Nationwide Flex Direct 5% 2nd time?

sharpharp

Anyone able to answer this.


If you have the Flexdirect for a Year1 @5% and then at the end of the term leave the account open as is (with minimal money in it) with the low interest rate for Year2, can you ask for the 5% rate back in Year 3 - All for the same account?


Or, do u have to close the account altogether, then apply a year later? i.e. Does it go by the "rate end" date or the account closing date?

veryintrigued

Mine finishes its 'second year' of 5% today.

I intend to do as I did last time i.e. move all £2500 bar a tenner or so from it, downgrade it (by phone), circulate £1k each month and then upgrade it (by internet) in 12 months if still available.

xylophone

https://forums.moneysavingexpert.com/discussion/5424775

post 81. PM to Badger?

Brewer20

veryintrigued wrote: »

Mine finishes its 'second year' of 5% today.

I intend to do as I did last time i.e. move all £2500 bar a tenner or so from it, downgrade it (by phone), circulate £1k each month and then upgrade it (by internet) in 12 months if still available.

Why would you need to circulate £1k each month to a down graded account with only £10 in it?

veryintrigued

Brewer20 wrote: »

Why would you need to circulate £1k each month to a down graded account with only £10 in it?

Have you googled the T&Cs for a Flexaccount?

£750 is the minimum.

Norscbu

That wasnt what he was asking (aiui), he was asking why you would bother circulating the money at all if you're not getting the 5%. £1000 or £750.

edit: or perhaps there is confusion between their reg saver and current account. I believe this thread is about the current account.

veryintrigued

Norscbu wrote: »

That wasnt what he was asking (aiui), he was asking why you would bother circulating the money at all if you're not getting the 5%. £1000 or £750.
current account. I believe this thread is about the current account.

You seem as confused as they are.

Without circulating the £750/1000 each month you'd not fulfil the T&Cs of the downgraded Flexaccount and therefore not have an account in 12 months time to upgrade back to a Flexdirect.

Got it?

Brewer20

veryintrigued wrote: »

Have you googled the T&Cs for a Flexaccount?

£750 is the minimum.

Yes I have now.

If you can tell me where I'll find the bit that says you need to pay in a set amount then I'll go with that?

Not saying you are wrong, I just can't find it in the T & C's for the Flexaccount.

I do know about the terms for pay in for other accounts, I do have them.

veryintrigued

Brewer20 wrote: »

Yes I have now.

If you can tell me where I'll find the bit that says you need to pay in a set amount then I'll go with that?

Not saying you are wrong, I just can't find it in the T & C's for the Flexaccount.

I do know about the terms for pay in for other accounts, I do have them.

The T&Cs state you need £750 for all the benefits (including Travel insurance)

If you're not bothered about that then you might be fine - although if your account is deemed to be not used NW might look upon favourably.

You do know you only have to ping the £750 over and then immediately back?

http://www.nationwide.co.uk/products/current-accounts/flexaccount/travel-insurance#tab:eligibility-criteria

Looks as if I've been as confused as the other two posters here! Apologies!

Norscbu

veryintrigued wrote: »

You seem as confused as they are.

Without circulating the £750/1000 each month you'd not fulfil the T&Cs of the downgraded Flexaccount and therefore not have an account in 12 months time to upgrade back to a Flexdirect.

Got it?

No need for the attitude. :rotfl:

Brewer20

Thank you all clear now. I didn't read the insurance bit which does explain that £750 pay in bit.

This could get more confusing bear with....

So I will take it that I can have a Flexaccount, no minimum pay in required to hold the account (to be checked I guess when applying) just have some money in there?

If I want to take advantage of the travel insurance that goes with the account I need to circulate £750 per month in/out of the account and or transfer direct debits/standing orders to qualify?
On this one above it doesn't really say if you need a set amount, just enough to cover the DD and SO I guess?

After all this we will have two Flexdirect accounts that are now now on 1% so need to either downgrade or just leave and return to after 12 months. I read there are some that have reactivated there Flexdirect's by just start paying in £1000 again after the 12 months period, so leave as is.