Nationwide FlexDirect Accounts

jrm

I have two accounts very recently opened, I know it depends on your individual circumstances, but, has anyone managed to open more than 2 ??

YorkshireBoy

I have 3. They declined my 4th because I already had a FlexAccount (for the free travel insurance).

There are many people on here with 4 accounts (from memory, some claim to have more than 4)...all paying 5% AER.

jrm

After your first application did you apply again as an existing customer, or, as a new customer ? Although realistically they will know anyway from their records.

YorkshireBoy

jrm wrote: »

After your first application did you apply again as an existing customer, or, as a new customer ?

I was already an existing customer (with a FlexAccount) when I applied for my first...remember?

I applied for all FlexDirect accounts as an existing customer, because, as you say...

Although realistically they will know anyway from their records.

badger09

I have 4 - all paying 5% (so far :cool:)

I was an existing joint Flex Account holder. 1st application went through straight away, but the following 3 got lost in the ether at various stages in the process. Got there in the end though

Archi_Bald

Not bragging, just sharing info: I have more than 4 FDs, and a FlexPlus, which was an upgrade from a FlexAccount after I had opened all the FDs. Getting interest ok on all of them, touch wood.

I thought the T&Cs got recently updated to say you are allowed 4 FDs?

msandford

According to their website:

Opening multiple FlexDirect accounts: Under the terms and conditions of this account, customers are only guaranteed the 5% AER promotional credit interest rate on one FlexDirect account.

YorkshireBoy

msandford wrote: »

According to their website:

That's been there a long time.

Archi was suggesting that they now specifically state you can hold only 4 FlexDirect accounts, whereas they used to say (and maybe still do?) that you could have a maximum of 4 current accounts (of any type).

Archi_Bald

Actually, it is 4 Nationwide current accounts

You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account.

http://www.nationwide.co.uk/current_account/flexdirect/FAQs.htm

zerog

I've had a flexaccount for 2 years, just opened a flexdirect last week. Do people think I will get 5% if I open a second one now, or have they stopped that?

Tuesday seems to be the best time to try, as it should be open before the 1st but close enough not to waste the £2500 which could be earning elsewhere

anamenottaken

zerog wrote: »

I've had a flexaccount for 2 years, just opened a flexdirect last week. Do people think I will get 5% if I open a second one now, or have they stopped that?

Tuesday seems to be the best time to try, as it should be open before the 1st but close enough not to waste the £2500 which could be earning elsewhere

What is your logic behind the text I have emphasised?

FlexDirect interest is calculated daily on the amount in the amount each day, not on what is in the account at the month end and not only for accounts open for a full calendar month.

If the £2,500 is earning less than 5% elsewhere then moving it as soon as possible makes sense, unless there is a compensating interest penalty relating to the account it is in at present.