Nationwide flex won't pay interest on more then one account.

BugsyBrowne

Just thought I would let you know that those who have opened up more then one Nationwide Flex Direct 5% account will only get interest paid on 1 account whether you circle money through 1 account or two accounts or even 4 accounts.

So its basically a waste of time for those who opened up more then one account.

alanq

No interest at all on second and subsequent accounts or just 1%?

Ts&Cs say "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.".

I would think that 5% is the "introductory rate" and 1% was an ongoing rate. It's not worth opening multiple accounts just to get paid 1% but some folk may want multiple accounts for other reasons.

BugsyBrowne

alanq wrote: »

No interest at all on second and subsequent accounts or just 1%?

Not 100% sure on the 1% but just know that 5% will only be paid on just the 1 account.

le_loup

No surprise there when it's perfectly clear in the Terms & Conditions that you won't.

BugsyBrowne

alanq wrote: »

No interest at all on second and subsequent accounts or just 1%?

Ts&Cs say "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.".

I would think that 5% is the "introductory rate" and 1% was an ongoing rate. It's not worth opening multiple accounts just to get paid 1% but some folk may want multiple accounts for other reasons.

I wouldn't think anyone would want 4 flex direct accounts.

mulronie

"You will only be entitled to one introductory rate or offer"

To "only be entitled" to one does not mean "limited to" one. They may pay out 5% on more than account - the terms and conditions don't firmly prohibit it. There's a (slim) chance their systems aren't clever enough to count how many FlexDirect accounts I have when making the daily interest accruals.

I opened 2 just for the hell of it - I have £2500 in the account I opened first, and £100 in the 2nd account. Come April 1st I'll see what's cracking interest-wise and take it from there.

BugsyBrowne

mulronie wrote: »

"You will only be entitled to one introductory rate or offer"

To "only be entitled" to one does not mean "limited to" one. They may pay out 5% on more than account - the terms and conditions don't firmly prohibit it. There's a (slim) chance their systems aren't clever enough to count how many FlexDirect accounts I have when making the daily interest accruals.

I opened 2 just for the hell of it - I have £2500 in the account I opened first, and £100 in the 2nd account. Come April 1st I'll see what's cracking interest-wise and take it from there.

I know for a FACT you will not be paid 5% interest on more then one account.

mulronie

BugsyBrowne wrote: »

I know for a FACT you will not be paid 5% interest on more then one account.

Well as long as it's a FACT and not just a fact!

I was actually told over the phone that I would get 5% on a second account, hence why I opened it - obviously I wouldn't have opted for another credit check if they'd have said "no". So... if it doesn't materialise I'll enjoy a few quid compo in any case. They don't need to know that I'd already scoped out the T&Cs and thought it unlikely.

Lovely jubbly Rodney!

le_loup

What sort of society are we living in now?

innovate

le_loup wrote: »

What sort of society are we living in now?

I hope one in which people are accountable (again) for their actions/words.

BugsyBrowne

innovate wrote: »

I hope one in which people are accountable (again) for their actions/words.

I know you will be keeping one Flex Direct account open but When are you closing your other three down;)