Nationwide flexdirect account 2nd time?

kteara

I previously opened one of these 5% interest accounts last year can I open a new one this year? Or is it limited to one time only? My account interest is reduced to 1% next month which is rubbish.

anna42hmr

kteara wrote: »

I previously opened one of these 5% interest accounts last year can I open a new one this year? Or is it limited to one time only? My account interest is reduced to 1% next month which is rubbish.

hi, afraid not, as from Nationwides website:

"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."

if you are looking for a replacement account, you may want to look at TSB Plus (5%), Lloyds Club (4%), Tesco current account (3%), Bank of Scotland vantage (3%) santander 123 (3%) etc

I am nearing a year since my previous one was closed (held april 2013-april 2014 so am hoping will be able to convert my recently opened flex acc to a flex direct and get the interest, but only time will tell

nearlyretired2004

I asked a similar question ....if I read the Ts and Cs correctly, you cant open another one if youve held one in the past year..... so as soon as your interest rate drops, switch the account to one paying an incentive for switching (Yorks/Clydesdale, Halifax, Coop etc...) to close your Nationwide and start the twelve month clock ticking.....

Edit: and as Anna says above move your cash in the meanwhile to another high interest paying current account

colsten

nearlyretired2004 wrote: »

I asked a similar question ....if I read the Ts and Cs correctly, you cant open another one if youve held one in the past year

You can open and hold up to 4 Nationwide currents account whenever you like.

In the case of the FlexDirect, you won't get the 5% interest if you had another FlexDirect in the last 12 months, and you won't get the 5% on more than one account at a time.

colsten

kteara wrote: »

My account interest is reduced to 1% next month which is rubbish.

If you haven't done all the switching bonuses yet, your FlexDirect would make an excellent account to switch next month.

MABLE

I recently opened another Flex direct account and was told because the other one was closed within 12 months I would only qualify for 1 pct interest. However I still qualify for the 12 months fee free overdraft.

Vortigern

colsten wrote: »

In the case of the FlexDirect <snip> you won't get the 5% on more than one account at a time.

...unless you have one sole and one joint account IIRC.

Zanderman

kteara wrote: »

I previously opened one of these 5% interest accounts last year can I open a new one this year? Or is it limited to one time only? My account interest is reduced to 1% next month which is rubbish.

One key point, not quite covered in the other replies above, is that you can't have another at 5% until 12 months after a previous one is actually CLOSED.

Your existing one has dropped to 1% but it is still a FlexDirect account and it is still open. So your 12 month fallow period hasn't started yet.

If you want another, in 12 months time, you must actually close (or close via a switch elsewhere) this one NOW to be in line with the T&C. Otherwise your 12 months fallow period never happens.

That's as I understand it anyway - happy to be corrected.

Whether Nationwide will still offer the FlexDirect account with 5% in 12 months time is another matter of course...

adindas

"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."

One way of doing if you have no place to switch to is to downgrade it to Flex A/C after 12 months upgrade it again to become a Flexdirect.

Doing this

- You could take the benefit of EU travel insurance if you meet the criteria.
- it will avoid a hassle of reapplying again
- Avoid another search.

kteara

So I have to wait 12 months either way? there is no way for me to get it next month?

adindas

kteara wrote: »

So I have to wait 12 months either way? there is no way for me to get it next month?

Did you read read the previous posts in this thread carefully ?? ...
There is nothing to prevent you to open it next month.