Nationwide Flex Direct vs Flex

50Twuncle

Am I missing something or something ?
I am looking at transferring my Flex Account to a Flex Direct account - from what I can see - it makes sense (5% interest vs 0%) - I do meet the qualifying criteria (ie paying in £1000 + every month)
Or is there something hidden/that I have missed ?

YorkshireBoy

21Twinkle wrote: »

Or is there something hidden/that I have missed ?

Shouldn't be, if you've read the details on their website.

Main things to consider with the FlexDirect would be:

Limited branch facilities
5% only lasts a year
You'd lose your free travel insurance

50Twuncle

YorkshireBoy wrote: »

Shouldn't be, if you've read the details on their website.

Main things to consider with the FlexDirect would be:

Limited branch facilities
5% only lasts a year
You'd lose your free travel insurance

Thanks - we don't use travel insurance in any case
Why would the branch facilities be any less than a normal flex account ?

YorkshireBoy

21Twinkle wrote: »

Why would the branch facilities be any less than a normal flex account ?

Simple answer because the account is a self service account (their words, on their website). In return they pay you decent interest.

What they're saying is that you're automatically enrolled for both telephone and online banking, so if there's something you need to do that's possible for you to do via those channels they won't "serve" you in branch.

Doesn't bother me...I've had a Nationwide FlexAccount for years and can't remember the last time I visited a branch!

50Twuncle

YorkshireBoy wrote: »

Simple answer because the account is a self service account (their words, on their website). In return they pay you decent interest.

What they're saying is that you're automatically enrolled for both telephone and online banking, so if there's something you need to do that's possible for you to do via those channels they won't "serve" you in branch.

Doesn't bother me...I've had a Nationwide FlexAccount for years and can't remember the last time I visited a branch!

Same here - always banked on-line so it appears a good move ?

YorkshireBoy

21Twinkle wrote: »

Same here - always banked on-line so it appears a good move ?

It's a no brainer...even if the 5% only lasts a year, it's 1% thereafter which is better than most current accounts pay.

I left my FlexAccount intact, and opened 3 new FlexDirects, because I wanted to retain the free travel insurance.

bondy01

I'm also looking at doing this. I moved 2.5k into my flexaccount the other day with a view to changing my flexaccount.I can't see me using european travel insurance in the foreseeable future and in any case it's not that dear. If it had been worldwide that could be different. The other thing is you don't get paper statements anymore but that seems to be the way everything is going nowadays.