Nationwide FlexDirect

clivep

phillw wrote: »

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%

No, it's 12 months from when you last had the 5%.

However, I don't believe you can CONVERT back to a 5%. What you have to do is firstly close the FlexDirect or convert it to a FlexAccount. You can then open a NEW FlexDirect and as long as it has been 12 month since the end of your previous 5% rate then you'll qualify for the 5% for another 12 months (under current t's & c's until January of course).

I confirmed this was the case in August and this is an extract from their secure message:

"I can see that your previous FlexDirect accounts were opened on the 6th August 2015 and closed on the 19th August 2016.
This means that you can apply for a new FlexDirect and receive the introductory interest again, if you open the account after 6th August 2017".


I can also confirm that the 5% is being paid on our 3 a/cs (2 x sole + joint).

gt94sss2

Superscrooge wrote: »

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

Has anyone done this recently?

I asked to redesignate one of my 1% FlexDirect accounts to 5% via an online message.

The first time, the response was:

Under the current Terms and Conditions of this account you are only entitled to one promotional credit interest rate of 5% AER if they have not held the same account in the last 12 months.

I can see that you currently hold a FlexDirect account therefore you would not qualify for the 5% interest rate.

and on asking them to check given that others have mananaged this, I got:

In order to earn the 5% interest again on a FlexDirect account you will need to open a completely new FlexDirect account, we aren't able to change the interest rate on your current FlexDirect account.

If you're planning on doing this please make sure your new account is opened before 13/01/2018 as this is when we will be changing the terms and conditions of the 5% interest being a one time offer only.

though I suspect they will say I don't qualify as I wont have been without a FlexDirect account for 12 months?

clivep

gt94sss2 wrote: »

Has anyone done this recently?

I asked to redesignate one of my 1% FlexDirect accounts to 5% via an online message.

Yes, I did it recently under the current rules.

No you can't convert/redesignate. Past apparent successes in achieving this often seem to have been done over the phone with the Nationwide rep actually closing the old a/c and opening a new one.

Re-read my post immediately above yours, all your questions are answered.

clivep

gt94sss2 wrote: »

I asked to redesignate one of my 1% FlexDirect accounts to 5% via an online message.

Do you have more than one sole FlexDirect or more than one Joint FlexDirect? Have any been 5% in the last 12 months?

gt94sss2

clivep wrote: »

Do you have more than one sole FlexDirect or more than one Joint FlexDirect? Have any been 5% in the last 12 months?

I currently have 2 FlexDirect's in my sole name - from when Nationwide were paying 5% on each account (not just the first). However, the 5% ended on both accounts years ago.

clivep

gt94sss2 wrote: »

I currently have 2 FlexDirect's in my sole name - from when Nationwide were paying 5% on each account (not just the first). However, the 5% ended on both accounts years ago.

So close both the sole FlexDirects or convert them to Flexaccounts. You can do this by sending them a secure message online. This may take a few days before it's done. Then you can open a new one to get the 5% under the current rules.

Kim_13

clivep wrote: »

So close both the sole FlexDirects or convert them to Flexaccounts. You can do this by sending them a secure message online. This may take a few days before it's done. Then you can open a new one to get the 5% under the current rules.

The poster wouldn't meet the criteria of not having held a FlexDirect for a year though. While some posters have got the 5% again without doing this, I haven't heard of any since the changes were announced. Staff received an internal memo to tighten up on the rules at around this time, according to one poster.

clivep

Kim_13 wrote: »

The poster wouldn't meet the criteria of not having held a FlexDirect for a year though. While some posters have got the 5% again without doing this, I haven't heard of any since the changes were announced. Staff received an internal memo to tighten up on the rules at around this time, according to one poster.

But the rules haven't changed yet and I have it in writing that under the current rules you get the 5% if you haven't had the 5% in the last 12 months. It certainly worked for me in August with the 5% rate automatically applied so no need to speak to staff. Whilst this was before the January changes were announced I wouldn't have thought that they'd change the automated systems before the new changes come into effect.

olbas_oil

Kim_13 wrote: »

The poster wouldn't meet the criteria of not having held a FlexDirect for a year though. While some posters have got the 5% again without doing this, I haven't heard of any since the changes were announced. Staff received an internal memo to tighten up on the rules at around this time, according to one poster.

That is not the criteria. The criteria, under existing T&C, clause 1.4 is not having held the same product in the last 12 months. This is ambiguous. Flexdirect@5% is a different product to Flexdirect@1%. I was able to use this argument to get a new 5% rate on a flexdirect that was held up to 2 weeks ago (12 months@1%).
On a slightly different note: Does anyone know how to verify the rate you are getting on a flexdirect by looking at the website? I can see the actual interest paid, but not the percentage rate. (But I know it is 5% because I have a secure message confirming it).

clivep

olbas_oil wrote: »

On a slightly different note: Does anyone know how to verify the rate you are getting on a flexdirect by looking at the website? I can see the actual interest paid, but not the percentage rate. (But I know it is 5% because I have a secure message confirming it).

Unfotunately I don't think you can see the rate online. I just waited until the following month when the interest was paid in order to confirm that it was the 5% rate being applied. It would certainly be useful if they showed the interest details online as they do for the savings accounts.