Nationwide Flexdirect

wiseonesomeofthetime

Kernel_Sanders wrote: »

When you open a FlexDirect online, do you get the account no. within minutes like with TSB or BoS?

Yes. It then allows quick deposit.

Takes a while to appear on Internet Banking though.

Kernel_Sanders

wiseonesomeofthetime wrote: »

Yes. It then allows quick deposit.

Takes a while to appear on Internet Banking though.

Do you mean hours, or maybe a couple of days?

badger09

All

Apologies for delay. I wasn't ignoring you, I was out of country with very limited internet access for 5 weeks:eek:

Here are the edited secure messages between myself & Nationwide

12/10/16 badger09 to Nationwide:
I understand that, if a FlexDirect account has not had interest @ 5% for over 12 months, it is possible to start earning 5% again providing £1k is paid in every month from outside Nationwide. This is apparently a recent change but your T&Cs have not been updated to reflect this. Can you please confirm this is the case.

13/10/16 Nationwide to badger09:
You are correct, as long as your FlexDirect has not had 5% interest within the last 12 months, as soon as you start putting the £1k each month you will be gaining the 5% interest.

badger09 to Nationwide:
Thank you. That is great news. I hope your T&C will be updated to reflect this.

Nationwide to badger09:
I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.

1/11/16 badger09 to Nationwide:
I paid £2500 in on 13/10/16 but interest has not been calculated at 5%. Can you please correct this.

Nationwide to badger09:
I'll need to get this looked into with more detail, so I can clarify when your interest rate is supposed to increase back to the bonus of 5% for 12 months. I've submitted a Corrections form. This will allow our Savings Helpdesk to take a look into the matter.

7/11/16 Nationwide to badger09:
After my corrections form was submitted, our ISA and Savings Helpdesk have confirmed the account's now been amended for you to show the 5% interest rate.
To ensure you get the best interest 'deal' on this, they started the 5% rate from 2nd November (as you'd only recently added £2500 to the account). This means you'll earn 5% on the funds in the account provided you pay in at least £1k from a non-Nationwide source per calendar month.

8/11/16 badger09 to Nationwide:
Thank you for the update. However, according to the reply on 13/10/16 I would earn interest @ 5% as soon as I started to pay in £1k per month. I paid in more than £1k from an external account on 13/10/16. Surely the 5% should apply from that date, rather than 2nd November?

Nationwide to badger09:
Absolutely appreciate this. I've checked your transactions, and you're correct: You did pay in more than £1k in October. I'll request for this to be backdated for you. This means your 5% bonus interest rate will begin from October 2016 and expire September 2017.

14/11/16 Nationwide to badger09
The Corrections Team have gotten back and confirmed your 5% for the FlexDirect will be backdated, meaning your account has been credited with £5.05 for October. This is the interest you accrued for October. Going forward, as long as you credit the account with at least £1k from a non-Nationwide account, you'll receive the 5% bonus interest rate, and funds will be credited on the last day of each month.

elektra

Thanks for the update Badger - hope you enjoyed your travels spending your hard earned interest.

darkidoe

badger09 wrote: »

All

Apologies for delay. I wasn't ignoring you, I was out of country with very limited internet access for 5 weeks:eek:

Here are the edited secure messages between myself & Nationwide

12/10/16 badger09 to Nationwide:
I understand that, if a FlexDirect account has not had interest @ 5% for over 12 months, it is possible to start earning 5% again providing £1k is paid in every month from outside Nationwide. This is apparently a recent change but your T&Cs have not been updated to reflect this. Can you please confirm this is the case.

13/10/16 Nationwide to badger09:
You are correct, as long as your FlexDirect has not had 5% interest within the last 12 months, as soon as you start putting the £1k each month you will be gaining the 5% interest.

badger09 to Nationwide:
Thank you. That is great news. I hope your T&C will be updated to reflect this.

Nationwide to badger09:
I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.

1/11/16 badger09 to Nationwide:
I paid £2500 in on 13/10/16 but interest has not been calculated at 5%. Can you please correct this.

Nationwide to badger09:
I'll need to get this looked into with more detail, so I can clarify when your interest rate is supposed to increase back to the bonus of 5% for 12 months. I've submitted a Corrections form. This will allow our Savings Helpdesk to take a look into the matter.

