Nationwide Flexdirect Account Query

Cannycustomer

I opened up a Flexdirect current account at Nationwide a little less than a year ago with my husband i.e. joint account. The account attracted a 5% interest rate on savings up to £2.5k for the first year thereafter dropping to 1%. At the time of account opening, we were informed that, assuming that the favourable interest rate was still available at the end of the first year, a way of getting this for another year was to open a second account under one of our single names and transferring the funds and pay in arrangement to it. In preparation for the end of the 1st year of the account, I have been investigating whether this arrangement is still possible however the Nationwide website seems to suggest that an account holder can still attract the higher interest rate by opening a joint account (original account being in a single name obviously) in which they are named but does not suggest that the opposite is also allowable for retaining the higher interest rate i.e. opening a single named account having already attracted higher interest rate for one year as a joint account holder. Has anyone else any knowledge of what is permissable to continue to attract the higher 5% interest rate for another year - either personal or via their professional knowledge of such. Many thanks in anticipation of help with this

Yorkshire_Pud

If you break your post down into salient points and use paragraphs you might get some help but as presented its like being machine gunned whilst trying to do some flower arranging, or something:)

xylophone

You have a joint Flexdirect.

You can each have a sole Flexdirect.

If you had opened all three at the same time, each would now be approaching the one year drop.

As it is, your joint account is approaching the one year drop.

If you each open a sole account now, you each get the 5% for a year subject to your meeting the T&Cs.

You might wish to close the joint account on maturity in anticipation of being able to open a joint account again after a year.