Nationwide Flexdirect

colsten

Yorkshire_Pud wrote: »

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?

Could be a misunderstanding - what they probably meant was you can have a maximum of one sole and one joint FlexDirect earning the 5% at the same time.

Ed-1

Jhoney wrote: »

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?

FlexAccount doesn't pay any interest. FlexDirect pays 1% unless you're eligible for the 5% promotional interest.

Jhoney_2

Thank you Ed-1

Ok, so would the best plan be to remove the funds first, call to downgrade to flexAcc (to start the 12month clock ticking down and put the funds elsewhere for interest or am I missing something? Flexplus?
Sorry to have so many questions!

xylophone

http://forums.moneysavingexpert.com/showthread.php?t=5589897

post 17 on may be of interest.

Yorkshire_Pud

colsten wrote: »

Could be a misunderstanding - what they probably meant was you can have a maximum of one sole and one joint FlexDirect earning the 5% at the same time.

When I started the appointment in branch she asked outright so you want to open the FD for the 5%? So I said yes.

She stressed that it would be OK but this second time around would be the last as its only supposed to be an introductory rate for the account. The subtext being I should want and run the account well past the 12m intro. Not keep trying to get 5%;)

I don't believe she was right but next time if the account is still available with the same T&C I will apply online where no awkward questions get asked.

Jhoney_2

Thanks Xylophone, but this is my first 12month term so I don't have that option available to me.

I did speak to the customer service team and they mentioned the flexplus at a £10pm cost...which is a bad idea at £45 loss!

They did say that I would be eligible for the FD in 12months if I keep the existing Flexdirect open and make the 1k pay-in and will continue to remain eligible for the Regular Saver whether its the 750 0r the 1K acc option - if that helps anyone.

For me, it seems the withdraw existing funds to minimum and stick, may be the best choice...

Yorkshire_Pud

Jhoney wrote: »

Thank you Ed-1

Ok, so would the best plan be to remove the funds first, call to downgrade to flexAcc (to start the 12month clock ticking down and put the funds elsewhere for interest or am I missing something? Flexplus?
Sorry to have so many questions!

You can remove the funds whenever you like, changing the FD to a FlexAccount just changes the designation and T&C, same account number, same card (I think)?

Fund with £750 for free euro travel insurance? and access to Flexclusive accounts like Reg Saver.

In 12m open a brand new FlexDirect at 5%.

Keep the FlexAccount as a fallback account that always gets you access to Flexclusive accounts.

The option to keep the account as is and ask for 5% after 12m may work and has worked for some BUT as you are at the sweet spot of ending the 12m 5% promo rate why take any risk as there IS confusion around this approach including by Nationwide.

Jhoney_2

Is the £750 funding of the flexAcc a part of the Ts and Cs? I can't find it on the website so just curious.

Yorkshire_Pud

Jhoney wrote: »

Is the £750 funding of the flexAcc a part of the Ts and Cs? I can't find it on the website so just curious.

I can't find it either now!

Perhaps its changed, I've had my account for 18 years but it was the case that to get the European travel insurance you had to deposit £750 a month and that's still the case BUT they don't offer it to new applicants since some time last year.

If you have and need the travel ins with the FD maybe check it will stay in place upon change to FAcc and also ask if £750 is required to maintain cover AND to be eligible for Flexclusive accounts?

I've just checked the Flexclusive Reg Saver conditions and it says you would need to have paid in £750+ for at least three months before applying. Doesn't say if this £750 payment has to be maintained each month going forward. Ask Nationwide and note time of call and CS name. Still need £750 per month for travel ins if already have. Key thing is to say it is your MAIN account if they ask! There is no such thing, all my current accounts are 'main' accounts. Changeling from FD to FA should just continue your eligibility for Reg Saver you already have and for the NEXT one so just pay in £750 each month and don't give them a chance to spoil anything!?

Jhoney_2

I dont need the travel cover as I have that in place. I was thinking I would change from FD to FA and leave everything in place e.g the1K pay-in just for ease so I have complied with the minimum pay in for the Reg Saver.

I will be removing the funds except for £25 and get the interest elsewhere.

Does that make sense/cover everything?