Nationwide FlexDirect A/Cs

clivep

Having seen previous threads about this I sent a secure message to check if I had to wait 12 months from account closure or from the end of my 5% . They replied...

"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".

So I have it in black and white that it's 12 months from when I last had the 5% rather than account closure.

I'll open FlexDirect accounts for my wife and myself on 7th August and as we've recommended each other then we'll get a total of £400 in Recommend a Friend bonuses for switching a couple of our Bank of Scotland accounts.

EachPenny

YorkshireBoy wrote: »

In your shoes I'd close the sole accounts as soon as the rate drops, rather than waiting and hoping they still allow the (unofficial) lift to 5% this time next year.

schiff wrote: »

And there's a hint of another whammy at the end. Nationwide are continuing to play with the idea of stopping the second bite at the 5% cherry on the FlexDirect account, even when 12 months has passed. On the grounds that it is/has been an introductory offer and not intended as a vehicle for savings.

The problem is they can change the T&C's and 'unofficial policies' at any time and there's not much we can do about it, nor can we predict what the situation will be in 12 months time.

Having had two bites of the 5% cherry I decided to keep my FlexDirect running at 1%, since whether the 5% offer is still available and whether the downgrade/upgrade policy still applies are equally unpredictable.

However, I took the precaution of asking for confirmation of the downgrade/upgrade policy, but in my message specified "or whatever offer is available to new customers at the time". So I have confirmation in writing that after 12 months at 1% I will be eligible to obtain whatever offer is available to new customers then. Of course the written confirmation isn't the electrons it is written in if the policy/offer changes again - but I figure if Nationwide are not going to uphold their 'agreement' with me, then the chances are they wouldn't be letting me get a third 5% bite in any circumstances.

Of course there are unrestricted accounts paying more than 1% now, but I use my FlexAccount as a 'hub' and wanted to keep a Nationwide account paying at least 1% interest to hold money while it is waiting to be circulated. With the rate reduction on the Loyalty Saver the FlexDirect account has become a better option as a holding account.

veryintrigued

alanq wrote: »

Curently you must be without a FlexDirect account for 12 months before reacquiring one at 5%. This might be achieve by downgrading to a Flexaccount but that means losing 1% for a year with no guarantee that 5% will still be on offer at the end of that period.

"If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate."
http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts

Its worth adding that you can have a joint and single one of these running concurrently:

Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. (4.89% gross p.a) fixed. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% (4.89% gross p.a) fixed to 1% gross p.a/AER (variable) within 7 working days of the account being opened.
If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

roddydogs

Trouble is NW internal messaging dont know the situation which is why you can get 2 different replies, for example I was told by EM I could go back to the old Flex a/c & still retain the European Travel. But this is incorrect, that's now lost forever if you switched to Flexplus, you cant go back to it.

Malchester

Have a FlexDirect Acct out of the 5% interest rate. After reading this forum I contacted them to ask for the rate to be reinstated at 5%. They refused quoting their terms and conditions. I replied reminding them that other people had just had to ask for the 5% interest rate to be reinstated and it was done. I reminded them that I was a customer of more than 30 years and could take my business elsewhere. Surprise surprise they replied that a request to reinstate the 5% interest rate had been submitted and I should hear within 5 days

trickydicky14

Just an idea,
I currently have a flex direct account paying 5% but is due to drop to 1% in a week’s time.
Meantime I have just started a new 5% saver as my old one matured last week.
My question is this, now my saver is up and running do you think Nationwide would take it off me if I downgrade my current account to a flex account.
I am aware of the t&c regarding £750 to be paid in for three months before you can set up a 5% saver with a flex account.
What do you think!!!

YorkshireBoy

trickydicky14 wrote: »

Just an idea,
I currently have a flex direct account paying 5% but is due to drop to 1% in a week’s time.
Meantime I have just started a new 5% saver as my old one matured last week.
My question is this, now my saver is up and running do you think Nationwide would take it off me if I downgrade my current account to a flex account.
I am aware of the t&c regarding £750 to be paid in for three months before you can set up a 5% saver with a flex account.
What do you think!!!

Others have reported success this way, but in your shoes I'd be asking Nationwide your question via secure message...then, if favourable, saving the reply somewhere safe!

teddysmum

I have posted about this elsewhere, but having been told by phone enquiries that you can keep the 1% on then downgrade and upgrade to get 5% in a year's time.Then the person at my local branch ,whom I had emailed, got someone else to phone me and this person said they definitely don't let you do that ,suggesting I check T&Cs.


A few weeks later, I was on the website, when chat came up so I asked that person ,who said that the local branch was incorrect (despite my quoting of T&Cs), asking the name of the branch and person's name, so they could be told of the correct procedure .I didn't know the person's name, as she wasn't the person I emailed, but the lady said they would be in touch anyway.


I mentioned that lots had been given contradictory information and she said they had noticed and that was why branches needed correcting. (I also asked for the number of a person to contact at head office and she said to please feel free, as she was at head office, where staff would be willing to confirm.


However , while this was going on I decide to close two sole accounts and downgrade the joint one, to satisfy our two regular savers and open one or two Lloyds accounts, as they pay 2% with freebie magazines and have a very convenient local branch..

Malchester

Have a FlexDirect Acct out of the 5% interest rate. After reading this forum I contacted them to ask for the rate to be reinstated at 5%. They refused quoting their terms and conditions. I replied reminding them that other people had just had to ask for the 5% interest rate to be reinstated and it was done. I reminded them that I was a customer of more than 30 years and could take my business elsewhere. Surprise surprise they replied that a request to reinstate the 5% interest rate had been submitted and I should hear within 5 days

And they have done what they said. I have got another year at 5% without having to close my account and open another one. Nationwide communication was not helpful as they replied, outside of secure messaging that my query had been dealt with - didn't say what the outcome was.

Malchester

“

Have a FlexDirect Acct out of the 5% interest rate. After reading this forum I contacted them to ask for the rate to be reinstated at 5%. They refused quoting their terms and conditions. I replied reminding them that other people had just had to ask for the 5% interest rate to be reinstated and it was done. I reminded them that I was a customer of more than 30 years and could take my business elsewhere. Surprise surprise they replied that a request to reinstate the 5% interest rate had been submitted and I should hear within 5 days

And they have done what they said. I have got another year at 5% without having to close my account and open another one. Nationwide communication was not helpful as they replied, outside of secure messaging that my query had been dealt with - didn't say what the outcome was.

Now had a call from Nationwide saying that it is not possible to do what they have done. But because it was their mistake they are honouring it for 12 months. They are also retraining their staff NEVER to let someone have a further 12 months 5% interest rate unless they close their account for 12 months.