Nationwide Introduction Rate Ending

Cotta

Hi All,

My introduction rate of 5% for my Nationwide current account is coming to an end, what are my options in such a situation?

xylophone

You can keep the Flexdirect, carry on as before and earn 1%.

You can downgrade to a Flexaccount.

You can close the account.

You can switch the account.

Aletank

I was in the same situation recently, If you upgrade with Nationwide, it's a quick upgrade online. When choosing to downgrade, it's either a 1 hour branch appointment or a 1 hour phone call .
I chose the phonecall option but sorry I didn't just switch to another bank online.

YorkshireBoy

Cotta wrote: »

My introduction rate of 5% for my Nationwide current account is coming to an end, what are my options in such a situation?

If you also have the 5% regular saver, be careful which option you choose.

Cotta

YorkshireBoy wrote: »

If you also have the 5% regular saver, be careful which option you choose.

Yes I have a regular saver account.

ceredigion

Cotta wrote: »

Yes I have a regular saver account.

Then be careful

Kim_13

Cotta wrote: »

Yes I have a regular saver account.

In this case you can do any of the following to retain the saver:

- Keep the FlexDirect open (no minimum pay in is needed to keep the Saver, only if you wish to get the 1% interest on up to £2,500.)

- Downgrade to the FlexAccount and pay in £750 per month

- Upgrade to FlexPlus for £13 a month (Don't do this unless you would benefit from the insurances on offer, as the fee is more than the account pays in interest (3% on up to £2,500.))

Unless you particularly want branch access and don't have another account with Nationwide to use for this purpose, there's no reason not to do the first. Incoming T and Cs prevent a second round on 5% and the FlexDirect means you don't need to meet a minimum pay in each month to keep the saver.

TSB Classic Plus is the best/easiest home for £1,500 if you don't already have it. You could also drip some of the funds into the saver if you pay in less than the maximum each month. The 1% is easily beaten so you should rehome the money.

TheShape

My introductory rate ended in September and I've been considering what to do with it. I could switch it to one of my other accounts that pay interest but with it being my 'Main Account' with a large number of DDs, SOs and payees set up on the account along with it being the linked account for a number of savings accounts with other providers, I've been hesitant to mess with it. An account paying 1% though :eek:

interest_Ted

Kim_13 wrote: »

Incoming T and Cs prevent a second round on 5%

On the FlexDirect ???
I haven't seen that anywhere !
I know there is still a 12 month moratorium, perhaps this is what you mean ?
If not, would appreciate link to, or advice on source .
Many thanks

Ted

yorkshireOAP

I would be interested in comments on post #4 & post #6 'be careful'. My flexdirect 5% term ends 3rd Jan.2018, I have a regular saver 5% ends May 2018. I have a Flex account also, but do not use too often, just to transfer to regular saver. So, I would apprciate my options under the be careful option??
Thanks

radoslaff

yorkshireOAP wrote: »

I would be interested in comments on post #4 & post #6 'be careful'. My flexdirect 5% term ends 3rd Jan.2018, I have a regular saver 5% ends May 2018. I have a Flex account also, but do not use too often, just to transfer to regular saver. So, I would apprciate my options under the be careful option??
Thanks

If somebody has a Regular Saver, shutting down (or switching) their current account which is no longer profitable because of the interest drop will result in their reg sav being shut down by the bank as well. Hence the "be careful" option.