Nationwide Flexdirect

MyOnlyPost

Ballard wrote: »

I did receive my £100, as did my brother, for his referral. In branch they told me that it's not possible to arrange a referral once the account is open but they it can be arranged if you call them.

The staff in branch gave you duff information

http://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab#xtab:can-i-recommend-someone-who-already-has-a-nationwide-current-account

Can I recommend someone who already has a nationwide current account?

Yes, you can. If your friend has a Nationwide current account but they use an account held with another provider as their main transactional account (for example having their salary paid in or bills paid from), they can complete a full Current Account Switch, transferring at least 2 Direct Debits across to us (the Direct Debits must be transferred as part of the switch, not transferred afterwards)

Ed-1

soulsaver wrote: »

Eh? I don't see the relevance: What has 'end of December' got to do with my post?

That's when interest was credited!

Did you continue to get 5% in January (i.e. was the interest payment at the end of January £10.38 assuming a £2.5k balance)?

soulsaver

Ed-1 wrote: »

That's when interest was credited!

Did you continue to get 5% in January (i.e. was the interest payment at the end of January £10.38 assuming a £2.5k balance)?

Ah I see what you mean: If they had spotted it and it broke the rules I wouldn't have seen the reduction at the time of your post?

I got £10.25 at the end of Jan, on a £2500+ continuous balance.

This is very unlikely to be 'under the radar' stuff - I've had a punch up with them on a Flexclusive RSaver opened at the same time and they had to pay me compensation... so it's not as if I'm keeping my head down (albeit I'll not bother querying the £0.03 you reckon they short changed me... )

Yorkshire_Pud

I am going to take a punt and open a new FD account next week which is 12 months since I last received 5% and closed the account but then opened another FD which got 1% so I closed it a few months after opening theoretically increasing the wait period by a further 5 months.

However I talked to a Nationwide CS person yesterday and was told as long as I hadn't had the promotional rate for 12m+ I would get 5% if I met the other T&C funding etc. she also said that accounts that had been kept open and receiving 1% would not affect the eligibility to get the 5% if the old account was closed just before opening the new FD.

badger09

Yorkshire_Pud wrote: »

I am going to take a punt and open a new FD account next week which is 12 months since I last received 5% and closed the account but then opened another FD which got 1% so I closed it a few months after opening theoretically increasing the wait period by a further 5 months.

However I talked to a Nationwide CS person yesterday and was told as long as I hadn't had the promotional rate for 12m+ I would get 5% if I met the other T&C funding etc. she also said that accounts that had been kept open and receiving 1% would not affect the eligibility to get the 5% if the old account was closed just before opening the new FD.

Have you seen this thread? particularly my post 17 onwards;)

Yorkshire_Pud

badger09 wrote: »

Have you seen this thread? particularly my post 17 onwards;)

Yes, some of the posts were mine arguing against what I'm about to do;)

But I'm hoping your confirmation of getting 5% again even though you didn't close the original account is going to work for me too and I've got the phone call confirmation from Nationwide too (even though its at variance with what they told me previously).

Yorkshire_Pud

Opened a new FD account in branch today.

I was told that people are allowed to get the 5% rate a maximum of two times before the 5% rate will not be allowed?

Will post whether I get 5% or 1% early March.

Jhoney_2

My FDaccount matures soon cannot switch yet (credit file/mort app) but want to retain access to it or at least the regular saver. I have 3 payments that leave the account monthly - will these remain?

I have read the Ts and Cs and of course this thread over and over and am not sure how to get the most out of this situation. Also do I remove the 2.5k before I downgrade if applicable? I could move funds to the e.g santander 123 which is not maxed.

I want to call c.services today/asap to initiate the 12months wait so any help appreciated. Thanks

Yorkshire_Pud

Jhoney wrote: »

My FDaccount matures soon cannot switch yet (credit file/mort app) but want to retain access to it or at least the regular saver. I have 3 payments that leave the account monthly - will these remain?

I have read the Ts and Cs and of course this thread over and over and am not sure how to get the most out of this situation. Also do I remove the 2.5k before I downgrade if applicable? I could move funds to the e.g santander 123 which is not maxed.

I want to call c.services today/asap to initiate the 12months wait so any help appreciated. Thanks

Just remember it is just a current account, the only change is that the interest rate will reduce after 12m so anything else set up on the account stays in place unless you change it. If you have payments out you won't want to withdraw the whole balance!

Some say downgrade to FlexAccount for 12m, some say close the account, some say letting run on for 12m getting 1% and then ask for the 5% rate! Its all as clear as mud. You still need the £1,000 external funding to even get the 1% though. Personally I would downgrade to FlexAccount if you are making payments out still and open a new FD in 12m time.

Hope this helps or at least doesn't make it any more confusing!:)

Jhoney_2

Thanks Yorkshirepud.

To be clearer, the payment funds come from another acc first and does a circuit of drop offs for other pay-ins. The max balance is a constant.

So if I downgrade to the flexAccount, the interest drops to 1% - that's ok - and the only other thing that changes is that my min pay-in decreases to 750? 12 months later i'm am eligible for the FD again..albeit at whatever rate they are offering at that time?
Also my Flexclusive reg saver which matures next month can continue?