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  • FIRST POST
    • Cotta
    • By Cotta 4th Dec 17, 8:28 PM
    • 2,514Posts
    • 993Thanks
    Cotta
    Nationwide Introduction Rate Ending
    • #1
    • 4th Dec 17, 8:28 PM
    Nationwide Introduction Rate Ending 4th Dec 17 at 8:28 PM
    Hi All,

    My introduction rate of 5% for my Nationwide current account is coming to an end, what are my options in such a situation?
Page 1
    • xylophone
    • By xylophone 4th Dec 17, 8:34 PM
    • 23,682 Posts
    • 13,807 Thanks
    xylophone
    • #2
    • 4th Dec 17, 8:34 PM
    • #2
    • 4th Dec 17, 8:34 PM
    You can keep the Flexdirect, carry on as before and earn 1%.

    You can downgrade to a Flexaccount.

    You can close the account.

    You can switch the account.
    • Aletank
    • By Aletank 4th Dec 17, 8:49 PM
    • 512 Posts
    • 169 Thanks
    Aletank
    • #3
    • 4th Dec 17, 8:49 PM
    • #3
    • 4th Dec 17, 8:49 PM
    I was in the same situation recently, If you upgrade with Nationwide, it's a quick upgrade online. When choosing to downgrade, it's either a 1 hour branch appointment or a 1 hour phone call .
    I chose the phonecall option but sorry I didn't just switch to another bank online.
    • YorkshireBoy
    • By YorkshireBoy 4th Dec 17, 8:53 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    • #4
    • 4th Dec 17, 8:53 PM
    • #4
    • 4th Dec 17, 8:53 PM
    My introduction rate of 5% for my Nationwide current account is coming to an end, what are my options in such a situation?
    Originally posted by Cotta
    If you also have the 5% regular saver, be careful which option you choose.
    • Cotta
    • By Cotta 4th Dec 17, 9:37 PM
    • 2,514 Posts
    • 993 Thanks
    Cotta
    • #5
    • 4th Dec 17, 9:37 PM
    • #5
    • 4th Dec 17, 9:37 PM
    If you also have the 5% regular saver, be careful which option you choose.
    Originally posted by YorkshireBoy
    Yes I have a regular saver account.
    • ceredigion
    • By ceredigion 4th Dec 17, 9:41 PM
    • 2,422 Posts
    • 3,028 Thanks
    ceredigion
    • #6
    • 4th Dec 17, 9:41 PM
    • #6
    • 4th Dec 17, 9:41 PM
    Yes I have a regular saver account.
    Originally posted by Cotta
    Then be careful
    • Kim_13
    • By Kim_13 4th Dec 17, 10:04 PM
    • 1,476 Posts
    • 1,758 Thanks
    Kim_13
    • #7
    • 4th Dec 17, 10:04 PM
    • #7
    • 4th Dec 17, 10:04 PM
    Yes I have a regular saver account.
    Originally posted by Cotta
    In this case you can do any of the following to retain the saver:

    - Keep the FlexDirect open (no minimum pay in is needed to keep the Saver, only if you wish to get the 1% interest on up to £2,500.)

    - Downgrade to the FlexAccount and pay in £750 per month

    - Upgrade to FlexPlus for £13 a month (Don't do this unless you would benefit from the insurances on offer, as the fee is more than the account pays in interest (3% on up to £2,500.))

    Unless you particularly want branch access and don't have another account with Nationwide to use for this purpose, there's no reason not to do the first. Incoming T and Cs prevent a second round on 5% and the FlexDirect means you don't need to meet a minimum pay in each month to keep the saver.

    TSB Classic Plus is the best/easiest home for £1,500 if you don't already have it. You could also drip some of the funds into the saver if you pay in less than the maximum each month. The 1% is easily beaten so you should rehome the money.
    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
    • TheShape
    • By TheShape 4th Dec 17, 10:32 PM
    • 1,146 Posts
    • 920 Thanks
    TheShape
    • #8
    • 4th Dec 17, 10:32 PM
    • #8
    • 4th Dec 17, 10:32 PM
    My introductory rate ended in September and I've been considering what to do with it. I could switch it to one of my other accounts that pay interest but with it being my 'Main Account' with a large number of DDs, SOs and payees set up on the account along with it being the linked account for a number of savings accounts with other providers, I've been hesitant to mess with it. An account paying 1% though
    • interest Ted
    • By interest Ted 5th Dec 17, 9:16 AM
    • 121 Posts
    • 93 Thanks
    interest Ted
    • #9
    • 5th Dec 17, 9:16 AM
    • #9
    • 5th Dec 17, 9:16 AM
    Incoming T and Cs prevent a second round on 5%
    Originally posted by Kim_13
    On the FlexDirect ???
    I haven't seen that anywhere !
    I know there is still a 12 month moratorium, perhaps this is what you mean ?
    If not, would appreciate link to, or advice on source .
    Many thanks

