My Nationwide Flex Direct 5% finishing

dave_hendy

My Nationwide Flex Direct account paying the 1 year 5% is finishing next week and changing to 1% interest. It looks like I have to wait 12 months before I can open another Flex Direct account to get the 5% interest? Do I need to close my current account and have no Flex Direct account for 12 months or can I leave it open earning the 1% and then open another account in 12 months?


Thanks

EachPenny

Nationwide are changing the T&C's to prevent customers getting more than one bite at the 5% introductory offer... so in 12 months time the loophole will be firmly shut.

dave_hendy

That’s a shame, I’ll keep it for a while then close it I guess. Seems a waste of money on their part giving the incentive then there not being any point having the account.

A bit disappointing along with the regular saver now only being £250 a month not £500. Not really looking after their customers with interest rates rising!

EachPenny

dave_hendy wrote: »

That’s a shame, I’ll keep it for a while then close it I guess. Seems a waste of money on their part giving the incentive then there not being any point having the account.

A bit disappointing along with the regular saver now only being £250 a month not £500. Not really looking after their customers with interest rates rising!

Especially if they've also paid out £200 up front because a friend recommended you.

Nationwide's 1% on their Loyalty account is also a bit insulting.... 15 years of Loyalty earns you less than a brand new customer gets with a Tesco savings account (along with various others).

intalex

Just noticed this thread as I was approaching my 1% anniversary and called Nationwide to bump my interest rate back up to 5% for another year, only to be told it's a no-go :eek:

Apparently I was notified of the change in T&Cs earlier this year and it was implied somewhere in the small print, but it's my fault for never reading a thick booklet full of T&Cs.

Feel like this one slipped through under the radar a little, or I was snoozing big time if I've overlooked all the publicity!

ceredigion

intalex wrote: »

Feel like this one slipped through under the radar a little, or I was snoozing big time if I've overlooked all the publicity!

The latter I can assure you

polymaff

dave_hendy wrote: »

That’s a shame, I’ll keep it for a while then close it I guess. Seems a waste of money on their part giving the incentive then there not being any point having the account.

A bit disappointing along with the regular saver now only being £250 a month not £500. Not really looking after their customers with interest rates rising!

Think twice before you do. Having a flexdirect account is the enabling key to the regular saver in many cases.

The external flim-flam is to suggest that by remaining a mutual they care about their members. The internal mission statement is, or at least was until quite recently "behave like a bank"

No contradiction there, then

Herbalus

polymaff wrote: »

The external flim-flam is to suggest that by remaining a mutual they care about their members. The internal mission statement is, or at least was until quite recently "behave like a bank"

No contradiction there, then

I am more minded to think that banks do actually care about their customers, and suspect that is not always apparent because of competency

Dobbibill

OP - why not drip feed some of your funds from the current account into their Flexclusive regular saver - that pays 5% - you are limited to a max of £250 per month though

Mchambers

TSB will soon be offering 5% on their Classic Plus Accounts.

intalex

ceredigion wrote: »

The latter I can assure you

So where is all the publicity then? Doesn't come up on searching here...