Nationwide FlexDirect

parker1982

I currently get the 5% rate with this account but will be dropping to 1% shortly.

Once I've closed this account, do Nationwide allow you to open another FlexDirect straight away or do they have any sort of time period they make you wait before doing so?

Thanks.

LittleVoice

parker1982 wrote: »

I currently get the 5% rate with this account but will be dropping to 1% shortly.

Once I've closed this account, do Nationwide allow you to open another FlexDirect straight away or do they have any sort of time period they make you wait before doing so?

Thanks.

Read the terms you signed up to when opening the account and which you saved for future reference. I'm sure there's something in there about this.

colsten

parker1982 wrote: »

Once I've closed this account, do Nationwide allow you to open another FlexDirect straight away or do they have any sort of time period they make you wait before doing so?

Subject to Nationwide accepting your application, you can open another FD straight away, and you will get the same 1% that you would have got if you kept the old FD open.

If you want 5%, you need to wait with applying for another FD for at least 12 months, and hope they still do 5% then.

Have you got a TSB Plus?

parker1982

colsten wrote: »

Subject to Nationwide accepting your application, you can open another FD straight away, and you will get the same 1% that you would have got if you kept the old FD open.

If you want 5%, you need to wait with applying for another FD for at least 12 months, and hope they still do 5% then.

Have you got a TSB Plus?

Thanks Colsten, I thought I'd read there was a 12 month wait but couldn't find anything when I tried searching this morning. I've got the TSB Plus and all the other bank accounts and regular savers - last check I was up to 35 accounts.

ceredigion

Colsten,:
You must be mellowing to give a sensible answer to such a question.

eskbanker

parker1982 wrote: »

I thought I'd read there was a 12 month wait but couldn't find anything when I tried searching this morning.

Think you need to improve your searching technique! It's on one of the tabs on the main product page http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts

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.

YorkshireBoy

parker1982 wrote: »

I thought I'd read there was a 12 month wait but couldn't find anything when I tried searching this morning.

Go to their website, click "FlexDirect", and then click the "support" tab that opens at the right hand side of the screen. Click "FlexDirect FAQs", and scroll down to the FAQ entitled "Can I open more than one FlexDirect account?". See the bit in bold at the end of the answer?...there's your answer.

Alternatively, and assuming you don't have the current T&Cs to hand, go to their website, enter "FlexDirect terms and conditions" in the search box. Click the relevant document returned (3rd or 4th on the list?), scroll down to page 15, and condition 1.4 (last sentence) provides your answer.

YorkshireBoy

LittleVoice wrote: »

Read the terms you signed up to when opening the account and which you saved for future reference.

To be fair, and especially since 12 months have passed by, it would be better to check the current T&Cs on their website, or any notices of variation/new T&Cs sent since account opening.

Tawny_Owl_2

I've just reached the 1st anniversary of my Nationwide FlexDirect account, so the interest has plummeted to 1%.

I won't be able to open another FlexDirect account for another 12 months, though I have other accounts with Nationwide.

So I switched my FlexDirect to the Santander 123 current account. The switch went really well and I've deposited some savings into the account so I'm getting 2% interest with money off my council tax & utility bills to boot.

I arranged the switch through my local Santander branch. The service I received was excellent and the adviser was friendly and personal.

derrick

Tawny_Owl wrote: »

So I switched my FlexDirect to the Santander 123 current account. The switch went really well and I've deposited some savings into the account so I'm getting 2% interest with money off my council tax & utility bills to boot.

Assuming you have the minimum required amount, (£3000.00), in your 123 account, the interest rate is 3% up to £20000.00.

Santander: "Monthly interest of 3% AER (variable) payable on your entire balance up to £20,000, when you have at least £3,000 in your account."

.

Archi_Bald

If the OP just has between £2,000.00 and £2,999.99 in the account, the interest will be, if all conditions are met, 2% AER.

I personally would never use the 123 for interest purposes if I did not have

1. at least £3,000 in the account at all times
2. filled up all the other accounts that pay 'proper' 3% AER or more, and particularly those that pay interest from the first pound onwards

The DD cashback can be very interesting if you can earn substantially more than £2 a month from them but it shouldn't stop you from getting interest elsewhere.