Nationwide

[Deleted User]

This has been covered before, but I'm still confused.....

My Nationwide FlexDirect current account moves from 5% to 1% on 4 May at the end of the year's preferential rate.

I also have a FlexAccount current account into which I have been paying £750 month (since October 2016) in order to benefit from the free European travel insurance, and will continue to do so.

The FlexAccount will support my ongoing 5% Flexclusive Regular Saver (which is due to renew on 12 May).

I plan to move £2,500 out of my FlexDirect on 4 May, leaving a nil balance.

Do I need to formally close my current FlexDirect in order to qualify in a year's time for a further preferential rate period (assuming it is still available, of course)? Or can I just leave the current one open and then re-fund it in May 2018?

Jo_Blogs

Deleted_User wrote: »

Do I need to formally close my current FlexDirect in order to qualify in a year's time for a further preferential rate period (assuming it is still available, of course)? Or can I just leave the current one open and then re-fund it in May 2018?

You need to close the account and wait a year

xylophone

See post 17 onwards here

https://forums.moneysavingexpert.com/discussion/5589897

soulsaver

As you can get 1% elsewhere, it's the safest action - but it isn't necessarily true that you need to close it for 12 months, just not had the 5% for 12 months... and comply with the other requirements.

System

Couldn't you also downgrade to a standard FlexAccount and upgrade after 12 months?

bigadaj

Why not benefit from a switch incentive?

laurel01

bigadaj wrote: »

Why not benefit from a switch incentive?

That's what I did. I switched my FlexDirect account (after the 12 months 5% interest rate had ended) to the Halifax Reward account to get £100 ☺. I then opened a Flex Account in order to qualify for the Flexclusive Regular Saver.

bobobski

soulsaver wrote: »

As you can get 1% elsewhere, it's the safest action - but it isn't necessarily true that you need to close it for 12 months, just not had the 5% for 12 months... and comply with the other requirements.

My FlexDirect ended recently and Nationwide confirmed on the phone to me that, in order to get the 5% again next year (if it's available), I needed to downgrade my account to a FlexAccount.

soulsaver

bobobski wrote: »

My FlexDirect ended recently and Nationwide confirmed on the phone to me that, in order to get the 5% again next year (if it's available), I needed to downgrade my account to a FlexAccount.

Maybe but that isn't necessarily correct... I (amongst many others) didn't downgrade.

xylophone wrote: »

See post 17 onwards here

https://forums.moneysavingexpert.com/discussion/5589897

littlemissbossy

bobobski wrote: »

My FlexDirect ended recently and Nationwide confirmed on the phone to me that, in order to get the 5% again next year (if it's available), I needed to downgrade my account to a FlexAccount.

I was told this too.

xylophone

I was told this too.

See post 3.