Nationwide flexdirect question

moneyfoolish

badger09 wrote: »

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.

Thanks again. The main point is that I don't have to close the accounts as long as I call them to start the 5% again after 12 months assuming they still are paying 5% in 12 months!

xylophone

Thanks again. The main point is that I don't have to close the accounts as long as I call them to start the 5% again

You might want to check the point for yourself?

I queried this in writing and was told the following in the written reply:-

If you're looking at gaining the 5% promotional interest rate again on your FlexDirect you would need to either close the account, upgrade or downgrade your current FlexDirect account.

12 months after the date of the FlexDirect being closed, upgraded, or downgraded you can certainly apply for a new FlexDirect account and gain the 5% promotional interest.

badger09

xylophone wrote: »

You might want to check the point for yourself?

I queried this in writing and was told the following in the written reply:-

If you're looking at gaining the 5% promotional interest rate again on your FlexDirect you would need to either close the account, upgrade or downgrade your current FlexDirect account.

12 months after the date of the FlexDirect being closed, upgraded, or downgraded you can certainly apply for a new FlexDirect account and gain the 5% promotional interest.

That just shows that Nationwide's staff are inconsistent as I have something completely different in writing (linked above).

I have been receiving 5% on my NWFD account since October last year, when I started paying in £1k pm again. At no time was the account closed or downgraded.

xylophone

That just shows that Nationwide's staff are inconsistent as I have something completely different in writing (linked above).

Or are you benefiting from a mistake?

YorkshireBoy

xylophone wrote: »

Or are you benefiting from a mistake?

I've benefitted from their mistakes several times over the last couple of years, but they've always realised and wrote me a letter about it!...sometimes after a month or two, and sometimes many months later. Supposedly, each time they catch you it resets the clock. We'll see.

badger09

I've reposted my secure messages with Nationwide from the other thread, & highlighted the relevant parts.

At least 3 different 'teams' have been involved in the responses. If they have all made a 'mistake' over this, I would complain in the strongest possible terms.

Here are the edited secure messages between myself & Nationwide

12/10/16 badger09 to Nationwide:
I understand that, if a FlexDirect account has not had interest @ 5% for over 12 months, it is possible to start earning 5% again providing £1k is paid in every month from outside Nationwide. This is apparently a recent change but your T&Cs have not been updated to reflect this. Can you please confirm this is the case.

13/10/16 Nationwide to badger09:
You are correct, as long as your FlexDirect has not had 5% interest within the last 12 months, as soon as you start putting the £1k each month you will be gaining the 5% interest.

badger09 to Nationwide:
Thank you. That is great news. I hope your T&C will be updated to reflect this.

Nationwide to badger09:
I have passed your comments onto our website team, as this is a very recent change to our Terms and Conditions, this will need to be updated.

1/11/16 badger09 to Nationwide:
I paid £2500 in on 13/10/16 but interest has not been calculated at 5%. Can you please correct this.

Nationwide to badger09:
I'll need to get this looked into with more detail, so I can clarify when your interest rate is supposed to increase back to the bonus of 5% for 12 months. I've submitted a Corrections form. This will allow our Savings Helpdesk to take a look into the matter.

7/11/16 Nationwide to badger09:
After my corrections form was submitted, our ISA and Savings Helpdesk have confirmed the account's now been amended for you to show the 5% interest rate.
To ensure you get the best interest 'deal' on this, they started the 5% rate from 2nd November (as you'd only recently added £2500 to the account). This means you'll earn 5% on the funds in the account provided you pay in at least £1k from a non-Nationwide source per calendar month.

8/11/16 badger09 to Nationwide:
Thank you for the update. However, according to the reply on 13/10/16 I would earn interest @ 5% as soon as I started to pay in £1k per month. I paid in more than £1k from an external account on 13/10/16. Surely the 5% should apply from that date, rather than 2nd November?

Nationwide to badger09:
Absolutely appreciate this. I've checked your transactions, and you're correct: You did pay in more than £1k in October. I'll request for this to be backdated for you. This means your 5% bonus interest rate will begin from October 2016 and expire September 2017.

14/11/16 Nationwide to badger09
The Corrections Team have gotten back and confirmed your 5% for the FlexDirect will be backdated, meaning your account has been credited with £5.05 for October. This is the interest you accrued for October. Going forward, as long as you credit the account with at least £1k from a non-Nationwide account, you'll receive the 5% bonus interest rate, and funds will be credited on the last day of each month.

If I get chance I'll try to dig out the posts from other users who alerted me to this apparent:cool: change in the T&Cs.

mollycat

A big thanks to badger09; I sent a secure message earlier and my 5% interest rate is going to be re-instated after I make a call to sales.

Had not bothered to downgrade a few years ago, (so couldn't then upgrade).

Saw the link badger posted and thought why not?

xylophone

A big thanks to badger09;

And to Mollycat - following on the above, I sent another query to Nationwide and received an apology for the "incorrect information" I had been given previously!

After a year of 1%, you can indeed have interest paid at 5% again, without having to close/upgrade etc.


However, ( as far as I can make out), this does not happen automatically - the customer has to apply ( how would the customer know this?) and a member of staff has to complete a form to restore the 5%!

I cannot ( at the moment) find any reference to this change on the web site or in the terms and conditions ( seems to give blank screen when I try to get it) but will continue to check!

mollycat

xylophone wrote: »

And to Mollycat - following on the above, I sent another query to Nationwide and received an apology for the "incorrect information" I had been given previously!

After a year of 1%, you can indeed have interest paid at 5% again, without having to close/upgrade etc.


However, ( as far as I can make out), this does not happen automatically - the customer has to apply ( how would the customer know this?) and a member of staff has to complete a form to restore the 5%!

I cannot ( at the moment) find any reference to this change on the web site or in the terms and conditions ( seems to give blank screen when I try to get it) but will continue to check!

Just to keep the theme of inconsistency going; I have had to downgrade/upgrade to get the 5%!?

One call to sales yesterday, (have had Flexaccount showing on internet banking since), and a further call to sales this morning to return to Flexdirect.

All seems a little unnecessary and different from Badger and Xylophone's experience, but I'm happy.

ps kept same sort code and account number throughout process.

ColdIron

And a big thanks to badger09 from me as well. They have downgraded my FlexDirect to a FlexAccont today and will upgrade it again tomorrow

A nice and easy £100