Nationwide Flexclusive current account

libra10

We already have a Flexclusive joint account with Nationwide and have been looking at their Flexclusive account, paying 5% interest, providing terms are met.

Can anyone advise if we did decide to transfer to new account online, whether Nationwide would need all DD account information, etc. when they already have this information from our present current account.

Basically, would we retain the same account number or would we need to advise pension providers, etc who regularly pay into the account, that the account has changed, and forward new details to them?

Thank you

Archi_Bald

Can you clarify a few bits please:

If you have a "Flexclusive" (i.e. savings account), you will have a current account that goes with it. Is that A FlexAccount? A FlexPlus?

Are you now wanting a FlexDirect (which is the one paying 5%)? Assuming you have a FlexAccount, are you happy to give it up (travel insurance benefits)?

If you are sure you don't need the old account any longer, just upgrade online. All your details (sort code, account number, SOs, DDs) will stay the same, they'll just rename the account for you and pay you interest if you qualify.

If you'd rather retain your existing account, you can just open a new FlexDirect. You would either need to give your new details to anyone who pays you, or find some other way to pay £1K into the account every month, e.g. from another current account in your name(s).

libra10

Thank you very much Archi Bald.

If you have a "Flexclusive" (i.e. savings account), you will have a current account that goes with it. Is that A FlexAccount? A FlexPlus?

Are you now wanting a FlexDirect (which is the one paying 5%)? Assuming you have a FlexAccount, are you happy to give it up (travel insurance benefits)?

Yes, we have in fact, 2 Flexclusive current accounts - one in joint names and one in my name. It would be the main current account (paying no interest) that I would like to transfer to the current Flex Direct account, paying 5%.

There would be no problems giving up the original account and for all monies to be transferred to new account.

Nationwide is our main financial institution and we have several fixed-bond accounts, notice accounts, ISAs etc. with them. And they all seem to be called Flex ….. something or other, making it almost impossible to remember the correct name of account.

The only reason we haven't transferred our present Flex current account is that I thought there would be lots of hassle, informing everyone and payments going missing …

It looks like this may have become easier to do?

Thank you for your help.

Archi_Bald

There is no such thing as a Flexclusive current account.

The only current accounts offered by Nationwide are
- FlexAccount
- FlexDirect
- FlexPlus

It sounds you have a FlexAccount. Upgrading that, even a joint one, to a FlexDirect should be as easy as filling in the appropriate form on their website.http://www.nationwide.co.uk/current_account/flexdirect/apply-online.htm

They usually do the upgrade over the next weekend. All you notice is that your account will be called FlexDirect, and then you will get interest if you qualify. Plus half a tree of leaflets and stuff, and a debit card which says 'FlexDirect' through the post.

libra10

Thanks Archi Bald.

Yes, our joint current account is called a Flex account - Nationwide's basic current account, which we have held for many years.

I will use Nationwide's transfer system, following your link.

Thank you very much for your help.