Nationwide flexdirect question

Rek88

My husband and I have a joint nationwide flex direct plus account and associated Flexclusive saver where the interest rate has now dropped to 1%.

If I were to open a flex direct account in each name would it be possible to get 5% on £2500 in each account. I can't actually find the terms and conditions on the page. But it does say if you've held a flex direct account within the last 12 months you are excluded- but does this include the flex direct plus?

Meeting the min £1000 a month pay in is not a problem.

Thanks

jimjames

I don't think there is such an account called the Flex direct plus, do you mean the Flex Plus? If so that is a different account so has no restriction on it

ceredigion

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.

I dropped out of school at 15, unable to read and I still struggle with the English language . But sometimes I wonder.

Jo_Blogs

If you've only ever held a joing flexdirect account, then there should be no problem with opening a flexdirect account in sole names to get the 5% now.

HTH

Maximum_Saving

I used to have a Nationwide Flexdirect Account which gave me 5% interest for 12 months. When the 12 months ended I wasn't going to use that account to save money. I still have this account and keep around £17.00 in it. I keep it to do mortgage overpayments easily. In November last year I had a Regular Saver end with a different bank. Therefore with that other bank dropping its interest rate I opened up a Nationwide Flexclusive Regular Saver for my money. It is longer than 12 months ago that I used my Flexdirect Bank Account for 5% interest. I will ask if I can start up another one.

Jo_Blogs

Maximum_Saving wrote: »

I used to have a Nationwide Flexdirect Account which gave me 5% interest for 12 months. When the 12 months ended I wasn't going to use that account to save money. I still have this account and keep around £17.00 in it.

As far as I am aware, you have to fully close your flexdirect account and re-apply again after 12 months of closure to get the 5% rate again.

badger09

Jo_Blogs wrote: »

As far as I am aware, you have to fully close your flexdirect account and re-apply again after 12 months of closure to get the 5% rate again.

Not true, though the T&Cs haven't been updated:(.

I've posted elsewhere about this

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

see post 114

moneyfoolish

badger09 wrote: »

Not true, though the T&Cs haven't been updated:(.

I've posted elsewhere about this

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

see post 114

Thanks for that information. Just to be absolutely sure. I have a FlexDirect Account and a joint one with my wife both currently paying 5% but both change to 1% in February. Your post seems to indicate that I can keep both accounts open with £2500 in and earn 1% interest but in 12 months the rate will automatically change back to 5%. Is this correct?

RuleTheWorld

I've got one and we've just opened one in joint names.

We'll likely open a third one soon

ceredigion

moneyfoolish wrote: »

Thanks for that information. Just to be absolutely sure. I have a FlexDirect Account and a joint one with my wife both currently paying 5% but both change to 1% in February. Your post seems to indicate that I can keep both accounts open with £2500 in and earn 1% interest but in 12 months the rate will automatically change back to 5%. Is this correct?

There is anecdotal evidence of this but after a year at 1% you need to ring them and ask. BUT it is contrary to the published T&C'S so why take the chance.

badger09

moneyfoolish wrote: »

Thanks for that information. Just to be absolutely sure. I have a FlexDirect Account and a joint one with my wife both currently paying 5% but both change to 1% in February. Your post seems to indicate that I can keep both accounts open with £2500 in and earn 1% interest but in 12 months the rate will automatically change back to 5%. Is this correct?

No, the rate does not automatically change back to 5%. I had to contact Nationwide to get the rate changed.

You also have to meet the minimum monthly funding requirement, which I didn't bother doing during the period I was getting 1% on the tiny balance.

I only knew about this from another forum user who had done the same thing a few months earlier.