Nationwide flexdirect question

xylophone

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.

From Nationwide message to me:-

I can confirm that although some members of staff were unaware of the fact that members are now able to reinvest FlexDirect accounts back to the 5% rate of interest after one year at 1%, this has been communicated to our customer facing member of staff and feedback has been provided to the advisor’s manager via root cause documentation to ensure this incorrect information is not provided again.

The latest Terms and Conditions of the FlexDirect account can be found at the following address. As I mentioned in my previous message, the ability to reinvest into a 5% rate a year after the initial 5% rate ends is arranged as an exception and details of this will not appear in the Terms and Conditions.

YorkshireBoy

hybernia wrote: »

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??

If the £1,000 was your monthly salary/pension/benefits credit, would it be reasonable of them to delay you access to it to pay your bills?

But if they do restrict access, ie by marking the notes(!), just remove some of the money that was paid in last month, not the money you've just deposited.

We do not want to switch our current banking to Nationwide.

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

Are you prepared to learn? Because if you are, you could make £400 between you from their Refer A Friend scheme. Even if it takes 10 hours of study (it won't!), that's a £40/hour rate of pay. What's your day job pay?

jimjames

hybernia wrote: »

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??

Does your current bank specify how long your wages have to stay in the account before you can spend them? If I was with Nationwide I'd be a bit annoyed if they did that.

hybernia

Many thanks xylophone for the detailed help and particularly with timings. Much appreciated, and definitely clarifies it for us numpties!

YorkshireBoy and jimjames: point well made, and well taken. Thanks! As for the 'refer a friend scheme' kindly mentioned by YorkshireBoy, oooh . . . never saw that on the NW website. Am off to have a look. :T

jimjames

hybernia wrote: »

YorkshireBoy and jimjames: point well made, and well taken. Thanks! As for the 'refer a friend scheme' kindly mentioned by YorkshireBoy, oooh . . . never saw that on the NW website. Am off to have a look. :T

Even better if you have a partner you can refer each other

YorkshireBoy

Thanks to all who have shared their experience with this. My FlexDirect has just had 5% re-applied (the day after my anniversary) for another 12 months, in one 10 minute phone call.

badger09

xylophone wrote: »

From Nationwide message to me:-

I can confirm that although some members of staff were unaware of the fact that members are now able to reinvest FlexDirect accounts back to the 5% rate of interest after one year at 1%, this has been communicated to our customer facing member of staff and feedback has been provided to the advisor’s manager via root cause documentation to ensure this incorrect information is not provided again.

The latest Terms and Conditions of the FlexDirect account can be found at the following address. As I mentioned in my previous message, the ability to reinvest into a 5% rate a year after the initial 5% rate ends is arranged as an exception and details of this will not appear in the Terms and Conditions.

Thanks for posting this xylophone

I find this response totally unacceptable.

It is not 'arranged as an exception' but is yet another example of Nationwide's sloppy T&C wording when the account was launched.

YorkshireBoy

badger09 wrote: »

Thanks for posting this xylophone

I find this response totally unacceptable.

It is not 'arranged as an exception' but is yet another example of Nationwide's sloppy T&C wording when the account was launched.

I kind of disagree. It's obvious they've taken the decision to prevent additional, wasteful, workload. Indeed, this was confirmed to me this morning on the phone to them. They're clearly not wanting to let everyone know, otherwise they may as well remove the 12 month clause...and they won't do that! Think of it as an existing customer special offer, like a 0% BT offer on an existing credit card.

diy1950

Sceptic001 wrote: »

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.

I had the same problem and had to be quite persistant to be put to a different advisor. Even then, I had to downgrade to flex acc and listen to the long script of T&Cs. I was told I had to wait 24hrs before I could upgrade again! I could do this by phone, internet banking or in branch. Not wanting to spend half hour on phone again, I upgraded in internet banking. Hope I've done the right thing!
As everyone else is finding, staff all seem to do things their own way. Also as the advisor knew why I was downgrading and upgrading again, it seems pretty pointless that they are sending me a welcome pack, debit card and pin for an account that I will not use.
Sorry, rant over. Just hope I get the 5% and don't have to start arguing again.

ashteadgirl

diy1950 wrote: »

I had the same problem and had to be quite persistant to be put to a different advisor. Even then, I had to downgrade to flex acc and listen to the long script of T&Cs. I was told I had to wait 24hrs before I could upgrade again! I could do this by phone, internet banking or in branch. Not wanting to spend half hour on phone again, I upgraded in internet banking. Hope I've done the right thing!
As everyone else is finding, staff all seem to do things their own way. Also as the advisor knew why I was downgrading and upgrading again, it seems pretty pointless that they are sending me a welcome pack, debit card and pin for an account that I will not use.
Sorry, rant over. Just hope I get the 5% and don't have to start arguing again.

Went through the same daft process but upgraded next day on phone. Seems a waste of plastic and paper with new cards and welcome packs since keep account number all through the process. Need not mention the wasted minutes on the phone, Well at least it is sorted for another 12 months:beer: