Nationwide flexdirect question

ericlered

Wurzel_Gubbage wrote: »

This is my reply received today, no idea if I have to do both 1 and 2 or just one of 1 or 2.

[FONT=Tahoma, Verdana]Thank you for your message.

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The good news is that since it has been more than 12 months since you last had the 5% rate on your FlexDirect account you can arrange to receive this rate again but there are two ways which this has to be done:

1. Call 0800 30 20 10 so our current accounts team can downgrade and upgrade your existing account.

2. You will need to open a new FlexDirect account which can be done via your 'Browse & Apply' tab of via our website here:
http://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

I hope this helps, have a lovely day.


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.

Best Wishes

After much hassle attempting to find out if NW could simply reinstate my 5% rate (I had been down at the 1% for over 12 months) these are basically the same 2 options I was given.

So yesterday afternoon I amended my FlexDirect to a FlexAccount and immediately had it upgraded back to a FlexDirect all via one 20 minute phone call where I had to listen to endless terms & conditions. I am assured it will back at 5% now, but who knows until I receive my next interest!

teddysmum

YorkshireBoy wrote: »

Looks like a permanent change of policy. Maybe due to the publicity on here? Glad I got in early!

It's not really a big problem, provided that it's possible to keep the Flexdirect earning 1%, then down-upgrade to get 5% after 12 months.


As policy seems unstable , this will need checking out.

Sceptic001

ericlered wrote: »

So yesterday afternoon I amended my FlexDirect to a FlexAccount and immediately had it upgraded back to a FlexDirect all via one 20 minute phone call where I had to listen to endless terms & conditions. I am asusred it will back at 5% now, but who knows until I receive my next interest!

That worked OK for me in mid-February, so you should be OK.

So maybe no change in policy? Or maybe Nationwide has as many policies as it has staff members. It just depends who deals with each request. What an utter shambles!

Imvrasos

Would the instant down and upgrade of Flexdirect account have any effect on an existing 5% Regular saver that has not matured yet?

teddysmum

Imvrasos wrote: »

Would the instant down and upgrade of Flexdirect account have any effect on an existing 5% Regular saver that has not matured yet?

I'm hoping not as we haven't opened a saver,yet.


People are doing instant down up down,yet I was told 3 to 5 days now. They really do seem to have as many policies as staff.

Sceptic001

Imvrasos wrote: »

Would the instant down and upgrade of Flexdirect account have any effect on an existing 5% Regular saver that has not matured yet?

Mine was OK. Switched in Feb, Reg Saver matured in March.

ericlered

Imvrasos wrote: »

Would the instant down and upgrade of Flexdirect account have any effect on an existing 5% Regular saver that has not matured yet?

I was assured it would have no effect on my flex regular saver, that I am a few months into.

teddysmum

Having had a rather mixed reply via 'Chat' the other day, I have just called and asked about policy...The young lady wasn't really sure and had to read up on the topic.


I said that the web page states you can't have 5% interest on a FlexDirect,if you have held a FlexDirect in the last 12 months . (ie It doesn't say 'held a FlexDirect, earning 5%, in the last 12 months' , which implies that holding any FlexDirect means you can't have 5% until you have been without a FlexDirect for 12 months) ,but people have left their FlexDirects open at 1% and have been able to get 5% again in 12 months.


She said that leaving downgrade for 12 months ,then upgrading was fine,as the upgrade would be to a new FlexDirect account, with its introductory offer.


However,she said that they have never been able to instantly reinstate the 5% after 12 months at 1% ( there have been no recent policy changes), this only being possible by downgrading and upgrading or closing and re-opening. (She said there was no mechanism to just change the rate and , perhaps, the staff member had done a downgrade and upgrade without stating that was done.)


She still didn't explain how keeping the FlexDirect open for 12 months at 1% ,then down and up grading didn't break the condition above (in bold).

xylophone

However,she said that they have never been able to instantly reinstate the 5% after 12 months at 1% ( there have been no recent policy changes), this only being possible by downgrading and upgrading or closing and re-opening. (She said there was no mechanism to just change the rate and , perhaps, the staff member had done a downgrade and upgrade without stating that was done.)

See post 23.

badger09

teddysmum wrote: »

However,she said that they have never been able to instantly reinstate the 5% after 12 months at 1% ( there have been no recent policy changes), this only being possible by downgrading and upgrading or closing and re-opening. (She said there was no mechanism to just change the rate and , perhaps, the staff member had done a downgrade and upgrade without stating that was done.)

This is clearly absolute rubbish, since I, and several others have had precisely that done for us by Nationwide.

At no point, unless it was a few hours and invisible in either online or mobile banking:cool: was my FlexDirect downgraded then upgraded again.

OP I'm not questioning what you've been told, and I'm no longer surprised by the inconsistencies experienced by various posters.