Nationwide current account closure

Hello there,

When our Flexdirect loses its 5% I am planning to switch the account to Santander 123 to get the cashback deal and the other benefits from that account.

However I'm aware that the savings accounts and current accounts are linked at Nationwide. Would closing the main account close the savings accounts too? If so is there anyway around it?

Thanks
Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)

Savings target June 18 - £22,281.99 / £25,000

Comments

  • innovate
    innovate Posts: 16,217
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    You don't have to close your FlexDirect in order to open a 123. In fact, the FlexDirect could come in quite handy for paying the £500/mth into the 123.

    If you have any Flexclusive saving products but no qualifying current account, Nationwide can downgrade your account so it receives next to no interest - see the T&Cs.

    Keeping a FlexDirect could also be prudent if you are expecting to take advantage of any potential future Flexclusive offerings.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    innovate wrote: »
    Keeping a FlexDirect could also be prudent if you are expecting to take advantage of any potential future Flexclusive offerings.
    Would OP need to cycle £1K per month through the account though, not just the £500 Santander funding, in order to maintain "main account" status?


    An alternative would be to downgrade to a FlexAccount and cycle £750 through the account to maintain "main account" status and enjoy free travel insurance.
  • innovate
    innovate Posts: 16,217
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    The only reason for depositing £1K into the FlexDirect every month is to get interest paid. Once the rate sinks to 1%, there's no longer any reason for wanting that interest when you can get 3 times as much elsewhere.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    I took it the OP is looking at the TCB/Quidco cashback as well as the Santander DD cashback.

    That will probably mean a CASS switch and closing the old account.

    Simple answer would be to open a new FlexDirect online. Painless. Then switch the old one. Looks like the new one would also qualify as a main account for Flexclusives / top credit card with no funding requirement.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • Thanks for replies,

    Yes the aim is to get the £40 or so cashback by using switching service. I would open another Flexdirect anyway to get the 5%.

    As above poster suggests I could just open that one before switching the old. Would the savings accounts remain unaffected?
    Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)

    Savings target June 18 - £22,281.99 / £25,000
  • innovate
    innovate Posts: 16,217
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    You can open another FlexDirect but you should not expect to get 5% on it. Nationwide have been quite clear for a while now that they will rigorously enforce the T&Cs, which say you can only get the 5% one one account ever.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    IanRi wrote: »
    I would open another Flexdirect anyway to get the 5%.
    Diarise it for March/April 2015, because you won't be able to bag 5% AER if you've closed your old account in the last 12 months (according to Nationwide).
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