opening 2nd FlexDirect Account

Dave90

Hi all

just a general little question.

I Currently have a flexdirect account with nationwide and have had it since march 2013 so I dont have the 5% interest rate anymore and I wasn't offered the interest free overdraft at the time of opening.

However they are able to give me an overdraft now but of course with charges involved.

question is

Am I able to open a 2nd flexdirect account to get the 5% again and maybe the possibility of the 12 month fee free overdraft?

thanks

colsten

If you have a trustworthy person who agrees to a joint account with you, you can consider a joint FlexDirect and you will get the introductory terms on the joint account.

Otherwise this, taken from their website, applies:

Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. (4.89% gross p.a). The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% (4.89% gross p.a) to 1% gross p.a/AER (variable) within 3 working days of the account being opened.
If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

nearlyretired2004

I asked a broadly similar question and was pointed to the terms and conditions and FAQ's for the account by Yorkshireboy.

1.4 of the terms and conditions I find confusing because the first sentence seems to imply that if youve had a FD account you cant open a second one EVER while the second sentence says you cant have one if youve held one in the last 12 months.

However the FAQs only mention the 12 month limitation - so I'm assuming that is the case.



HOWEVER if your FD is still open that means you have held one in the last 12 months ........

Assuming I'm right (and I'm sure someone will be along to correct me if not.....) I'd ditch the account to get £150 switching incentive from Yorkshire/Clydesdale (or somewhere else if you already have....) to start the 12 month clock ticking.....

Edit: DAMN I knew I would cross with someone else while I was typing....!!

Dave90

fair enough if I don't get the 5% offer again.

but would I at least get a 12 month fee free overdraft?

Archi_Bald

Only one way to find out I suppose.

However, be aware that all overdrafts can be called in at any time, in part or in full, and that there is precedence of Nationwide enforcing those T&Cs.

YorkshireBoy

Dave90 wrote: »

fair enough if I don't get the 5% offer again.

but would I at least get a 12 month fee free overdraft?

It depends on whether they class that as an "introductory rate or offer".


They should, because it is, but according to reports on here they don't!


As Archi says, try it...but if you're successful please don't go boasting about it on here as doing so generally results in long discussion threads and loopholes being swiftly closed!