Nationwide Issue

polymaff

We have three FlexDirects and two Flexclusive Regular savers. The FlexDirects have just completed a year and so have fallen back from 5% to 1%. In the past I have converted the FlexDirects to Flex accounts, waited out the 12-month lockout period and then restarted new FlexDirects at 5%. Doing that now would seem to break the Flexclusive Regular T&Cs, which appear to need a FlexDirect or a FlexPlus to be open. I don't want to pay £120 pa for a FlexPlus account just to receive £130 nett from the Flexclusive Regular - but I also don't want to remain locked into FlexDirect at 1% - and locked out of 5% forever.

Any Ideas on the optimum solution?

Crag30

Can't you have the Regular Saver if you have a Flex Account and shift £750 into it (and out) monthly?

YorkshireBoy

The best approach would have been to open a joint FlexAccount 3 months ago and begun funding it monthly with £750.

As it is, you could leave the joint FlexDirect open, switch in another account from elsewhere and then downgrade it to a FlexAccount.

KTF

polymaff wrote: »

We have three FlexDirects and two Flexclusive Regular savers. The FlexDirects have just completed a year and so have fallen back from 5% to 1%. In the past I have converted the FlexDirects to Flex accounts, waited out the 12-month lockout period and then restarted new FlexDirects at 5%. Doing that now would seem to break the Flexclusive Regular T&Cs, which appear to need a FlexDirect or a FlexPlus to be open. I don't want to pay £120 pa for a FlexPlus account just to receive £130 nett from the Flexclusive Regular - but I also don't want to remain locked into FlexDirect at 1% - and locked out of 5% forever.

Any Ideas on the optimum solution?

You can have a flexclusive saver with a regular flexaccount. No need to have a flexplus/direct.

Point 1 here: http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/flexclusive-regular-saver-terms-and-conditions

polymaff

Thanks all. The issue boiled down to be whether the Flex would inherit the three months of regular payments from the FlexDirect. According to NW, it would and so would meet the extended terms for holders of a Flex and a Flexclusive Regular.

teddysmum

polymaff wrote: »

Thanks all. The issue boiled down to be whether the Flex would inherit the three months of regular payments from the FlexDirect. According to NW, it would and so would meet the extended terms for holders of a Flex and a Flexclusive Regular.

I'm hoping that's the case as our 12 months will be over in 2 months and I was thinking of opening a regular saver.

polymaff

Latest from Nationwide adviser: "Don't bother to convert the Flexdirect now. In a year's time we can convert it to a Flex then immediately convert that to a Flexdirect with a new bonus year"

Hope that she's right!

KTF

So they downgrade then upgrade the account on the same day in 1 years time?

polymaff

KTF wrote: »

So they downgrade then upgrade the account on the same day in 1 years time?

That seems to be the idea. This was the first time anyone at NW had said that you don't have to be out of the FlexDirect for a year - just out of its bonus mechanism.

And, yes, I did take a note of her full name, the time and date of the conversation and the number I called from.

xylophone

See post 17 onwards here

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

KTF

Thats handy so you can leave it dormant for 12 months then start putting 1k through it again and you *should* get the 5%.