5% FlexDirect clampdown?

bellagirl69

I posted some weeks back asking for suggestions on good interest rates having maxed out all decent regular savers.

One of the recommendations was Nationwide Flexdirect 5% on £2500. Although t & c state this rate will be paid on only one account the general consensus appeared to be that you would receive interest on two accounts per person.

Towards end of October I opened 2 accounts online and so did my husband. We received the 5% at end of October and thought all was well.

However, we have both received letters dated 8th November that stated the following

“ we wanted to give you an important update about your FlexDirect account and the interest you receive…….this offer is only available on your first FlexDirect account……..as you hold more than one FlexDirect account the 5% only applies to your account number xxxxx. ……… For your other account we will change the rate to 1% two months fromthe date of this letter……we will not take away any interest already paid at 5%”

Has anyone else had letters like this?

apt

You are not alone. https://forums.moneysavingexpert.com/discussion/4815847

Archi_Bald

Another one the MSE massive has killed.

Milarky

'MSE massive'?

frank777

Not had my letter yet, not a big deal, new account in place for when the other one reaches 12 month. Does anyone know how strict they are about the FlexAccount with Free European multi-trip travel insurance. If I open one and just pay in £1,000 a month and leave a £10.00 balance would I still qualify for free insurance?

Archi_Bald

Milarky wrote: »

'MSE massive'?

You have been on here since July 2003 and not seen the MSE massive kill any good offers?

YorkshireBoy

frank777 wrote: »

Does anyone know how strict they are about the FlexAccount with Free European multi-trip travel insurance. If I open one and just pay in £1,000 a month and leave a £10.00 balance would I still qualify for free insurance?

Your T&Cs tell you what you need to do to retain the free travel insurance.

Your T&Cs also tell you under what circumstances they'll cancel the free travel insurance.

But why pay in £1,000?...or leave a tenner in? Your T&Cs tell you what the minimum monthly credit is in order to qualify for the free travel insurance.

YorkshireBoy

Archi_Bald wrote: »

Can't you find the travel insurance you need for a lot less than £120 a year?
http://www.moneysavingexpert.com/insurance/cheap-travel-insurance

I think the poster was proposing just leaving a tenner in the account...not removing only £990 of the £1K deposited each month.

frank777

Thanks I've read the terms and conditions and noted this
The policy/travel insurance is provided free and is designed to reward customers who are using the FlexAccount as their main account.

I don't qualify it won't be my main account

JustAnotherSaver

Archi_Bald wrote: »

You have been on here since July 2003 and not seen the MSE massive kill any good offers?

I'd say they know fine well what you're getting at.

Maybe i'm off the mark, but i take from it...

we discuss these deals at great length on this (popular, well known) forum. There's no ban on bank employees joining these forums & seeing the way we exploit them. Some Nationwide employee has cottoned on to the flaw & realised they're giving money away, possibly (maybe maybe not) not helped by us discussing it here - thus we helped bring it down.


My motto - get what you can get while you can get it. Once it's gone, be glad you had it & move on.

YorkshireBoy

frank777 wrote: »

Thanks I've read the terms and conditions and noted this
The policy/travel insurance is provided free and is designed to reward customers who are using the FlexAccount as their main account.

I don't qualify it won't be my main account

You give up too easily!



Flexclusive offers, such as free travel insurance, Flexclusive ISA, etc, are reserved for "main account" customers. In order to qualify for these Flexclusive offers (ergo be a "main account" customer) you simply need to...

Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:

• Have been paying in £750+ a month (excluding internal transfers) for the last 3 months

...and that's it.

I've been doing the above for 18 months now and they renewed my policy a couple of months ago.