Nationwide FlexDirect downgrading

No_Name

Quick and perhaps silly question, but how have people downgraded their accounts to a FlexAccount from FlexDirect?

Vioa phone or simply through secure messages online?

I can see an option to do so when logged in.

I'm assuming this will not affect my Flex Reg Saver?

Ed-1

No_Name wrote: »

I can see an option to do so when logged in.

Via phone. You can see an option to upgrade when logged in, but not downgrade.

To meet the terms of the Flexclusive reg saver you need to have switched in the last 4 months or hold a FlexAccount and have been paying in at least £750 per month over the last 3 months (which presumably you had been doing).

No_Name

Was meant to read 'can't'

I've been effectively paying in £750 by paying in £1000 under FlexDirect - I'm told this counts?

Ed-1

No_Name wrote: »

Was meant to read 'can't'

I've been effectively paying in £750 by paying in £1000 under FlexDirect - I'm told this counts?

Yes, why wouldn't it?

Biggles

No_Name wrote: »

Quick and perhaps silly question, but how have people downgraded their accounts to a FlexAccount from FlexDirect?

There's no reason to bother. After 12 months without getting the 5%, I was eligible to receive it again, I held the FlexDirect throughout.

moneysavinggirl40

Biggles wrote: »

There's no reason to bother. After 12 months without getting the 5%, I was eligible to receive it again, I held the FlexDirect throughout.

oh, didn't i read must not have had a flexdirect for 12months in t&c. I've always downgraded by phone. But this time they didn't upgrade me correctly, when i clicked upgrade, so they gave me extra £50 for my troubles and the extra monies for 5% interest that i was due instead of 1%.

Yawn

Just to flag up that new Flex Account customers can't get the only real perk off the account any more, the free travel insurance. Makes me wonder why they even offer it still.

I can see though how downgrading and then upgrading in a year's time is easier than switching banks.

YorkshireBoy

Yawn wrote: »

Just to flag up that new Flex Account customers can't get the only real perk off the account any more, the free travel insurance. Makes me wonder why they even offer it still.

FlexDirect won't suit those who want branch/counter service.

FlexPlus costs £10 per month.

FlexBasic is only available to those who don't 'score' high enough for a full feature account.

FlexOne has an upper age limit of 17.

FlexStudent is self-explanatory.

So even without the free UK/EU travel insurance there's still a market for FlexAccount.

teddysmum

moneysavinggirl40 wrote: »

oh, didn't i read must not have had a flexdirect for 12months in t&c. I've always downgraded by phone. But this time they didn't upgrade me correctly, when i clicked upgrade, so they gave me extra £50 for my troubles and the extra monies for 5% interest that i was due instead of 1%.

You are correct, but Nationwide seems incapable of universally applying the rules so customers are treated differently.


Online and phone CS told me that you can retain at 1% then get the 5% again, if it's still available, but my local branch insists that you can't. However, the phone Cs person, who was at the head office said my branch is giving wrong advice.


Confused ? So am I.

Biggles

teddysmum wrote: »

You are correct, but Nationwide seems incapable of universally applying the rules so customers are treated differently.

Online and phone CS told me that you can retain at 1% then get the 5% again

Yes, that was my experience, and they upgraded me back to 5% again successfully.

Maybe they have a reason for not making it clear?
;-)