    Ted
    • yorkshireOAP
    • By yorkshireOAP 5th Dec 17, 10:37 AM
    • 42 Posts
    • 1 Thanks
    yorkshireOAP
    I would be interested in comments on post #4 & post #6 'be careful'. My flexdirect 5% term ends 3rd Jan.2018, I have a regular saver 5% ends May 2018. I have a Flex account also, but do not use too often, just to transfer to regular saver. So, I would apprciate my options under the be careful option??
    Thanks
    • radoslaff
    • By radoslaff 5th Dec 17, 10:53 AM
    • 51 Posts
    • 13 Thanks
    radoslaff
    I would be interested in comments on post #4 & post #6 'be careful'. My flexdirect 5% term ends 3rd Jan.2018, I have a regular saver 5% ends May 2018. I have a Flex account also, but do not use too often, just to transfer to regular saver. So, I would apprciate my options under the be careful option??
    Thanks
    Originally posted by yorkshireOAP

    If somebody has a Regular Saver, shutting down (or switching) their current account which is no longer profitable because of the interest drop will result in their reg sav being shut down by the bank as well. Hence the "be careful" option.
    • yorkshireOAP
    • By yorkshireOAP 5th Dec 17, 10:59 AM
    • 42 Posts
    • 1 Thanks
    yorkshireOAP
    OK, I get it now. I have applied for a BM saver at 1.45% to have in readiness, I will delay fund transfer till May then.
    Cheers
    • radoslaff
    • By radoslaff 5th Dec 17, 11:57 AM
    • 51 Posts
    • 13 Thanks
    radoslaff
    OK, I get it now. I have applied for a BM saver at 1.45% to have in readiness, I will delay fund transfer till May then.
    Cheers
    Originally posted by yorkshireOAP

    Well, you don't need to keep £2500 in your current account at 1% if you can have more somewhere else. You can keep there £100 or even £1 if you want to go extreme, just don't shut it down.
    • AndyPK
    • By AndyPK 5th Dec 17, 12:18 PM
    • 2,491 Posts
    • 663 Thanks
    AndyPK
    Damm.


    I was planning on downgrading and then waiting a few days and upgrading again. Can't you do this?
    • badger09
    • By badger09 5th Dec 17, 12:42 PM
    • 5,596 Posts
    • 4,907 Thanks
    badger09
    Damm.


    I was planning on downgrading and then waiting a few days and upgrading again. Can't you do this?
    Originally posted by AndyPK
    If you mean downgrade from Flexdirect then upgrade to Flexdirect again in a few days to obtain 5%, then No, and you never could.
    I'm a supporter of dunstonh
    • badger09
    • By badger09 5th Dec 17, 12:49 PM
    • 5,596 Posts
    • 4,907 Thanks
    badger09
    On the FlexDirect ???
    I haven't seen that anywhere !
    I know there is still a 12 month moratorium, perhaps this is what you mean ?
    If not, would appreciate link to, or advice on source .
    Many thanks

    Ted
    Originally posted by interest Ted
    Several threads about it and you should have received revised T&Cs. Have you binned them?


    http://forums.moneysavingexpert.com/showthread.php?t=5727599
    I'm a supporter of dunstonh
    • Cotta
    • By Cotta 5th Dec 17, 1:03 PM
    • 2,514 Posts
    • 993 Thanks
    Cotta
    So my understanding is I will need to keep my current account so that this doesn't impact my regular saver and from there setup a new current account with a different company paying more than 1%?
    • Yorkshire Pud
    • By Yorkshire Pud 5th Dec 17, 1:49 PM
    • 804 Posts
    • 511 Thanks
    Yorkshire Pud
    So my understanding is I will need to keep my current account so that this doesn't impact my regular saver and from there setup a new current account with a different company paying more than 1%?
    Originally posted by Cotta
    All you need is to have a Nationwide Current account of any type. Flexdirect is one such but as its not eligible from January for the 5% for repeat introductory raters it would seem a better option to have just a standard FlexAccount.

    You can have up to four NBS current accounts if you wish but I've only got three, although one is a FD that I will close in Febuary
    • teddysmum
    • By teddysmum 5th Dec 17, 1:55 PM
    • 8,635 Posts
    • 5,105 Thanks
    teddysmum
    An account paying 1% though
    Originally posted by TheShape
    ....is better than one paying zero.
    • badger09
    • By badger09 5th Dec 17, 3:07 PM
    • 5,596 Posts
    • 4,907 Thanks
    badger09
    All you need is to have a Nationwide Current account of any type. Flexdirect is one such but as its not eligible from January for the 5% for repeat introductory raters it would seem a better option to have just a standard FlexAccount.

    You can have up to four NBS current accounts if you wish but I've only got three, although one is a FD that I will close in Febuary
    Originally posted by Yorkshire Pud
    Care to explain why you say that?
    I'm a supporter of dunstonh
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