Nationwide FlexDirect

teddysmum

ceredigion wrote: »

Wouldn't it be easier to just follow the published T&C

Apparently not.


We have two groups on here having taken different advice and I have had two lots of advice directly from Nationwide. CS by phone and today 'chat' agreeing, but my local branch, with whom I'd need to deal, give different information.


The advice from CS and chat does seem to disagree with the T&Cs which say to get 5% you must not have had a Flexdirect account in the previous 12 months. This is what my local rep quoted, but people on here have done as the first two suggest and been paid.


Perhaps you would like to give your interpretation ?

teddysmum

Ed-1 wrote: »

Point 4 in the T&Cs states:

"If you no longer meet the eligibility criteria we may transfer the account to another instant access savings account and the terms and conditions of that account will apply and we will contact you when we do this."

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

I quite understand that, but the Flexaccount does not require £750 paid and the T&Cs only say that to open a Flexclusive via this account you need to have paid in £750 for the previous 3 months and not that you have to maintain this level.

That's clearly rubbish. If you downgrade from FlexDirect to FlexAccount it's the same account, just under a different account type, so the £1,000 going in in the previous 3 months would obviously meet the conditions.
I, too, thought this was the logical case, but having seen someone's post saying that he'd assumed this, but Nationwide advised his wife otherwise, I thought there would be no harm in asking Head Office about this.

Obviously my reply is in pink.

ceredigion

ceredigion wrote: »

teddysmum wrote: »

.

Another point to check though, is that on one of the many Nationwide threads, someone said that if you have a Flexclusive and downgrade to a Flexdirect (for the saver), the former's £1000 pay in, does not replace the latter's qualifying need to have had £750 paid for the previous 3 months ; implying that you need to start up a Flexaccount 3 months ahead of when you intend to downgrade. [/QUOTE]



There is another qualifying criteria

teddysmum wrote: »

Which is ?

To open this account:
You need to be 18 or over and a main current account customer with us. This means you must either:

• Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and:
  • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); or
  • completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or
• Hold a FlexStudent account and have paid in £1,500 in 2 or more transactions in the last 12 months.
• Hold a FlexDirect or FlexPlus account.

isasmurf

ceredigion wrote: »

Wouldn't it be easier to just follow the published T&C

teddysmum wrote: »

Apparently not.

It would. It is only those looking to abuse what is clearly intended to be an introductory incentive that make it difficult. I accept the ethos of this site is to take advantage where possible and that NW have muddied the water by giving concessions that are better than the T&C to some customers.

Perhaps ceredigion's question should be rephrased to wouldn't it be easier if Nationwide applied their own T&C?

No_Name

Great! So we're no clearer than where we started! Seriously though, it's good to have people's opinions.

I guess safest option is to downgrade (only by phone?), then apply for the Flex Reg Saver online - I guess it'll be rejected if it deems me not having met the qualifying funding requirements?

Has anyone confirmed this method?

xylophone

Great! So we're no clearer than where we started! Seriously though, it's good to have people's opinions.

My experience is here at post 19.

https://forums.moneysavingexpert.com/discussion/5629890

If you still have your Flexdirect account you can open a new regular saver.

Presumably you have been depositing £1000 a month up to now?

You could downgrade to Flexaccount and pay in £750 a month going forward, transferring £500 a month to the Flexclusive saver and the balance wherever you like?

After a year you upgrade to Flexdirect again?

Really this whole business is so ridiculous - perhaps they should just change to a Lloyds Bank model.

xylophone

We have two groups on here having taken different advice and I have had two lots of advice directly from Nationwide. CS by phone and today 'chat' agreeing, but my local branch, with whom I'd need to deal, give different information

Time for a complaint to the Chief Executive regarding lack of clarity and transparency?

https://portal.nationet.com/nationwide/forms/making-a-complaint-to-ceo.asp

badger09

I've posted on this topic many times.

https://forums.moneysavingexpert.com/discussion/5424775
post 114 20/12/17

https://forums.moneysavingexpert.com/discussion/5589897
post 7 2/2/17 onwards

Feel free to quote my experience in your formal complaints:cool:

Superscrooge

5% interest on my FlexDirect ends next week.

I have just contacted Nationwide to ask whether I need to close the account or downgrade it, to be eligible for 5% again in 12 months.

Nationwide advise I do not need to take any action. I can keep the FlexDirect account open earning 1% and then after 12 months ask for the 5% interest to be re-instated. It won't happen automatically

This seems to agree with previous posts from Badger09

I got the feeling Nationwide don't want to publicise this. But if customers ask, they prefer to do this rather than faff about, closing, downgrading and upgrading accounts.

teddysmum

xylophone wrote: »

Time for a complaint to the Chief Executive regarding lack of clarity and transparency?

https://portal.nationet.com/nationwide/forms/making-a-complaint-to-ceo.asp

That's why I asked for the Head office phone number. If there is no written confirmation of policy, I will ask for his/her contact details.