Nationwide flexdirect question

Flower1976

I did exactly the same yesterday after reading this. Existing flex direct downgraded to a flex account the upgraded to a flex direct again. Took 30 minutes to their sales team, a lot of script reading and being told it was a "loophole".

xylophone

All seems a little unnecessary and different from Badger and Xylophone's experience,

From NW's message:-

"We never used to be able to have the interest on a FlexDirect account amended. Our members used to have to close or downgrade their FlexDirect account after the 12 month period expired.

Once they had waited a further 12 months they could then either open a new FlexDirect or upgrade their existing current account to a FlexDirect, the 5% would then be paid for a further 12 months.

As we always take on feedback from our members, it was decided to ease our members journey, the above was no longer applicable.

All we have to do now is complete a form to have the interest paid at 5%, after our members have waited 12 months."

But the account stays a Flexdirect (it just doesn't pay 5%) so how can a customer upgrade to a Flexdirect when it is already a Flexdirect?

I am truly mystified!

DREKLY

Well, going by the previous posts, I thought I would try and get my flexdirect
account raised to 5% again; it was reduced to 1% more than a year ago,
but as I already had set up £1000 going in and out from another account, I let it ride, as actually there is only 1500 in the account, the payment in stays there
for about 28 days, before going out again, and I am still getting approx £2
monthly for my 1% (every little helps! )

Here is NW's reply to my request, this morning.....

I can appreciate what you're saying.
I see you haven't received the 5% bonus interest rate for at least 12 months, so due to this, I've submitted a form to ask our Helpdesk if they'd be able to reinstate the 5% interest for you.
Once I hear back from them, I'll get back to you via this secure messaging service.


If there is anything else I can help you with please reply to my message or call us on 0800 30 20 11; if abroad, please call us on +44 1793 656789.

badger09

Thanks to everyone for posting their experiences.

This is a complete shambles on Nationwide's behalf and sadly, not the first.

It is now clear that, however individual Nationwide staff choose to make it happen:cool: anyone can have 5% interest on a FlexDirect account after a 12 month period on 1%, providing they meet the monthly funding requirement.

Way back in October my comments on the need for correcting the T&Cs which appear on their website were apparently passed to the website team. It remains to be seen when this will happen. The cynic in me says that Nationwide is in no hurry to publicise it.

xylophone

providing they meet the monthly funding requirement.

And providing that they individually request it and that the individual member of staff knows about the change of policy?

System

The whole FlexDirect premise is odd for a mutual.

Why not just have a flat 3% but only allow 1 account.
Also, they also should ditch the recommend a friend rubbish.

daveinliverpool

Called them and got my 5% back today, but had to spend about 25 mins on the phone with them while they switched my FlexDirect account to another holding flexi account for 5 mins and then back to a new FlexDirect account again. All my account numbers and passwords etc have remained the same though. Got them to call me back at the start of the call to avoid the phone bill too.

Sceptic001

badger09 wrote: »

Thanks to everyone for posting their experiences.

This is a complete shambles on Nationwide's behalf and sadly, not the first.

It is now clear that, however individual Nationwide staff choose to make it happen:cool: anyone can have 5% interest on a FlexDirect account after a 12 month period on 1%, providing they meet the monthly funding requirement.

Way back in October my comments on the need for correcting the T&Cs which appear on their website were apparently passed to the website team. It remains to be seen when this will happen. The cynic in me says that Nationwide is in no hurry to publicise it.

Thanks, badger09. Just done the swap by phone to FlexAccount and back to FlexDirect. Took about 20 minutes.

The first person I spoke to still insisted it could not be done but when transferred to Customer Services/New Accounts they were clearly familiar with the process and sped through all the legal bumph. As you say, what a shambles.

hybernia

Apologies for being a little off-topic, but as this thread is live and with FlexDirect users, I wonder if any of them could help out with this quick query?

OH and I don't have nor have ever had an account with Nationwide. Looking at NW's FlexDirect, it seems tempting. However: does the stipulation that £1,000 a month must be put into the account mean that that money then has to stay there for a fixed period??

We do not want to switch our current banking to Nationwide. So we're wondering if it's a case of setting up two Direct Debits, one to pay £1,000 a month out of our existing bank account and into a FlexDirect account, the other to pay the £1,000 back from FlexDirect to the originating account. Not sure how that would work out or how much time needs to elapse between paying in and paying out again.

As can be seen, we're not financial masterminds. Sadly.

xylophone

mean that that money then has to stay there for a fixed period??

No. You could FP £1000 into the account and then FP it out again within minutes if you wish.

You can open your Flexd with £2500 and set up a SO from your existing bank to NW for £1000 for the next month and following months - best to avoid the first and last few days of the month.

You can set up a SO for £1000 from NW to your existing bank for the same day each month.

NW does not process SOs at weekends or on Bank holidays - does your existing bank?

A couple can have a sole Flexd each and a joint - the Flexd account also gives access to the regular saver.