Nationwide FlexDirect Rate Decrease

Kernel_Sanders

I don't think much of your thread title OP, which I suspect was designed to alarm and therefore divert more attention to your thread than it deserves.

djpailo

Kernel_Sanders wrote: »

I don't think much of your thread title OP, which I suspect was designed to alarm and therefore divert more attention to your thread than it deserves.

I agree. I was confused until I read the opening post.

Voyager2002

mageliken wrote: »

I opened my FlexDirect Account last August and I have been formed that my rate of 5% will drop down, as expected, to 1%. I'm wondering whether or not anybody has managed to convince Nationwide to extend this?

I have been told that I would need to wait a year and then I could close and open a new account and get 5% (assuming the product is still around), or alternatively I could open a second FlexDirect account now in a joint name (unfortunately I don't think this is an option for me) and start earning 5%. This sounds a little odd to me, and so I'm wondering if anyone else has had more success / had Nationwide give them a better offer?

I'm aware of most of the similar current accounts on the market however I'm already leveraging many these and it would be advantageous if I could find a way to keep the 5% rate!

Thanks!

I faced this situation some time ago..

I have held an ordinary Flex account for more than ten years, and in my experience Nationwide gives better all-round customer service than the majority of UK banks. When I needed some interest I opened a Flex direct and enjoyed decent interest for a year. When the rate fell I closed the account, and a year later I opened a new one and now am receiving the 5 per cent for the second time.

Throughout all this I have retained my ordinary Flex account and use it at my convenience.

phillw

BobQ wrote: »

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).

I did it on the phone a couple of months ago. You have to talk to the switching team.

The problem with switching is they don't get any money, so sending out forms and getting you to return them is not cost effective. They can run through all the regulatory/retention blurb on the phone. Going from flexdirect to flexaccount you lose 1% interest and gain "free" European travel insurance. Whether they are compelled to or they want to cover themselves against miss-selling or just want to keep you where you are or up-sell you, they do go through a load of questions to make sure you understand the implications of everything.

Although if they didn't insist on putting the account name on the card then they could save themselves money by not having to issue new ones when you switch.