Extend Nationwide current account at 5% pa interest rate

elephantrosie

Is the above possible? My nationwide current account at 5% interest rate is coming to an end in February. It is going to be 1% after this. I think I have read it somewhere that it is possible to get it going for 5% but need renewal. How do i do so?

badger09

elephantrosie wrote: »

Is the above possible? My nationwide current account at 5% interest rate is coming to an end in February. It is going to be 1% after this. I think I have read it somewhere that it is possible to get it going for 5% but need renewal. How do i do so?

No it is not possible for you to get 5% again on your Nationwide Flexdirect current account. Nationwide have changed their T&C. There are several threads discussing this - try the Budgeting and Bank Accounts board.

Kim_13

Here is a link to the thread announcing the changes: https://forums.moneysavingexpert.com/discussion/5727599

Some further discussion here, where a poster was refused another 5% after having had the FlexDirect at the 1% rate for a year: https://forums.moneysavingexpert.com/discussion/5629890 (starts at the bottom of the page)

As you won't have had a year off of 5%, you won't be able to attempt the 'workaround' of calling to request the 5% again on an existing account (the outgoing terms if applied to the letter required an account to be converted from FlexDirect to another type or otherwise closed for the intervening year.)

Alexland

Take out a joint Flex Direct account? That's our plan for next year - go from 2 to 3 to 1 accounts while still running 2 regular savers:

"The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names."

https://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts

Heatherlucy66

If you're talking about the Flex direct 5% account, yes it drops to 1%. If you're talking about 5% regular saver account for 1 year, when it ends, just start another one. I've just done this. Last year I could put away £500/month but this year its only £250/month. I've closed my flex direct as I have another Nationwide account (to do "recommend a friend" from) and switched to another bank who kindly gave me £125 for doing so��

Heatherlucy66

If you have a break for 12 months, you can open another flex direct, that's what they told me anyway!

alternate

Heatherlucy66 wrote: »

If you have a break for 12 months, you can open another flex direct, that's what they told me anyway!

That is how it used to work. According to their new T&C that is no longer the case.

elephantrosie

Heatherlucy66 wrote: »

If you're talking about the Flex direct 5% account, yes it drops to 1%. If you're talking about 5% regular saver account for 1 year, when it ends, just start another one. I've just done this. Last year I could put away £500/month but this year its only £250/month. I've closed my flex direct as I have another Nationwide account (to do "recommend a friend" from) and switched to another bank who kindly gave me £125 for doing so��

thank you all for the reply.

@heatherlucy- i also have the regular saver which will come to an end sometime early next year. could i refer myself to open a new current account and then set up a regular saver account linked to the new current account? is that what you did?

veryintrigued

elephantrosie wrote: »

could i refer myself to open a new current account ....

Not even Nationwides systems are that inept

Kim_13

If you retain the FlexDirect, there's no minimum pay in required to keep the Regular Saver.

If you have a FlexAccount, there's a £750 minimum pay in for each of the last three months unless you've switched to them in the last 4 months.

I'm yet to hear of it happening, but if you only have the FlexAccount and don't meet the eligibility criteria to the Saver, they are able to convert it to another type of account (which would have a far lower interest rate.)

Now that the second round on FlexDirect is not possible, there's no reason I can see not to keep the FlexDirect. If you don't want to earn the 1% on any money in the account then you don't need to pay in £1,000 each month.

For a PDF of the Flex Regular Saver terms, see here:
https://www.nationwide.co.uk/-/media/MainSite/documents/products/savings/terms-and-conditions/P3363-FlexclusiveRegularSaver2.pdf

dggar

alternate wrote: »

That is how it used to work. According to their new T&C that is no longer the case.

Are you saying that if you close a flexDirect account you Not Allowed To open another flexDirect account in 12 months time, OR you cannot open a flexDirect in 12months time and get 5%.


I presume the fexDirect account will still be available but with a lower interst rate.