Top Bank Accounts Discussion Area

grumbler

polymaff wrote: »

I asked Nationwide if they'd like to do something more economic (for them) than my closing N 12-month-old 5% accounts and then opening up N new 5% accounts.

First you have to wait for 12 months.
Then you can open 1 new account (+ 1 joint), not N.

Archi_Bald

grumbler wrote: »

First you have to wait for 12 months.
Then you can open 1 new account (+ 1 joint), not N.

Actually, you can open N accounts, where N = 4 for sole accounts. Not sure whether N for joint accounts would be an additional 4. You just only get 5% on a maximum of 1 sole and 1 joint account. The rest will be on 1%. All interest subject to account terms met, obviously.

Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.

Any additional FlexDirect accounts held or more than one joint account held by you and another customer will result in the credit interest rate being reduced from 5% to 1% within 3 working days of the account being opened.

http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts#tab:Ratesfeesandampoverdrafts

You can open up to four Nationwide current accounts.

However, under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.

Any additional FlexDirect accounts held will result in the credit interest rate being reduced from 5% to 1% within 3 working days of the account being opened. If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate.

http://www.nationwide.co.uk/support/support-articles/faqs/current-account-faqs/flex-direct-faqs#xtab:can-i-open-more-than-one-flexdirect-account

grumbler

Are you in a pedantic mood today?
The post I replied to was about opening "N new 5% accounts".

veryintrigued

Thanks to Grumbler and Archi for the reminders and clarification here on these Flexdirect accounts.

I had a reminder in my diary to attempt to get some more of the Flexdirect accounts early in 2015 (i.e. 12 months after opening them).

Problem being I still have four dormant ones i.e. I forgot to close the pesky things and the T&Cs seem to read thats its 12 months since closing (any) of these that is the trigger to allow a new one to pay 5%. I really am daft sometimes!!

Anyone have a crystal ball to know if these accounts will be around in 12 months - or if its worth me keeping these 4 accounts as switching incentive ones!!

YorkshireBoy

veryintrigued wrote: »

...if its worth me keeping these 4 accounts as switching incentive ones!!

Do you really think that 4 switching offers will appear simultaneously? Why not close 2 or 3 and downgrade the other 1 or 2 to FlexAccount?...


"I have a FlexDirect account; can I change it to a FlexAccount?"

http://www.nationwide.co.uk/support/support-articles/faqs/current-account-faqs/flex-direct-faqs#10

polymaff

grumbler wrote: »

Are you in a pedantic mood today?
The post I replied to was about opening "N new 5% accounts".

But weren't you being pedantic yourself? I specifically used the term N - which includes your suggested values - in order to avoid pedantry. Some chance!

I guess that I'll switch (our three accounts) from FlexDirect at 5% to FlexPlus at 3%.

Archi_Bald

polymaff wrote:

I guess that I'll switch (our three accounts) from FlexDirect at 5% to FlexPlus at 3%.

3 FlexPluses? Why? 3 x £10 a month for what? Even if you kept £2.5K in each, they would cost you 3 x £5ish a month. Doesn't sound a good deal to me.

grumbler

What's the point in having three FlexDirec accounts if £120 annual fee negates any interest? You can get most benefits with just one joint account.

polymaff

veryintrigued wrote: »

I had a reminder in my diary to attempt to get some more of the Flexdirect accounts early in 2015 (i.e. 12 months after opening them).

Does the following scupper your plan?

"If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate."

polymaff

Archi_Bald wrote: »

3 FlexPluses? Why? 3 x £10 a month for what? Even if you kept £2.5K in each, they would cost you 3 x £5ish a month. Doesn't sound a good deal to me.

Thanks, Archi/Grumbler - I was way too quick off the mark with that comment. Looks like Nationwide is off the current-account-earning-reasonable-interest list for a while.