Nationwide FlexDirect A/Cs

roddydogs

NW secure messages are not to be trusted, many posts on this.

clivep

clivep wrote: »

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.

Just to update...

The new FlexDirect a/cs paid the 5% rate for August so it's definitely 12 months from getting the 5% rather than account closure.

We've already received £100 each for opening my wife's account and should shortly be getting the same again for the 2nd account (there was a short delay as the 2nd a/c is a joint one and they wanted signatures BEFORE opening).

schiff

I think the whole thing is a set of imponderables. We have the situation 'as it is now' and the unknown of how it will be in 12 months time (I'm due for maturity next week). So it's a bit guesswork/gamble. I've got ongoing SOs in my FlexDirect so I'm keeping it going as a FlexDirect continuing to deposit the £1000 each month and feeding the same four RSs including the new one at Nationwide. And keeping a nominal balance.

And forgetting about the problem unless or until something clear and official and appearing in the T&Cs comes from Nationwide.

Malchester

Just received update to NW terms and conditions. Now seems to say that if you have had an introductory rate or terms once you cannot get them again, ever, even if you close the account for 12 months and return

schiff

I assume that was by post?

roddydogs

I like the way NW is "getting tough" on comparitvely small amount of interest, yet seem oblivious to the wholesale abuse of the "refer a friend" that costs them £200 a pop, widley promotet on mse with people touting for "friends" who will be gone as soon as the regulation 3 months is up!

Zanderman

Malchester wrote: »

Just received update to NW terms and conditions. Now seems to say that if you have had an introductory rate or terms once you cannot get them again, ever, even if you close the account for 12 months and return

schiff wrote: »

I assume that was by post?

Thread about this here: https://forums.moneysavingexpert.com/discussion/5727599

(basically, the 5% rate is now once only, so all this debate about whether or not to close the account and re-open in 12 months is academic, they won't pay 5% again, ever, after the T&C changes kick in in Jan)

TheShape

roddydogs wrote: »

I like the way NW is "getting tough" on comparitvely small amount of interest, yet seem oblivious to the wholesale abuse of the "refer a friend" that costs them £200 a pop, widley promotet on mse with people touting for "friends" who will be gone as soon as the regulation 3 months is up!

I've referred a handful of 'friends' to bag the referral payment. However, I also believe that Nationwide has a good offering and my friends might choose to stay (I would).

Malchester

No, by email along with notification that my statements are ready

bigadaj

roddydogs wrote: »

I like the way NW is "getting tough" on comparitvely small amount of interest, yet seem oblivious to the wholesale abuse of the "refer a friend" that costs them £200 a pop, widley promotet on mse with people touting for "friends" who will be gone as soon as the regulation 3 months is up!

I'd be very happy to find some 'friends' for a few months who make me a few hundred quid.


'Friends' can often cost you money after all.