Nationwide FlexDirect Rate Decrease

veryintrigued

grey_gym_sock wrote: »

so, for an existing current account, is it possible to make any of the following up-/down-/side-grades whenever 1 wants to?

FlexAccount -> FlexDirect
FlexAccount -> FlexPlus
FlexDirect -> FlexPlus
FlexDirect -> FlexAccount
FlexPlus -> FlexDirect
FlexPlus -> FlexAccount

I downgraded a Flexdirect to a Flexaccount in Nov last year in the hope that in Nov this year the 5% is still on offer.


Fingers crossed

Pincher

veryintrigued wrote: »

I downgraded a Flexdirect to a Flexaccount in Nov last year in the hope that in Nov this year the 5% is still on offer.

Interesting approach.


One of the problems with closing down altogether is that you lose your membership history. You don't get a Loyalty Saver 15 year just by applying. My mother should have 40 years, except she closed her account some years ago, and then started up again, so she only got a 10 year version, which has a microscopically lower interest rate.


I closed my Flexdirect last year, thinking I would switch my Tesco current account to Nationwide after a year has passed, with possible cashback, but kept a couple of deposit accounts to keep the membership ticking over. Because I don't have a debit card any more, after closing the Flexdirect, logging in is a bit long winded, though.

EarthBoy

Pincher wrote: »

One of the problems with closing down altogether is that you lose your membership history. You don't get a Loyalty Saver 15 year just by applying. My mother should have 40 years, except she closed her account some years ago, and then started up again, so she only got a 10 year version, which has a microscopically lower interest rate.

You don't get much for your loyalty even for 15 years' membership. Currrent interest rates on the Loyalty Saver are:

1 year 0.90 %
5 years 1.00 %
10 years 1.10 %
15 years 1.20 %

Pincher

EarthBoy wrote: »

You don't get much for your loyalty even for 15 years' membership. Currrent interest rates on the Loyalty Saver are:

1 year 0.90 %
5 years 1.00 %
10 years 1.10 %
15 years 1.20 %

But if you left NW altogether, and start afresh, you don't even get 0.90% until after a year.

I'm getting 1.4% in an ISA, and 3% from Santander 123, so it's not a big deal. However, since I have maxed out the Santander, 1.20% is useful for parking money waiting to pay bills.

colsten

Pincher wrote: »

I'm getting 1.4% in an ISA, and 3% from Santander 123, so it's not a big deal. However, since I have maxed out the Santander, 1.20% is useful for parking money waiting to pay bills.

Why don't you get 1.6% for your ISA? (I won't ask why you bother with a cash ISA at all)

Why don't you use a 1.35%, or even a 1.6%, savings account if you need one?

Pincher

colsten wrote: »

Why don't you get 1.6% for your ISA? (I won't ask why you bother with a cash ISA at all)

Why don't you use a 1.35%, or even a 1.6%, savings account if you need one?

Too many accounts with too many institutions already.

Also, I need £50k to satisfy the HSBC Premier requirement.
Some in S&S ISA, so it's not £50k in cash ISA.

BobQ

Nationwide so hate their customers converting a Flex Direct to a Flexaccount.
They refuse to do it online.
They refuse to do it by phone (even though the website tells you to ring the number).
They tell you have to "pop into a branch" but when you do they cannot help unless you make an appointment with the single member of staff who is authorised to do the transaction.
They then waste your time asking you questions about your finances, in addition to having to take time off in the first place.

Nationwide have no idea how to treat their customers properly.

2010

Expect a rate cut anyway, one does it, thay all do it!

jimjames

BobQ wrote: »

Nationwide so hate their customers converting a Flex Direct to a Flexaccount.
Nationwide have no idea how to treat their customers properly.

Why would you want to do that? Doesn't Flexaccount pay 0% and Flexdirect pay 1%?

BobQ wrote: »

Nationwide have no idea how to treat their customers properly.

I'm a Nationwide customer for savings and borrowing and I'd say completely the opposite. I find they treat their customers very well.

Archi_Bald

jimjames wrote: »

Why would you want to do that? Doesn't Flexaccount pay 0% and Flexdirect pay 1%?

To close the FlexDirect for 12 months but to still stay a Nationwide customer. Then upgrade again to a 5% FlexDirect.

jimjames wrote: »

I'm a Nationwide customer for savings and borrowing and I'd say completely the opposite. I find they treat their customers very well.

same here