Nationwide Flex Direct

typistretired

I have now received my letters, but what has surprised me is that they are reducing in 2 months the interest on the joint account I changed from a flexaccount to a flexdirect account and continuing to pay the 5% on the second joint account opened later.

badger09

innovate wrote: »

Sigh, had my letter today as well. It was really good going whilst it lasted. And it's going to last for another couple of months, thank you, Nationwide, fair dos.

Once some of the accounts revert to 1%, I will close all but the remaining 5% account. That remaining one will also be closed once the 12 months are up because I don't care about a 1% AER account, and I also do have a FlexPlus that I am planning to keep for as long as the terms don't get any worse.

Not tempted to keep them open in case any more tasty switching offers materialise in future?

typistretired

Yes every month we weren't sure if any interest would be paid. Fair play from Nationwide giving us 2 months' warning.

anoncol

typistretired wrote: »

Yes every month we weren't sure if any interest would be paid. Fair play from Nationwide giving us 2 months' warning.

I cant believe they have given 2 months notice!

Where are people moving their money now?

10_66

anoncol wrote: »

I cant believe they have given 2 months notice!

Where are people moving their money now?

Don't know whether or not you have any of these:

Lloyds Bank: Current Account, with Vantage 3% on £3K-£5K (can have 3)
BOS: Current Account, with Vantage 3% on £3K-£5K (can have 3)
TSB: Current Account, with Enhance 3% on £3K-£5K (can have 3)
Yorkshire Bank: Current Account Direct 4%, up to £3K (can have one)
Clydesdale Bank: Current Account Direct 4%, up to £3K (can have one, but not even that if you have a Yorkshire Bank Current Account, and vice versa)
Santander: 123 Account 3% on £3K-£20K (£2 month charge for account)

I might have missed something else off, it's been a long day .

..........

anoncol

These accounts could be useful for 7-day switch transfer fodder

plunt

hmmm got my letter dated 20th of nov.

However I enquired about this at the time when setting up this account and have written proof they accepted I will get the interest on all 3 of my accounts.

I have decided I will challenge this and use it as back up. Man on the phone also confirmed it as I was opening the account. Opening a current account drops your credit rating by around 10 points (at least from my experience, so will challenge the change based on that as well)

So much for a building society ethos...

eskbanker

plunt wrote: »

hmmm got my letter dated 20th of nov.

However I enquired about this at the time when setting up this account and have written proof they accepted I will get the interest on all 3 of my accounts.

I have decided I will challenge this and use it as back up. Man on the phone also confirmed it as I was opening the account. Opening a current account drops your credit rating by around 10 points (at least from my experience, so will challenge the change based on that as well)

So much for a building society ethos...

There's a pretty wide-ranging set of caveats at the foot of their main account info page http://www.nationwide.co.uk/current_account/flexdirect/rates-fees-charges.htm that they'd presumably be confident of relying on:

Important information

All fees and charges are subject to change and we may decide when to apply and waive any account charges.

1 If we make a change to these interest rates we'll notify you 2 months in advance if the change is to your disadvantage. If the change is to your advantage we may make it immediately.

Opening multiple FlexDirect accounts: 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

Ts & Cs do change over time but typically they wouldn't need to seek consent to such changes from account holders - what did the issued formal documentation say when you opened the accounts? If you can demonstrate that one of their employees promised in writing to override the Ts & Cs then you may be able to convince them to make some sort of payment....

plunt

i have a message on my online banking and will log in and check their exact wording to my query.

I understand they can change their terms and conditions but if you dont try and fight back you definitely will lose. If you try then there is hope! As im trying to obtain a mortgage (and was at the time) it actually had some impact and hence i asked them the question directly

fingers crossed

Archi_Bald

I think you are taking the proverbial.