Nationwide Flex Direct after 1 year

bjbyorkshire

Sorry to get you guys squabbling. I do appreciate all the constructive comments. I am going to sort out the 2 x Tesco accounts , they don't need Direct debits so I might come back when I've got those opened for advice on how I pull debits from Tesco.

As someone said I have quite a few accounts to jugglle back and forward at the beginning of each month so the monthly savers might just be a step too far. The 3 year savers appeal as once set up I can leave them alone.

It's great fun but these house sale funds if it goes through early in the new year, will need some thought.

Thanks again, I will read and digest then come back if I need any more help.

In the meantime stop pulling each other's hair at the school gates. You all have an opinion and are quite in your right to say what you think in answer to my question, no need to fall out over it. Lol.

Would I need to transfer all my income to a new bank if I were to transfer one Nationwide account to another bank for the £100 transfer fee?
Thanks again

mapk

Returning to the OP's original question, just wondering whether it's necessary to go in to a branch to close the FD account.

And please don't refer me to the T&Cs (YB)!

colsten

I found it easiest to go into Branch to close an account at Nationwide. Just hand them your debit card and ask them to close the account. No need to hang around in Branch for the account to be actually closed - they'll do it after you left, and you can confirm on your Internet banking later.

But.

If you have not exhausted all the current account switch offers, the easiest way to close an account is to "sell" it to a new bank, in return for a switch bonus, which has recently been some £100 - £150.

If you have exhausted all the present switch offers, your best bet might be to ask Nationwide to change your account to a FlexAccount. That way, you have the account available for any new switch offer, or to upgrade to FlexDirect after 12 months.

You can change your account in Branch or by calling 0800-30-20-10.

bjbyorkshire

I do have the original flex account thanks, I had it before the Flex direct accounts but hardly ever use it, there's no interest on that account and the travel,insurance is no good for us.

How can you keep swapping bank accounts for the switching bonus? As far as I was aware they ask you to move all your pensions, salaries, debits etc to your new account and I really don't want to do that.

YorkshireBoy

colsten wrote: »

I found it easiest to go into Branch to close an account at Nationwide.

It's a bit of a strange way of closing it from your online area (populate a form, print, and post it to them!), but I had no trouble at all closing 2 of my FlexDirects via their Freephone number, albeit 10 months ago. You must have had a bad experience on the phone?

YorkshireBoy

bjbyorkshire wrote: »

How can you keep swapping bank accounts for the switching bonus? As far as I was aware they ask you to move all your pensions, salaries, debits etc to your new account and I really don't want to do that.

No. They ask you to comply with the switching incentive T&Cs.

Often that's to simply switch a couple of DDs (all of them if you have more on the account). Sometimes it's actually nothing at all...other than a balance from your other account on the switch completion date.

They may 'hint' that they'd like you to use it as your main account. They may 'hint' that they'd like to see your salary/pension/benefits crediting the account, but I've yet to see an offer that actually 'stipulates' it.

ceredigion

bjbyorkshire wrote: »

Sorry to get you guys squabbling. I do appreciate all the constructive comments. I am going to sort out the 2 x Tesco accounts , they don't need Direct debits so I might come back when I've got those opened for advice on how I pull debits from Tesco.

As someone said I have quite a few accounts to jugglle back and forward at the beginning of each month so the monthly savers might just be a step too far. The 3 year savers appeal as once set up I can leave them alone.

It's great fun but these house sale funds if it goes through early in the new year, will need some thought.

Thanks again, I will read and digest then come back if I need any more help.

In the meantime stop pulling each other's hair at the school gates. You all have an opinion and are quite in your right to say what you think in answer to my question, no need to fall out over it. Lol.

Would I need to transfer all my income to a new bank if I were to transfer one Nationwide account to another bank for the £100 transfer fee?
Thanks again

I Can not decide whether the first paragraph is just poorly written or your comprehension of Tesco's product range is lacking

colsten

bjbyorkshire wrote: »

I do have the original flex account thanks

You can have multiple FlexAccounts.Nationwide official rules allow you to have 4 of their current accounts, in any combination you like.

YorkshireBoy wrote: »

It's a bit of a strange way of closing it from your online area (populate a form, print, and post it to them!), but I had no trouble at all closing 2 of my FlexDirects via their Freephone number, albeit 10 months ago. You must have had a bad experience on the phone?

Phone is probably just as easy as wandering into a Branch when you are in town anyway. I hadn't tried calling them, but as you had a good experience, I might try that with my next lot in a few months time [if I can't switch them for money].

bjbyorkshire

Not poorly written but maybe not fully explaining what I aim to do.

Open 2 Tesco accounts because the interest is good plus there is also the 3 year Saver available there. I know I don't need the Tesco accounts to open the Tesco 3 year saver but I would like to keep my banking a bit streamlined so several accounts with Tesco seem to make sense to me. I also read that with Tesco accounts I can pull Direct debits as I need some of these to run the Santander accounts once the house is sold as I will be losing at least 2 debits when not paying house insurance/gas/ electric/etc for this house. I need some more direct debits to run my Santander accounts.

Hope this makes my thinking clearer to you.

bjbyorkshire

Colsten, Why would you have 4 Nationwide Flex accounts if there is no interest pain on them?