5% FlexDirect clampdown?

Archi_Bald

ColdIron wrote: »

Don't forget that 4% of the 5% is a one year bonus so from March onwards we would all need to find a new home anyway

It's only March if you opened the account in March. The deal applies for 12 months from account opening.

anoncol

I haven't checked which account they have nominated for me, but i opened each of my 3 about 2-3 months apart from each other, so when the first closes, do i still get the 5% on the next account? Like a rolling window.

I've explained this badly .

mary

I suggest you ask them. I'm in the same position. They nominated the first one I opened as the only one to get the 5% and the other two will drop to the lower rate in 2 months time. Let me know the reply please.

rb10

anoncol wrote: »

I haven't checked which account they have nominated for me, but i opened each of my 3 about 2-3 months apart from each other, so when the first closes, do i still get the 5% on the next account? Like a rolling window.

I've explained this badly .

Once an account is downgraded to 1%, then that's where it'll stay. They won't re-upgrade it when your first account's 12 months are up.

Archi_Bald

anoncol wrote: »

I haven't checked which account they have nominated for me, but i opened each of my 3 about 2-3 months apart from each other, so when the first closes, do i still get the 5% on the next account? Like a rolling window.

I've explained this badly .

You would expect that they are now enforcing all the clauses in their T&Cs, including this one:

1.4 You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement.

http://www.nationwide.co.uk/~/media/C008113D5F0A469295195CC9901B65C9.ashx

anoncol

Archi_Bald wrote: »

You would expect that they are now enforcing all the clauses in their T&Cs, including this one:


http://www.nationwide.co.uk/~/media/C008113D5F0A469295195CC9901B65C9.ashx

Yeah that makes sense.

nimdy

Is it worth setting up Yorkshire/Clydesdale accounts now in preparation for the drop in interest? These two banks are not mentioned on the main site, but I assume it would be safe to open one account from each bank (the T&Cs say one sole account and one joint)?

eskbanker

nimdy wrote: »

Is it worth setting up Yorkshire/Clydesdale accounts now in preparation for the drop in interest? These two banks are not mentioned on the main site, but I assume it would be safe to open one account from each bank (the T&Cs say one sole account and one joint)?

Given the time it seems to take for some to open accounts there, it's probably worth starting now! See https://forums.moneysavingexpert.com/discussion/4798346

Chjaka

We got the expected letter this morning informing us which accounts were to remain at 5%. It mentions on the letter that you can hold one sole account and one joint account at this rate but we only received letters relating to two of the sole accounts so it will be interesting to see if the joint account continues at the higher rate.

typistretired

If you have only one joint account you will continue to receive the 5% for the 12 months.