Nationwide FlexDirect C/A - 5% on 2K5 no fee

a&akay

My 4 new FlexDirect showed today OK but the conversion of my old Flex did not (yet?), even though it said it would when I asked yesterday, so the 4 max looks correct. Changed names to FD 1, 2, 3, 4 to avoid future confusion. Sent £1 test from Santander 123 to each and they had appeared in the time taken to log into NW. Set up payment from FD1 to S123 so I can recycle excesses above £2.5k from 2, 3, 4 to 1 and back to S123 every month. FP OK and instant. Sent £2.5k to FD 1 from S123 and a nominal £99 to FD 2, 3, 4 to test if I will get interest on all 4. Interestingly the £100 are showing in them, but not the £2500 in 1 which I sent first? Just R85 to send now, FREEPOST. There's one you can fill in, manually unfortunately, on the NW site for up to 4 accounts. Forgot the £1k funding requirement in FDs so did that for FD 2, 3, 4 and withdrew through FD1.

surfsister

Just applied in case they withdraw it took just a few mins and accepted. thanks op and all others!!

Gromitt

surfsister wrote: »

Just applied in case they withdraw it took just a few mins and accepted. thanks op and all others!!

Don't forget that the interest can be withdrawn without notice, whether you already have the account or not.

info_addict

Opened two accounts yesterday and they are both showing online today

Thought I'd open a couple more, but on my first attempt today, despite inputting all the same info as yesterday (and being logged in), even though it said I'd been accepted, on the final screen it said. "We will need to carry out some further checks before we can complete your application and will contact you within the next 5 working days to advise whether we can progress your application"

Strange.

Anyway thought I'd ring them and start by asking how many accounts you could have and take it from there. The girl said she thought it was only 1 and checked with two managers who also said only 1. She got a surprise when i told her I had already got 2 and knew of others who had more.

She is going to get a definitive answer and call me back.

Hominu

This is starting to sound like the same as the great TSB 4% fiasco.

Some staff members are saying you can have as many as you like, as long as you deposit 1K in each.

Others are saying you can have as many as you like, but you'll only get 5% on one.

And now others are saying you can only have one.

aleph_0

What's most disappointing is the demand could have been predicted. One would have expected Nationwide to have someone look at the proposed offer, work out how people would take advantage of it, and design the T&Cs based on this. If you put in a £2,500 cap per account, it's obvious people will open multiple accounts, so one then designs the T&Cs based on this. Giving a variety of different answers out looks unprofessional.

(I say this as someone who has a Nationwide account for the purposes of travel insurance, but previously had my savings with them when they used to offer good clean savings rates)

le_loup

What's the problem folks?
Do the T&Cs say you can only have one account?
Do the T&Cs say that interest is only payable on one account?
The answer to both questions is NO.
T&Cs rule whether in their favour or yours.
Stop looking for problems where none exist.

innovate

le_loup wrote: »

Do the T&Cs say you can only have one account?

Agree, the answer is 'no'.

le_loup wrote: »

Do the T&Cs say that interest is only payable on one account?

I think the answer to that might be a 'yes'.
However, at the end of each successful application they confirm you get 5% AER for 12 months.

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.

http://www.nationwide.co.uk/pdf/btp/P857_ImportantInformation-TermsAndConditions.pdf

premierfella

As per innovate.
Clearly this is yet another instance of a financial institution not seeing what should have been blindingly obvious to them. They could simply have highlighted term 1.5 as a note on the relevant pages.
Now if Nationwide systems DO actually apply that term properly, they'll have a load of complaints from customers trying to take advantage and using the lack of highlighting of the term to (not without some justification) force them to pay multiple 5%s anyway to avoid complaints to the ombudsman.

gsmilimited

sscott5581 wrote: »

I am also a Nationwide customer. I thought I had a very good internal rating with them. Except when applying for Flex Direct I had the same reply.

My Experian credit file is perfect with not missed payments etc, I queried the reason for the decline and was told due to 'internal credit checks' this was the reason I was declined.

Very strange!

I have sent an email to nationwide.

Thanks you! :T