If you already have it then it'll stay.
    • bioboybill
    • By bioboybill 9th Nov 17, 3:16 PM
    • 2,918 Posts
    • 1,302 Thanks
    bioboybill
    Hi, Is it possible to hold both a Nationwide Flexplus account and a Flex Direct? My wife and I have a joint Flexplus account with £2500 in for the 3% interest and the packaged benefits. We have a Nationwide Flexplus Regular Saver 8 that has matured and I was thinking of opening a Flex Direct for the 5% interest on £2500 and cycling £1000 between the new HSBC account I'm opening and a Flex Direct Account. And also thinking I could drip feed £250 into a new Regular Saver at Nationwide for 5% there too.
    • Rich2808
    • By Rich2808 9th Nov 17, 6:09 PM
    • 529 Posts
    • 417 Thanks
    Rich2808
    Hi, Is it possible to hold both a Nationwide Flexplus account and a Flex Direct? My wife and I have a joint Flexplus account with £2500 in for the 3% interest and the packaged benefits. We have a Nationwide Flexplus Regular Saver 8 that has matured and I was thinking of opening a Flex Direct for the 5% interest on £2500 and cycling £1000 between the new HSBC account I'm opening and a Flex Direct Account. And also thinking I could drip feed £250 into a new Regular Saver at Nationwide for 5% there too.
    Originally posted by bioboybill
    Yes - you can have both subject of course to Nationwide approving your application for another current account.

    You can only have one NW flexclusive regular saver though for a sole account - or two (sole and joint) if you have a joint account.
    Last edited by Rich2808; 09-11-2017 at 6:42 PM.
    • Londonlisa12
    • By Londonlisa12 9th Nov 17, 7:49 PM
    • 21 Posts
    • 13 Thanks
    Londonlisa12
    HSBC (eventually). ...
    Originally posted by YorkshireBoy
    It's been max £250/mth for several months now.

    Leaving Nationwide is cutting your nose off to spite your face. There are other places which pay 5% on regular savers but not too many. You can switch without leaving Nationwide - just open another Nationwide account and switch that one. (NB. Please let us know who pays £200 for switching to them).
    Originally posted by colsten
    TSB £130 initally + £80 bonus plus 3% on £1500 so around £255

    So much for the nationwide being for its customers no wonder they have the highest paid directors out there.
    • teddysmum
    • By teddysmum 5th Dec 17, 2:28 PM
    • 8,606 Posts
    • 5,093 Thanks
    teddysmum
    I'm glad to have read a recent thread that referred us back to this one, as being preoccupied I missed reading the new T&Cs (How long will that take staff,going on past experience of their conflicting advice?)


    Our 5% was up in August, but downgrading(especially when a joint account is involved),is longwinded, so put me off doing so in the hope of 5% in a year's time.Finding that the 5% won't be forth coming means I didn't waste time.


    Some have mentioned keeping Flexaccounts instead of Directs as being less hassle , but if you are moving money anyway£750 instead of £1000 makes little difference and money in the Direct at least gets something.


    Those wanting to leave in the minimum amount to benefit from future savers should bare in mind, though, that you need individual accounts for when the time comes for new savers or you'll be limited to one on a joint account or even one joint and one sole.


    I'm going to empty ,but not close our joint Direct and keep the two soles running ,as our savers only have two months to run .

    What a nightmare with the next savers limited to £500 between us,instead of £1000,new accounts elsewhere, needing direct debits (husband missed out on Tesco, but having 6 dds to find makes them impossible, as we have cancelled Sky so are one down already) and the 65+bonds up soon,too.


    Bring on the higher interest rates from when we could bung all the money in one or two accounts and leave it to earn interest without all this moving around. (Well I can dream)
    • YorkshireBoy
    • By YorkshireBoy 5th Dec 17, 7:20 PM
    • 29,609 Posts
    • 17,459 Thanks
    YorkshireBoy
    Those wanting to leave in the minimum amount to benefit from future savers should bare in mind, though, that you need individual accounts for when the time comes for new savers or you'll be limited to one on a joint account or even one joint and one sole.
    Originally posted by teddysmum
    It always used to be possible for both joint account holders to get sole regular savers. Have the rules changed?
    • clivep
    • By clivep 6th Dec 17, 11:03 AM
    • 220 Posts
    • 96 Thanks
    clivep
    It always used to be possible for both joint account holders to get sole regular savers. Have the rules changed?
    Originally posted by YorkshireBoy
    The rules haven't changed and both joint account holders CAN have regular savers.

    The only problem is that if you try to set up a new regular saver online with the initial deposit from a joint account then this will set up the regular saver as a joint one. To set up sole regular savers with initial deposit from a joint account you need to phone them.

    The way around this if you already have sole regular savers is:
    1. Wait for the existing sole regular savers to mature and become sole Flexclusive Saver accounts.
    2. Set up new sole regular savers taking the initial deposits from the sole Flexclusive Saver accounts.
    3. Put the rest of the money in the Flexclusive Saver accounts somewhere better.
    4. Close the sole Flexclusive Saver accounts.
    • radoslaff
    • By radoslaff 6th Dec 17, 1:12 PM
    • 43 Posts
    • 11 Thanks
    radoslaff
    I interpret this to mean each customer can only open one of these monthly saving accounts irrespective of how many FDs they hold. Is that correct?
    Originally posted by ToTo Man

    Yes, that's correct.
    • Vortigern
    • By Vortigern 9th Dec 17, 8:16 PM
    • 2,319 Posts
    • 1,530 Thanks
    Vortigern
    The rules haven't changed and both joint account holders CAN have regular savers.

    The only problem is that if you try to set up a new regular saver online with the initial deposit from a joint account then this will set up the regular saver as a joint one. To set up sole regular savers with initial deposit from a joint account you need to phone them.
    Originally posted by clivep
    The is an easier way to set up sole regular savers, where you have only a joint account.

    1. Do not log in to Nationwide. Ensure you are logged out.

    2. Apply online for the Flexclusive regular saver. You will be able to choose sole or joint.

    3. Log in to Nationwide when the application asks you to do so.

    No need to phone.
    • clivep
    • By clivep 10th Dec 17, 10:53 AM
    • 220 Posts
    • 96 Thanks
    clivep
    The is an easier way to set up sole regular savers, where you have only a joint account.

    1. Do not log in to Nationwide. Ensure you are logged out.

    2. Apply online for the Flexclusive regular saver. You will be able to choose sole or joint.

    3. Log in to Nationwide when the application asks you to do so.

    No need to phone.
    Originally posted by Vortigern
    Great suggestion.

    I knew that it was a problem if you were logged in. It had been pointed out that you can do it online by not logging in but you would then need to fill in all your details manually. Your way is even better.
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