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

ColdIron

ctdctd wrote: »

My FlexAccount was due to be upgraded to FlexDirect yesterday.

How do I know it's been done as it looks the same in online banking and is still called FlexAccount?

Anyone else been upgraded and noticed any indication it's been done?

My understanding is that the upgrade will take place over the weekend and be ready by Monday

Alex92_2

Gromitt wrote: »

I always carry around my FD debit card. On payday it has my salary, then after SO to RS and paying off credit cards, I leave about £100 in. If I want to spend more than that on it, I have a fee free £250 overdraft. As much day to day spending as possible is done on credit cards, only using my debit card if there is a charge or restriction on the CC.

I have 3 4% accounts with Lloyds. These pay off the minimum payments on the CC, mobile phone bill, etc, for the required 6 DDs. Typical outgoing is less than £10 per month per account, so the interest pays all the DDs.

All my 'main' DDs are with BoS - I have 3 Vantage account with them as well, but they only get 3% interest. Its nice as they show up on my Halifax online banking, which I use for the free £5 each month, which then pays for my lottery via DD. Keep about £50 in this account.

Yeah that makes sense. I was only going to leave enough £££ on the FD 1st acc to cover expensives. Rent is standing order to my dad for £200. Petrol (now) is only about £40-60 a month, then usually only end up spending 50-75 (max) on myself over the month.

charlieboycat

a&akay wrote: »

Just checked my 2,3, 4 FlexDirects and the max overdrafts I applied for are all showing on Overdraft Options. The screen says 'If you confirm, your money will be transferred. Your account will then be overdrawn, but the balance will be within your current overdraft limit. Confirm that you want to continue'. Naturally I said yes.

Well I would have said "no". The 5% rate is an "introductory rate". The 12 month interest-free overdraft is an "introductory offer". You are restricted to "one introductory rate or offer" on the FlexDirect product (T&C 1.5). It therefore seems to me that if your first FlexDirect account is getting the 5% rate then your other three will not only be ineligible for the 5% rate but will also be ineligible for an interest free overdraft. In which case you will be paying 50p per day on each of the three overdraft accounts - or £547.50 for the year. Yet the total interest earned on the 5% account will only be £125 (£100 after basic rate tax).

gallygirl

Alex92 wrote: »

Which 2x£250 Monthly Savers are you using?

Nwide @ 6%, pulled a few months ago, replaced with 2.5% :eek:. 1 for me, 1 for Mr GG.

ColdIron

Just noticed the upgrade to my FlesAccount has gone through and it's showing as a FlexDirect, all nice and smooth

Gromitt

gallygirl wrote: »

Nwide @ 6%, pulled a few months ago, replaced with 2.5% :eek:. 1 for me, 1 for Mr GG.

It wasn't replaced. The tiered Regular saver was there before the Flexclusive, its just that the Flexclusive Regular Saver was pulled completely (removed from the website) pretty damn quickly.

ANGLICANPAT

What am I interpreting wrongly here please? I read all the main stuff about the FlexDirect account, and I couldnt see anything to indicate a monthly charge on this, only the FlexPlus. Yet when I ploughed dutifully through the T&C's I spotted this. Top of Pg 15 and top of Pg 16 respectively

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

TermsAndConditions.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
1.1 The FlexDirect account(the account)is only available to individuals resident in the UK aged 18 or over.
1.2 The account is only available to customers who register, or are registered, for Internet Banking
.
.
.
2. Interest and Charges
2.1 A monthly account charge is payable for the provision of the account. If you choose not to use a benefit or
service provided with the account, or are not eligible for a benefit or service, or a benefit or service is not
available to you, you will not be entitled to a refund or reduction of the account charge.

ctdctd

ctdctd wrote: »

My FlexAccount was due to be upgraded to FlexDirect yesterday.

How do I know it's been done as it looks the same in online banking and is still called FlexAccount?

Anyone else been upgraded and noticed any indication it's been done?

Ah, it's changed overnight - now says FlexDirect Account in online banking. :T

ctdctd

ANGLICANPAT wrote: »

What am I interpreting wrongly here please? I read all the main stuff about the FlexDirect account, and I couldnt see anything to indicate a monthly charge on this, only the FlexPlus. Yet when I ploughed dutifully through the T&C's I spotted this. Top of Pg 15 and top of Pg 16 respectively

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

TermsAndConditions.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
1.1 The FlexDirect account(the account)is only available to individuals resident in the UK aged 18 or over.
1.2 The account is only available to customers who register, or are registered, for Internet Banking
.
.
.
2. Interest and Charges
2.1 A monthly account charge is payable for the provision of the account. If you choose not to use a benefit or
service provided with the account, or are not eligible for a benefit or service, or a benefit or service is not
available to you, you will not be entitled to a refund or reduction of the account charge.

The clauses you have quoted above are from two different accounts.

1. comes from the FlexDirect account
2. comes from the FlexPlus account which does have a fee

The correct FlexDirect clause 2. quotes:-

"2.
Interest and Charges
2.1
Cheques deposited into the account will earn interest from the start of the second working day following the day of deposit.
If the cheque is paid in on a Saturday, Sunday or Bank Holiday then the day of deposit will be the next working day.
2.2
If we introduce an account charge, or vary the account charge, we will notify you personally not less than
two months before the new charge takes effect.
2.3
The account charge and daily arranged overdraft usage fee can be found in our rates and charges
information at nationwide.co.uk or are available from any Nationwide branch. If we increase the account
charge or daily arranged overdraft usage fee we will notify you personally not less than two months before
the new charge takes effect."

HTH

DJBenson

The plot thickens with the question around whether multiple accounts pay the 5% interest. I opened two accounts online before I'd read the terms and conditions, then having been advised here that interest would only be paid on one of them, I used the Nationwide internal message feature to ask for the second account to be closed IF it would not accrue interest, here's the response;

Nationwide wrote:

Dear Member,


Thank you for your message.


I can confirm that both the flex direct accounts pay a 4.889% interest rate. could you please confirm if you still wish the account with a £0 balance be closed.


Alternatively you can find further information on all of our accounts by:



- Visiting our website at: http://www.nationwide.co.uk/savings
- Visiting your nearest branch: http://www.nationwide.co.uk/BranchFinder
- By calling us on 0800 30 20 10. 8am to 8pm weekdays, 9am to 5pm at weekends.

EDIT: Here's my original message for completeness;

Me wrote:

Hi

I seem to have applied for two FlexDirect accounts. I believe the one with a balance of £2500 is the one which will pay the 5% interest. Can you please confirm and if this is the case, close the other account which if I understand correctly pays no interest.

Me.