Nationwide 1st year 5% coming to end for me, where next?

purplestar133

The_pc_tech wrote: »

I knew you'd be the man in the know

YB looks to be good, I'll sit and do the app tomorrow when I get home from work.

innovate wrote: »

No, just £1K in.

Move fast if you want it, rumour has it they will withdraw the account in Jan.

Yes and it does take a while to get set up. I applied 16th December and I'm still not up and running yet.

Initial phonecall to apply was easy enough. It took about 20 minutes but didn't feel arduous. There's plenty on another thread saying it took longer.

Then had to sign a mandate and send that back. They didn't include the envelope they were supposed to so I gave mine into a branch and it promptly disappeared. Have just sent off a replacement today. Tried to use the details on the form to set up internet banking to save some time but they didn't have those details on their system yet.

My second Nationwide Flex Direct interest rate is going down tomorrow, so looks like I'm going to have to settle with the 1% until the YB is finally up and running.

The_pc_tech

Despite being Aussie owned it's probably run by an Arkwright type of person weary of technology.

Ga-ga-ga-Granville what's all this new fangled internet malarky?

jrm

So today ( 15th ) my 3 FlexDirect 5% accounts will cease to earn the 5% interest. If I close then how long would I have to wait before I can reapply for a new FlexDirect account ? Thanks

noh

jrm wrote: »

So today ( 15th ) my 3 FlexDirect 5% accounts will cease to earn the 5% interest. If I close then how long would I have to wait before I can reapply for a new FlexDirect account ? Thanks

12 months as already stated.

Chorlie

In the last 3 days I've had letters from Nationwide (why can't they just send the one....) all stating the samething:-


Day 1 - Loyalty Saver Rate Reduced from 2.1% to 1.7%

Day 2 - ISA Rate Reduced from 2% to 1.5%

Day 3 - FlexDirect Rate Reduced from 5% to 1%


The first two days I was thinking "So much for them being different to Banks...." & "Does this mean that there loan rate will be reduced, since BoE rate hasn't changed (fat chance)"


But today, it's the wording on the letter "your new rate will still be one of the best around" BIG BOLD FONT That has rattle me some what....

Lets see, so Nationwide think 1% is up there with:-

Lloyds - 3%
TSB - 3%
Santander - 3% (less £2)
Halifax - £5

Surely Nationwide's statement is misleading at least....

Organist

It will be interesting to see how many people move once the 5% reduces to 1%. Presumably they are hoping that many people will think that it's too much hassle to move.

I for one will not be staying and my switch to a second Santander 123 account starts on 7th February.

Chorlie

I opened a FlexDirect but kept my FlexAccount open also, so used the FlexDirect just to get 5% for a year. So I'm thinking of Switching to First Direct, get the £125 and open a 6% Regular Saving Account with them for 12months, then see what's around and use that as a switching account.

YorkshireBoy

Chorlie wrote: »

So I'm thinking of Switching to First Direct, get the £125 and open a 6% Regular Saving Account with them for 12months, then see what's around and use that as a switching account.

In switching away from First Direct you'd lose access to future 6% (or whatever it is at the time) regular savers though.


History has shown it's an ongoing offer, so once you're with them it's perhaps better to stay with them, and have an alternative, otherwise dormant account (or two as I have! ), ready for switching offers ?

Speculator

I just moved £2499 from 8 accounts leaving £1 in each. The money has been moved to accounts paying 3% , 3.35%, 3.75% and 4%.

Still have 2 x FD a/cs paying 5% until Feb.

YorkshireBoy

Speculator wrote: »

I just moved £2499 from 8 accounts leaving £1 in each. The money has been moved to accounts paying 3% , 3.35%, 3.75% and 4%.

Still have 2 x FD a/cs paying 5% until Feb.

On the subject of tactics, I've shifted 2 x £2,499 into my Nationwide Flexclusive ISA (opened last year with £1, and paying 2.5% I think?).

Since I have £2,500 overdraft facilities on all my FlexDirect accounts I'll transfer out £2,500 from the two I've emptied (leaving -£2,499 in each) 2 days before month end. If I don't incur any fees (50p per day), I'll keep this stoozed cash until early April when my 12 months is up. May as well make £20 beer money before closing some/all of them in April.