Nationwide Flexdirect Second Account

FOREVER21

I'm sure this has been asked before, but I have searched the forum without finding the answer. I have also looked at the T&C but no joy, so here's hoping some MSE will help.

I have currently 1 account which is paying 1% interest, I don't know how long it has been paying this percentage ( yes I know I'm stupid ,before anyone says so!)

My question is can I now open a new account to get the 5% interest.

Does it depend on when the original 5% ended.

dggar

FOREVER21 wrote: »

I'm sure this has been asked before, but I have searched the forum without finding the answer. I have also looked at the T&C but no joy, so here's hoping some MSE will help.

I have currently 1 account which is paying 1% interest, I don't know how long it has been paying this percentage ( yes I know I'm stupid ,before anyone says so!)

My question is can I now open a new account to get the 5% interest.

Does it depend on when the original 5% ended.

You need to Close the FlexDirect account and then wait 12 months from the date of closure. If after the 12months the FlexDirect is still paying 5% you then consider opening a New account.

ScoobyZ

dggar wrote: »

You need to Close the FlexDirect account and then wait 12 months from the date of closure. If after the 12months the FlexDirect is still paying 5% you then consider opening a New account.

Not according to this:

https://forums.moneysavingexpert.com/discussion/5514551

ceredigion

FOREVER21 wrote: »

I'm sure this has been asked before, but I have searched the forum without finding the answer. I have also looked at the T&C but no joy, so here's hoping some MSE will help.

I have currently 1 account which is paying 1% interest, I don't know how long it has been paying this percentage ( yes I know I'm stupid ,before anyone says so!)

My question is can I now open a new account to get the 5% interest.

Does it depend on when the original 5% ended.

The bit you couldn't find

Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. (4.89% gross p.a) fixed. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names. Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% (4.89% gross p.a) fixed to 1% gross p.a/AER (variable) within 7 working days of the account being opened.
If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

ScoobyZ wrote: »

Not according to this:

https://forums.moneysavingexpert.com/discussion/5514551

I saw that and my first thought was, get that in writing.

Speculator

ceredigion wrote: »

I saw that and my first thought was, get that in writing.

I am the op in the other thread.

Just wanted to add that I phoned up originally to enquire about opening a joint FlexDirect a/c to take advantage of the 5%. The lady wasn't sure if we qualified for 5% on the joint a/c so she transferred me to another advisor. The 2nd advisor sounded more knowledgeable and said I qualified for a sole a/c @ 5% even though I am an existing FlexDirect a/c holder.

We've already opened 2 sole a/cs and secure messaging have confirmed they are paying 5%. 1st interest payment is due next week. I will check again next month to make sure they're still paying 5%.

Ed-1

Speculator wrote: »

I am the op in the other thread.

Just wanted to add that I phoned up originally to enquire about opening a joint FlexDirect a/c to take advantage of the 5%. The lady wasn't sure if we qualified for 5% on the joint a/c so she transferred me to another advisor. The 2nd advisor sounded more knowledgeable and said I qualified for a sole a/c @ 5% even though I am an existing FlexDirect a/c holder.

We've already opened 2 sole a/cs and secure messaging have confirmed they are paying 5%. 1st interest payment is due next week. I will check again next month to make sure they're still paying 5%.

How long had the new sole accounts been open when the secure messaging reply arrived? Where Nationwide reduce from 5% to 1% they say it will happen within 7 working days on the website.

Speculator

Ed-1 wrote: »

How long had the new sole accounts been open when the secure messaging reply arrived? Where Nationwide reduce from 5% to 1% they say it will happen within 7 working days on the website.

It's within the 7days but next interest payment is next week and I will check again early next month.

Speculator

Ed-1 wrote: »

How long had the new sole accounts been open when the secure messaging reply arrived? Where Nationwide reduce from 5% to 1% they say it will happen within 7 working days on the website.

Also see post number 8.

https://forums.moneysavingexpert.com/discussion/5305605

jimjames

Ed-1 wrote: »

How long had the new sole accounts been open when the secure messaging reply arrived? Where Nationwide reduce from 5% to 1% they say it will happen within 7 working days on the website.

We've had sole and joint accounts paying for the last year.

Speculator

Ed-1 wrote: »

How long had the new sole accounts been open when the secure messaging reply arrived? Where Nationwide reduce from 5% to 1% they say it will happen within 7 working days on the website.

So far so good. 4.89% has been paid for August so it appears what the Nationwide advisor told me is correct.

£2500 paid in on 24th August
£2.68 interest added.

4.89% of £2500 is £122.25

£122.25/365 = 33.49p x 8 days = £2.68

Nationwide8

Can I just check.
You are allowed to open another Flexdirect account and receive 5% interest if the second account is opened 12mth s after the first one closed,Yes ?

Reason I ask,only got 1% interest on my Flexdirect account today even though it was opened 12 mth s AFTER the date THEY told me my original one had closed.
Have sent them a secure message..