Nationwide FlexDirect - 5% interest, free overdraft

Fingerbobs

innovate wrote: »

should happen overnight. But since it's weekend, it may not happen until Monday now.

Hmmm. Three of the four FlexDirect accounts I opened yesterday are now showing up on on-line banking, alongside my existing FlexAccount.

Gromitt

blindman wrote: »

As I said it's a faff for £100

Considering the trouble some people go to for their monthly fiver's (£60/year), I'd imagine at least some people doing it.

innovate

blindman wrote: »

As I said it's a faff for £100

I don't mind this kind of faffing. It takes less than half an hour to open the account and to set up a couple of SOs to deal with the monthly funding requirement. Damned good hourly rate, £200+. :cool:

Gromitt

innovate wrote: »

I don't mind this kind of faffing. It takes less than half an hour to open the account and to set up a couple of SOs to deal with the monthly funding requirement. Damned good hourly rate, £200+. :cool:

I assumed he was talking about the kind of faffing as using ODs to fund the accounts, and getting the money back before being charged.

Just setting up the accounts and the SOs is pretty easy, as you suggest.

Pincher

blindman wrote: »

No the 50p is the fee and is waived for the first year


So your annual Worldwide Insuarance is less than £20 for two of you?

That's how much it costs to "upgrade" the NW free Europe only insurance to an annual worldwide one for both account holders.:cool:

Had a look again, and the 50p per day is indeed waived for arranged overdrafts in the first 12 months. Love to see how high the overdraft limit can go when you have more than one FlexDirect.

I'm paying £54.50 for annual Worldwide Inc USA/Canada, plus £19.41 for Winter Sports, for one person. My only family member is 83 yers old, and can't be covered even though she has her own FlexAccount. I seem to remember actually checking the upgrade cost, and it was about the same,
but it's 31 days instead of 35 days per trip.

Anyway, the FlexAccount is now FlexDirect. Don't miss the free European Travel Insurance at all.

Hominu

innovate wrote: »

Clause 1.5 on page 15 of the T&Cs says "no"

It says " If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement.", so I would interpret that as if you close all FlexDirect accounts for 12 months, you would then be entitled again., just like what I quoted above.

innovate

Hominu wrote: »

...I would interpret that as if you close all FlexDirect accounts for 12 months, you would then be entitled again.....

I wouldn't interpret it that way because it doesn't say ..."and no longer hold....".

But who knows what this clause really means. Not so sure even the Nationwide lawyers know what they meant by it.

212

Surely if you close them all for a year then there is no argument?

"If you have previously held the same Nationwide current account product in the last 12 months" - so have you previously held the same product? Yes (or technically no if they happen to change the name).....but in the last 12 months? No - so you'd qualify. I'd find it amazing if any appeals to FOS were decided in n/w's favour.

Only thing is they are allowed to keep all your data for 6 years from account closure - so you may find yourself failing on 'credit scoring' in future when you come to open a new account, even if your credit is brilliant.

They will see you've used one of the old accounts purely for the 5% (or free o/d) and then your internal score will drop dramatically and you are essentially being scored on profitability as well as risk so will then possibly be declined, if it's a market leading product that they think you'll take the mick with again.

It's very likely any new account will be under a different name anyway, with different terms (e.g. have no held a current account here for last 24 months) and so those would apply rather than the current lot

deutsch

i've just applied for an account. does it get open straight away?

i was approved, but they are sending me paperwork to sign.

does everyone have paperwork they have got to wait to sign?

any "new customer" applied twice?

CindyT

Jim431 wrote: »

Found this at the end of the "Current Accounts - Important information" PDF

"...
FlexDirect conditions
These additional conditions supplement and amend the Nationwide current account agreement. In the event of
any inconsistency between these additional conditions and the Nationwide current account agreement, these
condition will apply.
1. Account holding and ownership
1.3 You must pay a minimum amount into the account each month as specified at the time of opening
the account or varied from time to time in accordance with the Nationwide current account conditions
otherwise an account charge may be made.
..."

Anyone know what this last paragraph actually means. I can't see anywhere what these charges are.
Or maybe this is a (Trogen Horse) account charge that they will apply at some point in the future.

Just to confirm - the monthy fee (if you don't pay in £1000) is £5 per month.