Nationwide FlexDirect 5% ending question

Chaykin

Hi there!

I have a Nationwide FlexDirect account which I opened mid Nov last year and at the same time I opened a Flexclusive Regular Saver so in less than 2 months both are due to "end". Once the FlexDirect interest drops down to 1% my idea is to convert that ASAP into a FlexAccount.

As I'm not entirely sure how to interpret their T&Cs my question is - will I be able to open a new Flexclusive Regular Saver almost immediately (seeing that I pay £1000 monthly into the FlexDirect account to get the 5% interest) or would I have to wait 3 months from downgrading to FlexAccount (whilst continuing to credit the account monthly with £1000) to fulfil the "been paying in £750+ a month for the last 3 months" eligibility criteria as stated HERE?

Similarly with the free UK & European travel insurance perk of the FlexAccount - would I have to wait 3 months from downgrading to qualify for the offer? On this one eligibility is worded slightly differently - "pay in at least £750 per month into your FlexAccount for at least 3 consecutive months" - which makes me suspect that I will have to wait 3 months for this insurance as I have been paying into a FlexDirect account, not a FlexAccount.

Thanks in advance! :beer:

YorkshireBoy

You should have opened a new FlexAccount in mid-August, funded it with at least £750 a month, and then closed down the FlexDirect as soon as you'd received the EU insurance welcome pack.

In your shoes I'd be opening it now, and then closing down the FlexDirect a month later than anticipated in December.

Your question has been asked several times before on here so maybe you might wish to make a search and see if there's any conflicting advice or anecdotal evidence.

enthusiasticsaver

I am in the same position having opened my flex direct mid October 2015 and the flexclusive regular saver at beginning of December. I assume you are downgrading to the flex account for 12 months before upgrading again to the flex direct for the 5% interest again?

As I understand it you can open a new flexclusive saver once the old one has finished as you can only have one at a time. The travel insurance I am not sure about but yes I would think you have to wait 3 months after converting to a flex account.

TheShape

I asked the question re Travel Insurance on another thread, someone suggested that as the account will maintain the same sort code and account number it may automatically qualify as the account would have been previously funded by >£750 p/m. I'm not sure if anyone can confirm this though.

TheShape

See post #7 https://forums.moneysavingexpert.com/discussion/5525131

Yorkshire_Pud

If you open a new FlexAccount and arrange a Switch of another current account into it you would qualify straight away for the free travel insurance, I THINK!?

You said you weren't interested as you were opening a FlexPlus with worldwide travel insurance in your other thread but you are interested?

TheShape

Yorkshire Pudding, I'm not concerned at the moment as I'm opening a Flex Plus for Worldwide Travel insurance. I was thinking more of what happens if/when I close the Flex Plus.

Yorkshire_Pud

So why would the three month qualification period for the FlexAccount TI matter unless you are going to open the FlexPlus then ditch it straight after your holiday?;)