Nationwide FlexDirect Options

milton1970

This has no doubt been asked previously so apologies in advance.


I have a number of accounts with Nationwide inc 1 x FlexDirect Current, 1 x FlexAccount & 1 x Flexclusive Regular Saver. The FlexDirect & FlexAccount are largely dormant (I pay in zero on monthly basis) & FlexDirect is > 2 years old so on the 1% interest option if I choose to use it. I am getting past the Flexclusive RS t&cs by holding a FlexDirect Account.


My Flexclusive RS is maturing in a few days (I suspect a number of us are in same boat) so see this as a point in time where I may have an option to tweak things rather than just renew the Flexclusive RS.


My question is this ...


Just after the Flexclusive RS matures - is it possible to "downgrade" the FlexDirect Account to a FlexAccount (can you hold > 1 FlexAccount ?) then open a new FlexDirect Account (with entitlement to 5% for first year) & follow up with a new Flexclusive RS ?


Appreciate any guidance if any have done this .. also would this need a branch visit or not ?


Thanks in advance

MoneyMate

Hi I have done similar to you and have a flex saver which you can save a maximum of £500 extra per month at 5% tax free, as I understand you can open other accounts dependant on income, but be careful if you use their free holiday insurance , if you change to some you loose this deal. :beer:

Westie983

Correct me if I am wrong, but I thought you couldnt have the 5% Flex Direct again for 12 months, from the date you downgrade to flexaccount, or close flex direct.

I have opened a new flex account three months ago and funded it with £750 each month, and will close my flex direct next month when it matures, then I can still open a flexclusive RS as I have funded a flex account for the last three months, and then wait till Christmas 2017 and see what N/Wide are offering then.

milton1970

Thanks Westie ..


That might be Plan B to fund Flex account with £750 pm to get eligibility for Flexclusive RS if I do have to wait 12 months after down grading to open another FlexDirect with 5% interest.


Hoping someone will confirm .....


2 more questions ...


1. The t&cs require funding for 3 "months" prior to opening - is that funding in the 3 calendar months (i.e. Nov, Dec, Jan) ?


2. I assume I would need to maintain the criteria (i.e. paying in £750 + pm) on ongoing basis not just up to the point of opening


All help appreciated - they do make these t&cs complicated ..

Westie983

milton1970 wrote: »

Thanks Westie ..


That might be Plan B to fund Flex account with £750 pm to get eligibility for Flexclusive RS if I do have to wait 12 months after down grading to open another FlexDirect with 5% interest.


Hoping someone will confirm .....


2 more questions ...


1. The t&cs require funding for 3 "months" prior to opening - is that funding in the 3 calendar months (i.e. Nov, Dec, Jan) ?


2. I assume I would need to maintain the criteria (i.e. paying in £750 + pm) on ongoing basis not just up to the point of opening


All help appreciated - they do make these t&cs complicated ..

1. Yes its calender months, so if you have funded an flex account with £750 for the last three months to remain a flexclusive account holder

2. Yes you would need to either hold a flex direct account which requires £1000 a month for the interest or fund a flex account with £750 each month.

I fund my flex account with £750 from my wages, transfer £500 to the flex direct acount which then funds the flexclusive RS by standing order then transfer the £250 from the flex account to my bank account to fund another RS, I then have kept to the T&C's as I have funded the flex account with at least £750 since September, I no longer fund the direct with £1000 as its not paying interest.

I will close my flex direct down, as it stopped paying 5% in September but the SO for the RS was coming from here so I transferred money from the flex account to fund the RS

ceredigion

Westie983 wrote: »

1. Yes its calender months, so if you have funded an flex account with £750 for the last three months to remain a flexclusive account holder

2. Yes you would need to either hold a flex direct account which requires £1000 a month for the interest or fund a flex account with £750 each month.

I fund my flex account with £750 from my wages, transfer £500 to the flex direct acount which then funds the flexclusive RS by standing order then transfer the £250 from the flex account to my bank account to fund another RS, I then have kept to the T&C's as I have funded the flex account with at least £750 since September, I no longer fund the direct with £1000 as its not paying interest.

I will close my flex direct down, as it stopped paying 5% in September but the SO for the RS was coming from here so I transferred money from the flex account to fund the RS

That would have taken you 30 seconds to change whilst logged in

Westie983

ceredigion wrote: »

That would have taken you 30 seconds to change whilst logged in

change what?

ceredigion

Westie983 wrote: »

change what?

Change the SO for the RS from your flex direct to flex account

metrobus

How long after a nationwide regular saver comes to an end do you need to wait to open another?
I have a flex direct current acc presently earning the 5% on £2500 but the 5% comes to an end around the same time as the regular saver.

Westie983

ceredigion wrote: »

Change the SO for the RS from your flex direct to flex account

I dont want to change the SO, it was only for a few payments as the RS matures this week.

RockOnZombies

Does anyone could you deposit 2500 pounds on opening then withdraw a 1000 then put it back i.e. just cycling the money through the account once a month to meet the t and c's?