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

clivep

YorkshireBoy wrote: »

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

The rules haven't changed and both joint account holders CAN have regular savers.

The only problem is that if you try to set up a new regular saver online with the initial deposit from a joint account then this will set up the regular saver as a joint one. To set up sole regular savers with initial deposit from a joint account you need to phone them.

The way around this if you already have sole regular savers is:
1. Wait for the existing sole regular savers to mature and become sole Flexclusive Saver accounts.
2. Set up new sole regular savers taking the initial deposits from the sole Flexclusive Saver accounts.
3. Put the rest of the money in the Flexclusive Saver accounts somewhere better.
4. Close the sole Flexclusive Saver accounts.

radoslaff

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, that's correct.

Vortigern

clivep wrote: »

The rules haven't changed and both joint account holders CAN have regular savers.

The only problem is that if you try to set up a new regular saver online with the initial deposit from a joint account then this will set up the regular saver as a joint one. To set up sole regular savers with initial deposit from a joint account you need to phone them.

The is an easier way to set up sole regular savers, where you have only a joint account.

1. Do not log in to Nationwide. Ensure you are logged out.

2. Apply online for the Flexclusive regular saver. You will be able to choose sole or joint.

3. Log in to Nationwide when the application asks you to do so.

No need to phone.

clivep

Vortigern wrote: »

The is an easier way to set up sole regular savers, where you have only a joint account.

1. Do not log in to Nationwide. Ensure you are logged out.

2. Apply online for the Flexclusive regular saver. You will be able to choose sole or joint.

3. Log in to Nationwide when the application asks you to do so.

No need to phone.

Great suggestion.

I knew that it was a problem if you were logged in. It had been pointed out that you can do it online by not logging in but you would then need to fill in all your details manually. Your way is even better.

ozaz

EachPenny wrote: »

We are only speculating about the future availability of the 5% offer, Nationwide are notorious for saying one thing in the T&C's and doing another in practice, so whilst I would say it is likely, I'd not go so far as 'definitely' myself

Sorry to revive an old thread, but this seems to be the most suitable place for my question. Since the new T&C came into effect (Jan 2018) did anyone test the idea above that Nationwide staff may not in practice be as strict as the T&C?

BG253

Does anyone know if my wife & I can open 3 flex direct accounts? One each plus one joint and three regular savers?

youngretired

If you've never held a FlexDirect in the past then yes you can open a sole each and 1 joint. You can only have 2 regular savers though,1 sole each as you can only be named on 1.

PRAISETHESUN

My understanding is that you can open multiple FlexDirect accounts but the 5% bonus for 12 months only applies to one of them, and only if you have never held a FlexDirect account before (they pay 1% interest as standard). You can only hold one regular saver in your name however - unless it is joint.

I would imagine 9 months on that Nationwide staff would be clued onto the change in the T&Cs regarding multiple iterations of the 5% bonus, but you never know. You could always pop into a branch and ask!

pafpcg

PRAISETHESUN wrote: »

My understanding is that you can open multiple FlexDirect accounts but the 5% bonus for 12 months only applies to one of them.

In the circumstances described, I think it will apply for all three - my partner and I are getting the full 5% for our two sole and one joint FlexDirect accounts.

PRAISETHESUN

pafpcg wrote: »

In the circumstances described, I think it will apply for all three - my partner and I are getting the full 5% for our two sole and one joint FlexDirect accounts.

My apologies, my comment was for accounts held in a single name. What you have described for two single accounts held in two names, alongside a joint account is correct - but you are still only entitled to the 5% rate once now so once it ends then you can't get the rate again