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

10_66

chickenboy wrote: »

anyone found out for sure yet? (i.e. interest credited in more than one account at 5%?)

Someone posted on another thread a link to the following FAQ on Nationwide's website. It says "You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account".

chickenboy

Yes, I had read that. You are only "guaranteed" the higher rate of interest on one account. This is clearly their intention - HOWEVER this may not be what happens in reality. Have their implemented this rule in their systems? How do they decide which account to give the full rate?

10_66

chickenboy wrote: »

Yes, I had read that. You are only "guaranteed" the higher rate of interest on one account. This is clearly their intention - HOWEVER this may not be what happens in reality. Have their implemented this rule in their systems? How do they decide which account to give the full rate?

Theoretically, it's supposed to be the first one opened. I don't know whether their system will be able to automatically pick up on this or whether it'll just dump it on the one it feels like. I've got three (though I now realise interest will only be permitted on one), each with a small amount in. My oldest is a converted Flex Account, but the conversion didn't occur until after my first new Flex Direct account was opened. It'll be interesting (no pun intended) to see which they select.

chickenboy

I think we all realise this is just a short-term gimmick by the Nationwide to grab some customers, then after 12 months they will quietly dump the rates and try to keep the customers who have actually transferred their real salaries and banking etc.

I do wonder why the 4 account limit? I mean, why is the limit on current accounts not ONE? So I just have this sneaking suspicion that they haven't considered in advance that people will attempt to open 4, all for the higher interest rate...

matttye

chickenboy wrote: »

I think we all realise this is just a short-term gimmick by the Nationwide to grab some customers, then after 12 months they will quietly dump the rates and try to keep the customers who have actually transferred their real salaries and banking etc.

I do wonder why the 4 account limit? I mean, why is the limit on current accounts not ONE? So I just have this sneaking suspicion that they haven't considered in advance that people will attempt to open 4, all for the higher interest rate...

I think anyone who opened an account specifically for the interest rate will have the sense to move their money elsewhere after the twelve months is up.

le_loup

chickenboy wrote: »

after 12 months they will quietly dump the rates

Is announcing the rate cut 12 months before it happens being quiet?

Speculator

BugsyBrowne wrote: »

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.

Looks like you're wrong. I have been paid 5% on all four of my flexdirect accounts.

ColdIron

I didn't think these would show until 2nd April but my FlexDirect is showing a credit dated 31 March, nice one Nationwide. I only have one account though

DragonQ

Speculator wrote: »

Looks like you're wrong. I have been paid 5% on all four of my flexdirect accounts.

Yep, both of my FlexDirect accounts have accumulated interest, although strangely one of them is less than the expected 5%. They've added the roughly correct amount and then taken away some of it for no apparent reason.

rb10

DragonQ wrote: »

Yep, both of my FlexDirect accounts have accumulated interest, although strangely one of them is less than the expected 5%. They've added the roughly correct amount and then taken away some of it for no apparent reason.

Tax? ......