7/11/16 Nationwide to badger09:
After my corrections form was submitted, our ISA and Savings Helpdesk have confirmed the account's now been amended for you to show the 5% interest rate.
To ensure you get the best interest 'deal' on this, they started the 5% rate from 2nd November (as you'd only recently added £2500 to the account). This means you'll earn 5% on the funds in the account provided you pay in at least £1k from a non-Nationwide source per calendar month.

8/11/16 badger09 to Nationwide:
Thank you for the update. However, according to the reply on 13/10/16 I would earn interest @ 5% as soon as I started to pay in £1k per month. I paid in more than £1k from an external account on 13/10/16. Surely the 5% should apply from that date, rather than 2nd November?

Nationwide to badger09:
Absolutely appreciate this. I've checked your transactions, and you're correct: You did pay in more than £1k in October. I'll request for this to be backdated for you. This means your 5% bonus interest rate will begin from October 2016 and expire September 2017.

14/11/16 Nationwide to badger09
The Corrections Team have gotten back and confirmed your 5% for the FlexDirect will be backdated, meaning your account has been credited with £5.05 for October. This is the interest you accrued for October. Going forward, as long as you credit the account with at least £1k from a non-Nationwide account, you'll receive the 5% bonus interest rate, and funds will be credited on the last day of each month.

Thanks for the update! I shall keep the FlexDirect running then. Btw did you keep the £1000 pcm pay in while having the 1% interest 12 months period?

Yorkshire_Pud

Nationwides T&C still state that if one has had a FD account in the last 12 months then the 1% interest rate applies to a new account.

Maybe individual negotiation results in them applying 5% but it doesn't seem to be automatic and the previously trailed 'update' to reflect the 5% becoming payable on the same FD account after 12m at 1% hasn't happened.

pafpcg

badger09 wrote: »

Nationwide to badger09:
I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.

Interesting....

Badger, since you have a trackrecord of success with Nationwide, how about asking for a copy of those changed Terms and Conditions?

badger09

elektra wrote: »

Thanks for the update Badger - hope you enjoyed your travels spending your hard earned interest.

I did thanks, but found the inability to communicate, very challenging.:o

darkidoe wrote: »

Thanks for the update! I shall keep the FlexDirect running then. Btw did you keep the £1000 pcm pay in while having the 1% interest 12 months period?

No

Yorkshire_Pud wrote: »

Nationwides T&C still state that if one has had a FD account in the last 12 months then the 1% interest rate applies to a new account.

Maybe individual negotiation results in them applying 5% but it doesn't seem to be automatic and the previously trailed 'update' to reflect the 5% becoming payable on the same FD account after 12m at 1% hasn't happened.

I'd picked up from someone on here that the T&Cs had 'apparently' changed. So, I got confirmation from Nationwide, as per previous post, and suggested their website T&C need updating.

However, it seems the reversion to 5% after 1 year is not automatic, but requires a request from the customer.

Yorkshire_Pud

Several requests by the sound of it!;)

I closed my FD in February after 12m at 5%. I then opened a new FD about three months later, after reading reports on here about people sneeking in before waiting 12m and getting 5% again straight away.

Result, I got 1%.

Result the period I need to wait has extended by five months before I qualify to get 5% again, i.e. 17 months instead of 12 months. Not so clever after all.

Think I will wait the 17 months rather than chance it after 12 months anniversary of when I last got 5% and risk starting over again for another 12 months of only 1%:(

In fact even longer than another 12m as there's the period of opening a new account waiting a month to see what rate of interest is applied, then closing the account if only 1% so add another 2 or 3 months and my original 12m wait would become 27 months all in. Then its not so clever as I have learnt.

Sometimes its better to play by the rules and the T&C.

Ballard

One of my nephews recommended my for the Nationwide account so I went through the process and was expecting to be credited the £100 yesterday but wasn't. Having queried it with the bank it appears that he doesn't hold maintain a qualifying account with them so I'm not entitled to it.

Firstly I'm annoyed with my nephew as I had other options that would have paid but also, how am I supposed to know whether I'm entitled? I don't know what products they have. The email that they forwarded to me gave no indication that no bonus would be paid.

Anyway, what's done is done. I've asked Nationwide whether someone else can recommend them after I've opened the account but I'm not expecting good news.