Nationwide Flexdirect Second Account

Speculator

Nationwide8 wrote: »

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..

You should receive 4.89% on you new Flexdirect account if it was opened over 12 months after the original Flexdirect was closed.

Ed-1

Speculator wrote: »

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

Just remind me: do you now have 2 sole FlexDirect accounts, one where the 5% ended more than 12 months ago and a new one now paying 5% alongside it? If it's still paying 5% at the end of this month then I'll go ahead and open a new FlexDirect (I've still got one open that finished it's 5% long ago).

Speculator

Ed-1 wrote: »

Just remind me: do you now have 2 sole FlexDirect accounts, one where the 5% ended more than 12 months ago and a new one now paying 5% alongside it? If it's still paying 5% at the end of this month then I'll go ahead and open a new FlexDirect (I've still got one open that finished it's 5% long ago).

Yes.

BTW, my wife has 6 flexdirects (7 if you include our joint flexdirect) and she also received 4.89% in her new sole a/c.

I would open it a week before the next interest payment so you can check it's paying 4.89% on 30/9.

Alternatively, open it now and leave say £100 in the account in case Nationwide decide to reduce the 4.89% fixed rate.

Ed-1

Speculator wrote: »

Yes.

BTW, my wife has 6 flexdirects and she also received 4.89% in her new a/c.

I would open it a week before the next interest payment so you can check it's paying 4.89% on 30/9.

Alternatively, open it now and leave say £100 in the account in case Nationwide decide to reduce the 4.89% fixed rate.

I assume 5 of your wife's aren't paying 5%?

Speculator

Ed-1 wrote: »

I assume 5 of your wife's aren't paying 5%?

No, that ended long ago. When they launched the account they allowed multiple a/cs earning 4.89%.

She had 5 x Flexdirect and 1 x Flexaccount at the same time.

She converted her Flexaccount to a Flexdirect and it's now earning 4.89%.

We should have closed them when the 5% ended but at least she earned £150 in Amazon vouchers from the Visa/Amazon Xmas promo last year.

Ed-1

Speculator wrote: »

No, that ended long ago. When they launched the account they allowed multiple a/cs earning 4.89%.

She had 5 x Flexdirect and 1 x Flexaccount at the same time.

She converted her Flexaccount to a Flexdirect and it's now earning 4.89%.

We should have closed them when the 5% ended but at least she earned £150 in Amazon vouchers from the Visa/Amazon Xmas promo last year.

If this was done at the same time as your new one was opened then IMO it's still too close to the end of the month to be sure that it will continue to pay 5% indefinitely. If it's still paying 5% at the end of this month then you can be sure.

Speculator

Ed-1 wrote: »

If this was done at the same time as your new one was opened then IMO it's still too close to the end of the month to be sure that it will continue to pay 5% indefinitely. If it's still paying 5% at the end of this month then you can be sure.

Yes, hers was also opened on the 24th.

I'll let you know end of of month whether it's still paying 5%.

moneyfoolish

If some time ago I opened a Flexdirect and then my wife and myself opened a joint one (both are paying the 5% rate) can my wife now open one for herself and still get the 5% rate?

xylophone

If some time ago I opened a Flexdirect and then my wife and myself opened a joint one (both are paying the 5% rate) can my wife now open one for herself and still get the 5% rate?

See post 9 above and


http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/flexdirect/p2163-flexdirect-welcome.pdf

"5% interest is available on one account only per person except if the additional account is held in joint names."

10_66

Nationwide8 wrote: »

...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..

What did they come back with? I'm waiting to "re-open" an qualifying Flex Direct account and Nationwide aren't able to give me a consistent date for the closure of the last one. The date that I requested closure is not the date they close the account, they say it takes 3 working days to effect the closure. However, they've also given me 3 different dates on which they say I can qualify for 5% on a new one. Goodness knows which one I take notice of, so it looks like it'll be eeny, meeny, miny, moe.