Nationwide FlexAccount - £75 incentive

foolsgold99

Hello,
I just applied for the above account online. It said that it would give an instant decsion but when I completed it it said that it would get a letter within 5 working days.

Anyway be careful if applying. I phoned them to ensure that I met all the criteria. Here are some points which others may find helpful;

1. You only have to transfer direct debits. Don't worry if you don't have any standing orders, salary, etc.

2. Make sure that you select 'OPTION A' for the transfer i.e. automatic DD transfer. If you don't you won't get the £75 (very sneaky)

3. Make sure you don't delay the transfer. If you put a date in the relevant box you WON'T get the £75 either (even sneakier)


Here are the T&C's too

FlexAccount £75 online switcher terms and conditions

The FlexAccount £75 online switcher offer is subject to the following conditions:

1. This offer is available from 15 February 2010 to 5 March 2010. We reserve the right to end this offer at any time. Applications made before the start of the promotion or after the promotion has ended will not qualify for this offer.
2. This offer is not available to employees of the Nationwide Group.
3. This offer is only available online.
4. This offer is open to FlexAccount customers that hold or are eligible for Visa debit cards on their FlexAccount and are registered with the Internet Bank (‘qualifying customers’). This offer is not available to customers with a Cash Card Account or FlexAccount with only a chequebook and cash card/cheque guarantee card.
5. This offer is not available to customers with a FlexAccount or any other Nationwide product that has been in collections or arrears within the last three months.
6. To be eligible for the offer, if you are a qualifying customer, you must sign on to the Nationwide Internet Bank and complete and submit a ‘Transfer my account to Nationwide’ form within the Internet Bank to transfer all your Direct Debits, standing orders and bill payments from an account with another bank or building society to a qualifying FlexAccount. To do this select your account, click on ‘Transfer my account to Nationwide’ and choose ‘Transfer all my payments for me’. If you choose ‘Send me a list and let me choose’ you will not qualify for this offer.
7. If you are a new customer, to qualify you must open a new FlexAccount online which must be eligible for a Visa debit card and then ask us to transfer all your Direct Debits, standing orders and bill payments from an account with another bank or building society to your new FlexAccount by choosing ‘Option A – Transfer all my payments’ as part of your application. If you choose ‘Option B – Send me a list to choose from’ you will not qualify for this offer.
8. You must use our online Account Transfer Service to transfer your account. If you transfer your Direct Debits, standing orders or bill payments yourself or you do not have any Direct Debits, standing orders or bill payments to transfer to your FlexAccount, you will not qualify for this offer.
9. You can transfer an existing joint account into a joint FlexAccount but only in the same names as the original account. If you want to transfer an existing joint account to a FlexAccount in one name only we will need permission from both account holders to do this. You cannot transfer an existing sole account into a joint FlexAccount.
10. You will not qualify for this offer if:
    • You ask us to delay the start of your account transfer; or
    • Your account transfer has not completed within 3 months of the offer ending.
11. The £75 payment will be made directly into your FlexAccount within 8 weeks of us completing your account transfer including the transfer of your standing orders and bill payments and advising your Direct Debit companies of the change in your account details.
12. If you close your account before the £75 payment is made into your account you will not qualify for this offer.
13. This offer may not be used in conjunction with other Nationwide offers.
14. Only one £75 payment will be made per customer regardless of the number of qualifying accounts held. For qualifying joint accounts only one £75 payment will be made per qualifying FlexAccount.

Hope that this helps :T

simax

I fancy £75 myself, so would this work????

1) Go into my dormant Abbey account, deposit 10p and set up a standing order to transfer 2p/month for 5 months into my active Lloyds TSB account (which I won't touch as this is my main account).

2) Go to my dormant Nationwide account, deposit another 10p into this account and elect to switch my payments from my Abbey account to Nationwide? This would swap the standing order from Abbey.

3) 8 weeks later, pass Go, and collect £75, and cancel the standing orders and remove surplus pennies back to Lloyds TSB.

Any reason why this won't work? I really don't want the hassle of moving my Lloyds TSB account stuff over for 2 months - too much of a ballache.

onlypaddy

you need to transfer direct debits

rb10

simax wrote: »

I fancy £75 myself, so would this work????

1) Go into my dormant Abbey account, deposit 10p and set up a standing order to transfer 2p/month for 5 months into my active Lloyds TSB account (which I won't touch as this is my main account).

2) Go to my dormant Nationwide account, deposit another 10p into this account and elect to switch my payments from my Abbey account to Nationwide? This would swap the standing order from Abbey.

3) 8 weeks later, pass Go, and collect £75, and cancel the standing orders and remove surplus pennies back to Lloyds TSB.

Any reason why this won't work? I really don't want the hassle of moving my Lloyds TSB account stuff over for 2 months - too much of a ballache.

Yes, that should work perfectly.

I have done similar (although I splashed out and did a £10 per month standing order).

simax

onlypaddy wrote: »

you need to transfer direct debits

No. It states in the T+C' that you have to transfer ALL your DD's and standing orders. I selected that option, however they'll find only 1 standing order to transfer. Nothing in the T+C's states otherwise.

paulw98

simax wrote: »

I fancy £75 myself, so would this work????

1) Go into my dormant Abbey account, deposit 10p and set up a standing order to transfer 2p/month for 5 months into my active Lloyds TSB account (which I won't touch as this is my main account).

2) Go to my dormant Nationwide account, deposit another 10p into this account and elect to switch my payments from my Abbey account to Nationwide? This would swap the standing order from Abbey.

3) 8 weeks later, pass Go, and collect £75, and cancel the standing orders and remove surplus pennies back to Lloyds TSB.

Any reason why this won't work? I really don't want the hassle of moving my Lloyds TSB account stuff over for 2 months - too much of a ballache.

Thats pretty much what im doing. it should work. I applied and was also told it be notified within 5 days even though at the beginning it said id get a response imediatly.?

paulw98

Oh, and how do they contact you. Via e-mail?

simax

Via secure message. Just got 1st one :-)

paulw98

simax wrote: »

Via secure message. Just got 1st one :-)

I mean if your a new coustomer

JA1000

I applied for a flex account as a joint account with my partner this would be our spendinging account, bills etc with significant transfer from both of us monthly. I was extrememly surprised to be half turned down. I say half because they opened the account but would only give us a cashpoint card, no debit card. Well this is absolutely no use to us whatsoever. We don't want an overdraft, we want to pay our bills and meals out, holidays etc. Apparently we have to wait 6 months to reapply.

My credit is score is poor, but with no missed payments, no defaults and everything green and up to date. They only reason is the amount of credit being used by me currently at 89%. It just proves that banks are using a score which has no significance to the product. We don't want an overdraft so what is the risk to them? It's like being 14 again with just a cashpoint card!!!

No doubt they will create extra blocks to prevent other people from opening a similar account.

LongTermLurker

It's back then - I love Nationwide - proud to be a tart :T