Nationwide Flex Direct (After 12 months)

GTR_King

Ok so I opened

Flex Direct (October)
TSB 5% Monthly saver (September)

After the 12 month's is up I will have (let's say for example) £5,500

what interest rate current/savings account would be best for this money?? or will there be a new interest rate account being released this year??

Should I downgrade Flex Direct or close it?? or do I have to wait another 12 months before I can get 5% again?

I already got TSB Classic Plus

book12

I would keep the Flexdirect account open to take advantage of their regular saver at 5%. The regular saver can let you save up to £500 a month.

Archi_Bald

I would put all the money from the FlexDirect into e.g. a Tesco current account, then downgrade the FlexDirect to a FlexAccount which I maintain so I still got access to the FlexClusive Saver which I would then feed from the Tesco account. After 12 months, I'd apply for / upgrade to a FlexDirect again, assuming it still pays good interest.

Dan83

As said above, down grade, wait 12 months and apply again

GTR_King

Thanks so If I downgraded my flex direct account (When 5% runs out) would I have to put £750 in each month to flex account to get the 5% saver? or can I just open it without any problems??

YorkshireBoy

GTR_King wrote: »

Thanks so If I downgraded my flex direct account (When 5% runs out) would I have to put £750 in each month to flex account to get the 5% saver? or can I just open it without any problems??

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf
(See condition 4, amongst others)

polymaff

Dan83 wrote: »

As said above, down grade, wait 12 months and apply again

Just done the final step today. May be a bit off-topic, but when I tried to do this online, after I selected the right tab for opening a bank account, Nationwide returned a "something wrong with your operating system, computer or browser" with an option to have the browser analysed. The analyser said the browser met the criteria - but this was followed by two headings - "Browsers we do support" and "Browsers we don't support" - and, under the latter was the statement "All LINUX systems".

Had to do it all on the 'phone - one hour to open three FlexDirects. Be warned.

[Called the Support Number given further down the browser analysis page. The expert's answer to my first question was "What's LINUX?" - nuff sed]

GTR_King

I know what the terms are but say for example I open Flexclusive saver when Flex direct account is open... If I downgrade to flex account will my flexclusive save get shut down? or downgraded?? can't find any info about that..

YorkshireBoy

GTR_King wrote: »

I know what the terms are but say for example I open Flexclusive saver when Flex direct account is open... If I downgrade to flex account will my flexclusive save get shut down? or downgraded?? can't find any info about that..

You are eligible at the moment because you hold a FlexDirect, yes?

You will have been paying £1,000 into the FlexDirect in each of the last 3 months of it's existence, yes?

You will continue to pay at least £750 a month into the FlexAccount (which was a FlexDirect, and has the same account number and sort code as it did then), yes?

Ergo you maintain your eligibility, yes?

GTR_King

Thanks for that so if i downgrade I can keep the flexclusive saver for 12 months??

if that's the case I will open one when my 5% TSB Saver runs out

YorkshireBoy

As all this is months away, why not open the FlexAccount 3 months before the FlexDirect 5% period ends, and then switch the FlexDirect away somewhere, or simply close it.

That way you're CERTAIN you'll maintain your eligibility, rather than relying on the opinion (based on the T&Cs as written) of random internet posters.

Or then again, run your plan by Nationwide and see what they say?