Nationwide Flex Direct

claire07

Anyone else had a letter saying they are definitely restricting the 5% gross interest rate offer to the first account only?

I've just had this notification this morning that they're doing this but will let the interest already earned stand and it seems to say they will reduce it 2 months from the date of the letter.

FreddieFrugal

Was bound to be only a matter of time if so. I haven't got a letter but then I've only got one anyway.

financialbliss

It's funny you should say that - I was just looking at the FlexDirect FAQs last night:

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

Q. Can I open more than one FlexDirect account?
You can open up to four Nationwide current accounts. However, under the terms and conditions of this account: customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names. Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% to 1% within 3 working days of the account being opened.

Think that has been changed recently. Looks rather worrying...

FB

a&akay

When roughly did you open them please?

claire07

I opened them in March so I guess I've been lucky they've only just decided to implement this.

YorkshireBoy

Always have a plan B!

When I opened my 3 FlexDirect accounts back in April I took the max £2.5K O/D facility on all of them.

So, providing there's no wording about O/D facilities in the letter (which I haven't received yet), I'll simply remove my £2.5K and their £2.5K from two of the accounts and dump £10K into a brace of TSB Enhance accounts to make 3% AER.

Every cloud...

a&akay

Still got the email that my ODs were all valid for the year, fingers crossed;) 3 were for £2750! They're stoozed in OH's Flexes but 4 of her 5 can be easily moved to her 123s at the near 3%. Will be interesting to see if we're told exactly which one retains the 5% as 4 new were opened before her existing one was converted. Logically it should go on the lowest flex account number on her flexes, as the earliest account. On checking the sort code on the existing (converted) flex it's different, so anybody's guess.

Kendal

Yes I have just received the same letter I have 3 flex accounts and letter says only 1 will get 5% the other 2 will be downgraded to 1% 2 months from the date of the letter

DragonQ

No letter. Judging by the post in my area I'll receive it in 2 weeks.

Oh well, time to refill my Vantage accounts I guess.

typistretired

No letter here either. Bracing myself, but at least they are agreeing to pay the interest for another two months.

veryintrigued

Appreciate the heads up. Gives us people whio havent received notice to start looking at other options.

Thanks again.