Nationwide FlexDirect - 5% interest, free overdraft

juanmanuelmarquez

Does anyone know what the maximum overdraft facility for free, as i want to take out a couple of thousand? Does it have to planned or unplanned? Or can you just withdraw money out straightaway once the account is opened, knowing its free for the first year?

Also any confirmation as to how much Flexdirect accounts can you open, as people are asking the same thing over and over and over again, and yet we seem to be getting completley mixed answers?
Note: I opened my acc online on 3.3.13 and still not received no documents to sign?

DreamerV

I receive a letter today, dated 5th March, saying my Flex Direct is open. I upgraded on around 2nd of March from Flex Account. My Flex Account still says Flex Account. Has anyone else who just upgraded had the name of their Flex Account change to Flex Direct? I'm reluctant to fund it if it's not quite up and running, as the money is in a 3%+ account at the moment and hence better than the basic Flex Account.

212

juanmanuelmarquez wrote: »

Does anyone know what the maximum overdraft facility for free, as i want to take out a couple of thousand? Does it have to planned or unplanned? Or can you just withdraw money out straightaway once the account is opened, knowing its free for the first year?

Also any confirmation as to how much Flexdirect accounts can you open, as people are asking the same thing over and over and over again, and yet we seem to be getting completley mixed answers?
Note: I opened my acc online on 3.3.13 and still not received no documents to sign?

Overdraft is free for first year, no charges & no interest, as long as it's a PLANNED overdraft. You can withdraw once it's approved & applied.

Your 'available balance' will only show the credit balance (or £0) - unlike some other banks which show the overdraft as available balance. But try and put a payment through to another account and it will either say not allowed (so they haven't got round to applying it yet) or you'll get a message saying you'll be overdrawn but still within your limit - that's when it's been properly applied. It took about 36 hours for mine to be fully applied - even though the O/D limit updated pretty much instantly.

I've got over 3k as a student, but can't see that lasting too much longer! I tried to open another account to get the 5% (and top that up rather than pay the overdraft down until I have to/they demand it back), but they rejected me on credit scoring

ColdIron

DreamerV wrote: »

I receive a letter today, dated 5th March, saying my Flex Direct is open. I upgraded on around 2nd of March from Flex Account. My Flex Account still says Flex Account. Has anyone else who just upgraded had the name of their Flex Account change to Flex Direct? I'm reluctant to fund it if it's not quite up and running, as the money is in a 3%+ account at the moment and hence better than the basic Flex Account.

I upgraded my FlexAccount last Friday and got the same letter this morning, I also received the following advice email on Thursday

Your account is now in the process of being transferred. Reference No xxxx

I phoned them up earlier and they confirmed the account is being upgraded during the weekend, which is what they said on application, and should be swapped by Monday when I shall be funding it

JulyKnot

I received a debit card today but no letter. I applied last weekend.

brenda10

Gromitt wrote: »

It can be a transfer, but it has to be from a different bank.

Thanks Grommit.:beer:

DreamerV

ColdIron wrote: »

I upgraded my FlexAccount last Friday and got the same letter this morning, I also received the following advice email on Thursday

I phoned them up earlier and they confirmed the account is being upgraded during the weekend, which is what they said on application, and should be swapped by Monday when I shall be funding it

Thank you so much ColdIron. I'll double check it on Monday before funding.

redballoon919

Another mess up by Nationwide!! In the week, on the phone NWide told me you can have up to 4 of any current acc's, all Flexdirect paying 5% if you want, just follow the rules, funding etc. Today on the phone to open them, I am told but only one of the FD accounts will earn 5% the others NIL, NIL, NIL even if you fund them! I was told they had an internal notice yesterday to this effect, that only one account will pay 5%. They assured me that no one at all who has opened more than one FDirect since launch @ 2% back in Nov 2012 gets any interest on more than one of these accounts. I find that hard to believe as i have read nothing to confirm this. Is there anyone out there who is getting 5% or the previous 2% or 3% rates on more than one of these Flexdirect accounts please? I am putting in a complaint with NW its a complete shambles. Does anyone know which number rule in the T & C's confirms the above that i have just been told on the phone. I am furious they waste your time telling you any rubbish, such a pity the staff are not trained in what they are selling!

innovate

redballoon919 wrote: »

I am furious they waste your time telling you any rubbish, such a pity the staff are not trained in what they are selling!

You should be furious with yourself for not reading terms and conditions of stuff that you are buying!

Gromitt

redballoon919 wrote: »

Does anyone know which number rule in the T & C's confirms the above that i have just been told on the phone. I am furious they waste your time telling you any rubbish, such a pity the staff are not trained in what they are selling!

It's clearly explained on page 16 of the T&Cs that you only have one account that gets 5%, but it doesn't state whether additional accounts get 1% or 0%. From my interpretation, I'd say 1%.

"You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. 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."

It doesn't matter what the staff say, the rules are the T&Cs. Read them before applying for any product.