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

DreamerV

ctdctd wrote: »

Yes, or open a new account and keep the old one as well?

This is sensible and what I thought after already upgrading! I'm not too fussed as I'm likely to need worldwide and hence will pay for travel insurance anyhow.

If anyone has already upgraded like me, they say you can cancel without fuss within 21 days (you could instead open a new FlexDirect alongside the FlexAccount).

DreamerV

ctdctd wrote: »

Don't get your hopes up - they may only allow one account to have bonus interest.

From the T&C's here :-

"1.5
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."

They've said on the phone it's fine to open several each with the same deal, but then again I know what's said on the phone (especially during the first few days of a new product) is not always accurate.

They have also said each will produce a new credit check though.

veryintrigued

DreamerV wrote: »

They've said on the phone it's fine to open several each with the same deal, but then again I know what's said on the phone (especially during the first few days of a new product) is not always accurate.

They have also said each will produce a new credit check though.

I'd suggest you re-check this and send a secure message (so you have it 'writing' rather than opening multiple accounts and waiting until the end of the year to find they stand by the T&Cs and you've only been paid 5% interest on one account.

That's what I would do anyway....

Hominu

They said I could open as many as I liked, but only the first would get 5%, the rest would get 1%, but I didn't need to 'Upgrade' my flex account and lose the travel cover, I could open a Flexdirect as well, as long as I put 1K into each account.

They didn't reply to my question asking if they have got rid of the £5 charge for not funding the account though (like on the original FD). Does anyone know?

johnmoney05

Just did the upgrade online, blimey, it is going to take them untill 23 Mar 13 to complete the upgrade!

Speculator

Probably faster to just open one without upgrading.

mary

Could not believe what I was hearing.

Never banked with Nationwide before. Rang to ask how many accounts I could open. Long wait while the staff poured through the FAQs, asked managers without any luck. Eventually they had to ring the Boss at home on his mobile to clarify how many customers were allowed. The Boss had spent months developing and setting up this new Flex 5% Account and sorting out all the problems - apart from this one.

So sounds very much like a boat charting into new territory, if you have to ring the guy at home on his day office to see what the rules are!!!!!!

So 4 it is then.

johnmoney05

Just opened one online less then 5 mins! I will try to open another 2 or 3 next week. On the final confirmation, it did say I would get the 5% interest.

innovate

mary wrote: »

So 4 it is then.

I am not questioning what you have been told, but I am far from convinced that 4 is the right number. Nationwide has for years (at least 9) allowed at least 5 FlexAccounts per person(*), so why they would cut FlexDirect at 4 would be hard to understand.

The much bigger Q is whether each of the 4 or 5 or however many FlexDirects pays the same amount of interest. The jury seems to be out on that atm.

(*) how do I know? I have had 5 since 2004. why, I hear you ask? Simple - - I sometimes like to keep my money in "pots'. Each account equals a pot.

johnmoney05

innovate wrote: »

I am not questioning what you have been told, but I am far from convinced that 4 is the right number. Nationwide has for years (at least 9) allowed at least 5 FlexAccounts per person(*), so why they would cut FlexDirect at 4 would be hard to understand.

The much bigger Q is whether each of the 4 or 5 or however many FlexDirects pays the same amount of interest. The jury seems to be out on that atm.

(*) how do I know? I have had 5 since 2004. why, I hear you ask? Simple - - I sometimes like to keep my money in "pots'. Each account equals a pot.

At the final confirmation page which they will give you the account number and the interest rate. So I can't see they can just give you 1% interest rate.