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Nationwide FlexDirect - to open new or to upgrade?

Nine_Lives
Posts: 3,031 Forumite
Have their FlexAccount which has been open for about 10 years now.
Question is - to upgrade the account or to open fresh? What are the +/- here regarding this?
Once the 5% ends, there'd be no interest (no pun intended) in the account really.
Question is - to upgrade the account or to open fresh? What are the +/- here regarding this?
Once the 5% ends, there'd be no interest (no pun intended) in the account really.
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Nine_Lives wrote: »Have their FlexAccount which has been open for about 10 years now.
Question is - to upgrade the account or to open fresh? What are the +/- here regarding this?
Once the 5% ends, there'd be no interest (no pun intended) in the account really.
The rate after the 5% ends is still better than nothing, which is what you now get with the regular Flex account.
If you have and use the free European travel insurance with the Flex account, why not open a FlexDirect account as well?0 -
I kept Flex because of the travel insurance.0
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You lose the European travel insurance if you upgrade rather than open a new account.
There's also a different overdraft charging structure - make sure you understand this if you use an overdraft.
If you upgrade, then your standing orders and direct debits will all stay exactly the same, and you'll keep your sort code and account number.0 -
Thanks guys.
Well if that's all there is - then we don't use the travel insurance as we don't travel & we don't use overdrafts.
Sounds like the best option is to upgrade in this case.
When upgrading, do they still run credit checks on you like they do with new applications?0 -
Nine_Lives wrote: »we don't use the travel insurance as we don't travelwe don't use overdrafts.
The £2.5K will be stoozed elsewhere...I'll keep my own money making 3%-4%, and make 3% (£100 in the first year) on someone elses money.0 -
Interesting. Please tell me more....YorkshireBoy wrote: »What about next month, later this year, next year? Are you never going to travel?Keeping it open will simply mean cycling some funds each month.
I don't recall ever having paperwork for this insurance cover though. I know that with my account i hadn't been cycling anything through my FlexAccount, so the cover will have been removed.
1) Can i apply for the cover to get put back on again? If so, how?
2) How long does the cover last for? Is it a 12 month thing or is it for as long as you're paying £750pm?The £2.5K will be stoozed elsewhere...
Don't you pay for the overdraft - an amount per day for e.g.?
Am interested in knowing how that works. Plus whether it'll work against you when applying for a house & having checks run on you - as this is what we'll soon be doing.0 -
Nine_Lives wrote: »1) Can i apply for the cover to get put back on again? If so, how?
2) How long does the cover last for? Is it a 12 month thing or is it for as long as you're paying £750pm?
http://www.nationwide.co.uk/current_account/flexaccount/travel.htmHow do you do this exactly? Do you start with a £0 balance & then transfer £2,500 to a savings account, leaving your FD at minus £2.5k?
Don't you pay for the overdraft - an amount per day for e.g.?Am interested in knowing how that works. Plus whether it'll work against you when applying for a house & having checks run on you - as this is what we'll soon be doing.
Personally I don't care(!) as, although I have a mortgage, I'm 100% offset with savings. The only credit I *need* is that which I can make money on!0 -
If you upgrade then you also lose the option to use the branch for some transactions as well as the travel insurance as its all 'direct'.0
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YorkshireBoy wrote: »Both questions answered on their website...
http://www.nationwide.co.uk/current_account/flexaccount/travel.htm
Does this mean that once it's stopped that's it, finito, no more, tough luck? I don't see anywhere that says you can (or can't) get it put back on.0 -
Nine_Lives wrote: »I don't see anywhere that says you can (or can't) get it put back on.
See "Why am I losing my travel cover?" In particular, this...
"In future you can still benefit from this free travel cover by crediting at least £750 into your account each month (excluding internal transfers)."
Although it doesn't say it, they mean for 3 months (as you had to do originally to become eligible for the product [unless you switched]).0
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