How long once savings/current account maturity date reached can you get another

Fatbritabroad

There's probably another thread that shows this as I can't be the only person querying this and yes I appreciate I can just ask the banks themselves!

I have several of the high interest current accounts and my tsb monthly saver has just matured so am opening a nationwide regular saver and a santander regular saver both paying 5%. I also obviously have tsb current accounts. My nationwide current accounts also mature soon

My question is now once matured when can I new accounts with these providers? Or does it vary? Bit worried about running out of high interest accounts once I've used them all once!

YorkshireBoy

Immediately, with the exception of your FlexDirect account.

Fatbritabroad

Cheers. Money saving expert forum. Enabling people too lazy to read ts and can since 2001
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soulsaver

Fatbritabroad wrote: »

Cheers. Money saving expert forum. Enabling people too lazy to read ts and can since 2001
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Definitely easier than reading half a dozen..

Fatbritabroad

soulsaver wrote: »

Definitely easier than reading half a dozen..

Ya do your own research..... Unless you can get someone to do it for you :rotfl:

teddysmum

YorkshireBoy wrote: »

Immediately, with the exception of your FlexDirect account.

You can have a Flexdirect account but only paying 1%.


I have been told two different things from our local branch and twice from CS. As posted on here, I was told by the latter that you can keep the 1% account going for a year, then down- then upgrade to a new Flexdirect, paying 5% , but our local branch insisted that the only way to get a new 5% is to downgrade or cancel when the current 5% ends.

YorkshireBoy

teddysmum wrote: »

You can have a Flexdirect account but only paying 1%.

I'd have thought it obvious no one would apply for a new FlexDirect account paying 1% AER?

I have been told two different things from our local branch and twice from CS. As posted on here, I was told by the latter that you can keep the 1% account going for a year, then down- then upgrade to a new Flexdirect, paying 5% , but our local branch insisted that the only way to get a new 5% is to downgrade or cancel when the current 5% ends.

Just because some (the lazy, forgetful, speculative amongst us) have blagged another 5% deal, it doesn't mean the same 'blag' will be available this time next year. If mine was ending now I'd be playing by the T&Cs and closing/downgrading now.

teddysmum

YorkshireBoy wrote: »

I'd have thought it obvious no one would apply for a new FlexDirect account paying 1% AER?Just because some (the lazy, forgetful, speculative amongst us) have blagged another 5% deal, it doesn't mean the same 'blag' will be available this time next year. If mine was ending now I'd be playing by the T&Cs and closing/downgrading now.

Of course it's unlikely that anyone would want a new Flexdirect paying only 1%, but your post implied that getting an account was not possible; hence my comment that it could be , but at !%.


There has been no suggestion that the 5% deal will be available in the next 12 months, even for genuine first timers.Due to unreliability of information, but mainly the fact that Lloyds would pay 2%, anyway, our accounts will be closed and transferred to Lloyds, at the appropriate time, leaving just one joint Flexaccount to keep the regular saver accounts viable.

YorkshireBoy

teddysmum wrote: »

Of course it's unlikely that anyone would want a new Flexdirect paying only 1%, but your post implied that getting an account was not possible; hence my comment that it could be , but at !%.

The OP said his Nationwide current accounts matured soon...the inference/logical conclusion being he already has the max 1 sole plus 1 joint. Of course we know it doesn't "mature"; it merely drops to 1%. His question was quite obviously (to me at least) "can I get another bite of the 5% on a new FlexDirect straight away?". I said no. I wrote the reply for the OP...no-one else. Maybe I should have addressed just the regular saver element to the question, rather than covering all bases for the OP?

Anyway, it appears the OP was happy with the response.

masonic

teddysmum wrote: »

Of course it's unlikely that anyone would want a new Flexdirect paying only 1%, but your post implied that getting an account was not possible; hence my comment that it could be , but at !%.

The OP actually asked "once matured when can I new accounts with these providers?"

YB replies, "Immediately, with the exception of your FlexDirect account."

This is still correct if you include a FlexDirect paying 1% because you don't have to wait until the 5% account "matures" if you want to open another.

However, holding a FlexDirect account after you cease to qualify for the 5% rate is a liability as discussed above.