Nationwide FlexDirect - 5% interest, free overdraft

purplestar133

Just got around to reading the changes to the terms and conditions of Nationwide current accounts. Interestingly, the changes to the FlexDirect conditions include the removal of the account funding charge:

"We no longer apply a charge on FlexDirect accounts if you don't pay a minimum amount into your account each month"

The changes to the terms and conditions take place on 1st Sept 2013 but I'm not sure whether the wording above means the removal of the charge has already happened, even if it is not reflected in the terms until Sept. Is anyone any the wiser on this?

It's certainly the first inkling I've had of them removing the charge!

rb10

purplestar133 wrote: »

Just got around to reading the changes to the terms and conditions of Nationwide current accounts. Interestingly, the changes to the FlexDirect conditions include the removal of the account funding charge:

"We no longer apply a charge on FlexDirect accounts if you don't pay a minimum amount into your account each month"

The changes to the terms and conditions take place on 1st Sept 2013 but I'm not sure whether the wording above means the removal of the charge has already happened, even if it is not reflected in the terms until Sept. Is anyone any the wiser on this?

It's certainly the first inkling I've had of them removing the charge!

Prior to March there was a charge.

Since March it's been zero.

From September it's being removed.

So it's just a question of semantics. Whether there's a fee that's zero, or no fee at all.

purplestar133

rb10 wrote: »

Prior to March there was a charge.

Since March it's been zero.

From September it's being removed.

So it's just a question of semantics. Whether there's a fee that's zero, or no fee at all.

Ah, I see. I opened my account in April, I think. I read all the terms and conditions and thought the fee still applied. I must have missed it.

Gromitt

simax wrote: »

I believe not, however if you know someone who has a FlexDirect account (or any other NW account for that matter), get them to refer you.

The referrer and the new account holder will get £50 each.

Don't forget the T&C's...

"and complete an account transfer to us from a non-Nationwide current account using our Account Transfer Service"

bristolleedsfan

DragonQ wrote: »

You can't have multiple FlexDirect accounts earning 5% any more. Any accounts opened before 18th March or something will get 5% but after that only the first account gets interest.

QUOTE]

I am getting 5% on all 4 accounts two of which were opened during June, other two were opened during April and May.;)


Absolutely no mention of March, merely 5% rate is only guaranteed on one FlexDirect account


http://www.nationwide.co.uk/current_...irect/FAQs.htm


Can I open more than one FlexDirect account?

"You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account".

Alex92_2

bristolleedsfan wrote: »

DragonQ wrote: »

You can't have multiple FlexDirect accounts earning 5% any more. Any accounts opened before 18th March or something will get 5% but after that only the first account gets interest.

QUOTE]

I am getting 5% on all 4 accounts two of which were opened during June, other two were opened during April and May.;)


Absolutely no mention of March, merely 5% rate is only guaranteed on one FlexDirect account


http://www.nationwide.co.uk/current_...irect/FAQs.htm


Can I open more than one FlexDirect account?

"You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account".

I have 1 flexDirect, opened within the week the offer was first introduced. Does this mean I can open 3 more tomorrow and stick £7,500 in there and I will get interest on all 4 accounts - in your opinion.

100saving

Alex92 wrote: »

bristolleedsfan wrote: »

I have 1 flexDirect, opened within the week the offer was first introduced. Does this mean I can open 3 more tomorrow and stick £7,500 in there and I will get interest on all 4 accounts - in your opinion.

sadly no! you could try and open another and see if you get the interest as some that opened a 2nd, 3rd and 4th after the T&Cs change say they have been getting 5% on all of them.

chamelion

Alex92 wrote: »

bristolleedsfan wrote: »

I have 1 flexDirect, opened within the week the offer was first introduced. Does this mean I can open 3 more tomorrow and stick £7,500 in there and I will get interest on all 4 accounts - in your opinion.

Answer is "who knows" - try it and see. I get interest in all mine that I opened in May and June.

100saving

can anyone help me on the subject of TopCashBack and when i get the money for opening the account?

I opened the account on 27th June it was tracked and shows on my TopCashBack account as Pending. nationwide have Confirmed to me that i met the criteria via secure message about 4 weeks ago. yet on TopCashBack is still yet to be Confirmed or Payable.

Can anyone give a example of how long theirs took for each stage?

bristolleedsfan

100saving wrote: »

can anyone help me on the subject of TopCashBack and when i get the money for opening the account?

I opened the account on 27th June it was tracked and shows on my TopCashBack account as Pending. nationwide have Confirmed to me that i met the criteria via secure message about 4 weeks ago. yet on TopCashBack is still yet to be Confirmed or Payable.

Can anyone give a example of how long theirs took for each stage?

Mine from 4th June was confirmed from memory 10ish days or so ago.:)