Nationwide launch new 5 per cent regular saver for current account customers

Wilma33

dhokes wrote: »

Have any new customers had difficulty opening the Flexcusive Regular Saver account?

I recently switched my current account from Santander to Nationwide's FlexDirect account using the bank switching service and it was complete on 8th January.

I've tried opening the Flexcusive Regular Saver account using internet banking and their mobile app and I receive the same message:

To open this account, you need to have a main current account with Nationwide and have been paying in £750 or more a month.

I've paid in £1000 and set up various standing orders - not that these matter since I believe I meet the requirements since I have a FlexDirect account.

Their customer service on the telephone don't really have any suggestions but to try again in a couple of days since my account might not be active yet so I thought I'd see if anyone else had experienced similar issues.

I sent a secure message about this and have just received a reply. They have said you need to wait 5 working days from the FlexDirect opening date before you can apply for other accounts that require you to hold that account. I need to wait a few more days before I can see if that's right...

george4064

Just opened mine today without any problems, I've had the Flexdirect Current account since October so I've met the £750 a month funding requirement for 3 months.

colsten

george4064 wrote: »

Just opened mine today without any problems, I've had the Flexdirect Current account since October so I've met the £750 a month funding requirement for 3 months.

To be eligible for the FlexClusive Saver, there is no funding requirement of any sort if you hold a FlexDirect or a FlexPlus.

dhokes

Wilma33 wrote: »

I sent a secure message about this and have just received a reply. They have said you need to wait 5 working days from the FlexDirect opening date before you can apply for other accounts that require you to hold that account. I need to wait a few more days before I can see if that's right...

Hmm. My switch completed on the 8th so it'll be pass 5 working days come tomorrow. I'll try then...

savings_my_hobby

i am looking to open one of these accounts very soon, I currently have a Flexdirect account which will qualify me for one of these accounts, trouble is my Flexdirect account will be being reduced to 1% in March.
The plan (before this product was launched) was to end the Flexdirect when the rate dropped, make a note of the date then reapply for the Flexdirect 12 months later.

I still want to do this so I have opened a 0% interest paying "billy basic" Flex account so I can fund the new regular saver when the Flexdirect account is closed in March.

will I have to fund the "billy basic" Flex account £750 per month for three months to be able to fund the regular saver? or is it a case of once I open the regular saver (my Flexdirect account makes me eligible to open one) I can fund it with any eligible Nationwide account?

Basically do I need to fund the Flex account £750 for three months so I can fund the regular saver after March 2016 when my Flexdirect will be closed?

Of course I could leave the Flexdirect alone and earn 1% but this means I wont be able to reopen and get 5% (assuming the offer is still open of course).

colsten

You should be able to downgrade your FlexDirect to a FlexAccount, and continue to feed the FlexAccount with at least £750 a month. The funding history from your FlexDirect should count as "deposits in the least 3 months".

Alternatively, get a FlexAccount going straight away.

I wouldn't risk not qualifying as the T&Cs allow them to downgrade your FlexClusive Saver.

4. If you no longer meet the eligibility criteria we may transfer the account to another instant access savings account and the terms and conditions of that account will apply and we will contact you when we do this

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

YorkshireBoy

The preamble on their website says you only need to be a main account customer to apply for, rather than hold, the regular saver.

However, condition 4 of the your regular saver account T&Cs seems to answer your question differently, albeit saying what might happen, rather than saying what will happen, if you cease to be a main account customer.

However, Nationwide aren't generally punitive in their treatment of customers who don't fully comply with the T&Cs. For instance, it's not necessary to fund the FlexAccount with at least £750 each and every month in order to be able to renew your free travel insurance on the anniversary each year.

In your shoes I'd fund, and continue to fund, the FlexAccount throughout the regular saver term...for the very little effort it takes.

GazHol

YorkshireBoy wrote: »

However, Nationwide aren't generally punitive in their treatment of customers who don't fully comply with the T&Cs. For instance, it's not necessary to fund the FlexAccount with at least £750 each and every month in order to be able to renew your free travel insurance on the anniversary each year.

My OH had a letter last autumn stating that the travel insurance would cease at the end of 2015 as a total of £750 wasn't being deposited every month. Rerouting the £750 from my FlexAccount via the 123 account to OH FlexAccount met the requirements and OH now has the insurance confirmation. (£750 can't come from another NW account, and must be paid every month it appears).

bristolleedsfan

savings_my_hobby wrote: »

Basically do I need to fund the Flex account £750 for three months so I can fund the regular saver after March 2016 when my Flexdirect will be closed?

Of course I could leave the Flexdirect alone and earn 1% but this means I wont be able to reopen and get 5% (assuming the offer is still open of course).

My plan is to open a new Flex Account via Quidco or TCB shortly before 5% Flex Direct Account is due to reduce to 1% thus ensuring continuity of being classed as .......

YorkshireBoy

GazHol wrote: »

My OH had a letter last autumn stating that the travel insurance would cease at the end of 2015 as a total of £750 wasn't being deposited every month. Rerouting the £750 from my FlexAccount via the 123 account to OH FlexAccount met the requirements and OH now has the insurance confirmation. (£750 can't come from another NW account, and must be paid every month it appears).

I said "generally" as I'm aware of others who have maintained cover despite not funding every month over the year.

So did they immediately resume funding on receipt of the letter, thereby maintaining continuity? Or has there been a period (probably only a month max?) where the insurance was lost?

Either way, you must have taken your eye off the ball, being as you must have been aware of the condition.