Nationwide FlexDirect

YorkshireBoy

teddysmum wrote: »

The other case is where they are saying that to support a regular saver you must continue to pay in £750 a month, as failure to satisfy the T&Cs means they downgrade the saver. However, they only mention needing to have been paying in £750, to open the saver, with no mention of carrying on after opening.

But if you don't pay in £750 a month you're no longer a "main account customer", thereby they'd apply condition 4 from the reg saver T&Cs wouldn't they?...

"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."

The eligibility criteria is to be a "main account customer". So there is "mention"?

CRAIGSVILLE

I dont know if its common knowledge yet, but ive just been on phone to Nationwide to downgrade my flexdirect account to a flex account, and the guy said from January anyone who has downgraded, then applied for a flexdirect account again will not get any interest.
Anyone else heard this news, or have I been in the dark for a while?

[Deleted User]

Yes it was announced a month or 2 ago

dggar

I have a flexDirect account which will be 12 months old towards the end of Jan 2018. Is the best advice to let it revert to a 1% account?.


Will it still need to have £1k from an external source to get the 1% interest?

savetilibleed

The introductory rate will only be available after the 13 January 2018 to people who have never held a FlexDirect account before. I found this out just today.

Oh well another plan up the swanny. I was eligible to reapply for a FlexDirect after 7 Dec 2017 but I won't bother now!

Ed-1

savetilibleed wrote: »

The introductory rate will only be available after the 13 January 2018 to people who have never held a FlexDirect account before. I found this out just today.

Oh well another plan up the swanny. I was eligible to reapply for a FlexDirect after 7 Dec 2017 but I won't bother now!

If you're eligible for a further 12 months introductory rate of 5% from 7th December then you'll get it until 7th December 2018 if you open it before 13th January 2018. It's not retrospective.

savetilibleed

Ed-1 wrote: »

If you're eligible for a further 12 months introductory rate of 5% from 7th December then you'll get it until 7th December 2018 if you open it before 13th January 2018. It's not retrospective.

Thank you, I hope so. I have read the new terms and it does look as though they can change conditions in this respect, but not specifically about introductory rates. I have, therefore, requested clarification from Nationwide on this today as their previous answer was not clear enough.

savetilibleed

savetilibleed wrote: »

Thank you, I hope so. I have read the new terms and it does look as though they can change conditions in this respect, but not specifically about introductory rates. I have, therefore, requested clarification from Nationwide on this today as their previous answer was not clear enough.

Ed-1 wrote: »

If you're eligible for a further 12 months introductory rate of 5% from 7th December then you'll get it until 7th December 2018 if you open it before 13th January 2018. It's not retrospective.

Just received reply from Nationwide and you are indeed right - I will get the full 12 months if opened before 13 January 2018. :rotfl:

olbas_oil

My 5% rate ran out on 4 Dec 2016, so I rang Nationwide to ask what I need to do to get another 12 months@ 5% from 4 Dec 17. They have refused this, saying that they are changing the conditions. I believe that these changes take place from mid January 2018, but it seems that they are unwilling to let me beat the deadline.
What are my best arguments for a complaint to get this changed?

phillw

olbas_oil wrote: »

My 5% rate ran out on 4 Dec 2016, so I rang Nationwide to ask what I need to do to get another 12 months@ 5% from 4 Dec 17.

It's 12 months from the last time it was a flex direct, not when the 5% ran out. Did you convert it to another current account type when the 5% ran out? They don't do it automatically, it just changes to a flex direct with 1% & that could never be converted to a flex direct with 5%