FlexDirect - Latest t's & c's from Nationwide effective January

polymaff

Over62 wrote: »

Curses, foiled again! I was eligible to open a new Flex Direct on 24 January but no point now. Grrr.

And for us it was to be the 18th January. :(:(:(:(

wiseonesomeofthetime

ToTo_Man wrote: »

I interpret this to mean each customer can only open one of these monthly saving accounts irrespective of how many FDs they hold. Is that correct?

Yes.

You are allowed ONE Flexclusiver Regular Saver where you are the first named.

So, one on a sole account

OR

One on a joint account, where you are the first named.

You cannot hold one for each.

A pity, however, Santander and First Direct/HSBC also hold 5% Regular savers if prepared to jump through a few more hoops.

Even with interest rates likely to be on the rise, I cannot see these 5% RS accounts being superseded in next 12 months.

Might be proven wrong though. Wouldn't be the first time

djpailo

I actually forgot about this. I will still keep the account for the 1% rate though given DD's are more difficult to come by now.

Rich2808

Just to be clear - given the new terms don't come in until 13 January if you open a flex direct before then (after a 12 month gap) will you definitely be eligible for the 5% again for a full year (or just until 13 Jan) or not?

System

Rich2808 wrote: »

Just to be clear - given the new terms don't come in until 13 January if you open a flex direct before then (after a 12 month gap) will you definitely be eligible for the 5% again for a full year (or just until 13 Jan) or not?

They can't apply it retrospectively.
If you already have it then it'll stay.

bioboybill

Hi, Is it possible to hold both a Nationwide Flexplus account and a Flex Direct? My wife and I have a joint Flexplus account with £2500 in for the 3% interest and the packaged benefits. We have a Nationwide Flexplus Regular Saver 8 that has matured and I was thinking of opening a Flex Direct for the 5% interest on £2500 and cycling £1000 between the new HSBC account I'm opening and a Flex Direct Account. And also thinking I could drip feed £250 into a new Regular Saver at Nationwide for 5% there too.

Rich2808

bioboybill wrote: »

Hi, Is it possible to hold both a Nationwide Flexplus account and a Flex Direct? My wife and I have a joint Flexplus account with £2500 in for the 3% interest and the packaged benefits. We have a Nationwide Flexplus Regular Saver 8 that has matured and I was thinking of opening a Flex Direct for the 5% interest on £2500 and cycling £1000 between the new HSBC account I'm opening and a Flex Direct Account. And also thinking I could drip feed £250 into a new Regular Saver at Nationwide for 5% there too.

Yes - you can have both subject of course to Nationwide approving your application for another current account.

You can only have one NW flexclusive regular saver though for a sole account - or two (sole and joint) if you have a joint account.

Londonlisa12

YorkshireBoy wrote: »

HSBC (eventually). ...

colsten wrote: »

It's been max £250/mth for several months now.

Leaving Nationwide is cutting your nose off to spite your face. There are other places which pay 5% on regular savers but not too many. You can switch without leaving Nationwide - just open another Nationwide account and switch that one. (NB. Please let us know who pays £200 for switching to them).

TSB £130 initally + £80 bonus plus 3% on £1500 so around £255

So much for the nationwide being for its customers no wonder they have the highest paid directors out there.

teddysmum

I'm glad to have read a recent thread that referred us back to this one, as being preoccupied I missed reading the new T&Cs (How long will that take staff,going on past experience of their conflicting advice?)


Our 5% was up in August, but downgrading(especially when a joint account is involved),is longwinded, so put me off doing so in the hope of 5% in a year's time.Finding that the 5% won't be forth coming means I didn't waste time.


Some have mentioned keeping Flexaccounts instead of Directs as being less hassle , but if you are moving money anyway£750 instead of £1000 makes little difference and money in the Direct at least gets something.


Those wanting to leave in the minimum amount to benefit from future savers should bare in mind, though, that you need individual accounts for when the time comes for new savers or you'll be limited to one on a joint account or even one joint and one sole.


I'm going to empty ,but not close our joint Direct and keep the two soles running ,as our savers only have two months to run .

What a nightmare with the next savers limited to £500 between us,instead of £1000,new accounts elsewhere, needing direct debits (husband missed out on Tesco, but having 6 dds to find makes them impossible, as we have cancelled Sky so are one down already) and the 65+bonds up soon,too.


Bring on the higher interest rates from when we could bung all the money in one or two accounts and leave it to earn interest without all this moving around. (Well I can dream)

YorkshireBoy

teddysmum wrote: »

Those wanting to leave in the minimum amount to benefit from future savers should bare in mind, though, that you need individual accounts for when the time comes for new savers or you'll be limited to one on a joint account or even one joint and one sole.

It always used to be possible for both joint account holders to get sole regular savers. Have the rules changed?