Switch Question

Trying17

Hi,

New to the forum, just wondered if anyone could answer a quick question for me.
I have a nationwide Flex Direct and a standard Flex account.
The Direct account is just finishing its 5% one year.
Is it ok for me to switch just the Direct account, ( Halifax) are Nationwide likely to stop my monthly saver etc.

So I guess I'm asking would I upset them and be penalised in some way?

Many thanks.

ValiantSon

Why switch the FlexDirect rather than the Flex? Although it is now only 1%, it is still more than the 0% your Flex account is paying?

If you are set on doing this for some reason, then as long as you have been paying in at least £750 p/m from outside sources to your Flex account then there is no issue with you opening a new regular saver.

Trying17

Thanks for your reply,
Sometimes I cant see the wood for the trees.

TheShape

OP,

Do you qualify for the free travel insurance via your Flex account? Worth considering before you switch it.

It's the only reason I keep mine.

Trying17

Hi,
No, it is just a standard flex account.
but it is my oldest account, with wages and DDs, going in.
Doesn't the flexclusive have insurance? and a monthly fee.

Mogley

As it's your oldest account it maybe worth keeping both the standard Flex and the Flex direct accounts and opening a new flex account solely for the purpose of switching to Halifax. This is of course assuming you are doing this for the switching bonus?
If you apply for the new flex account whilst you are logged into internet banking, a lot of the information is pre-populated and your account can be set up in minutes. When you receive your debit card in the post, start the switch to Halifax.

ValiantSon

Trying17 wrote: »

Hi,
No, it is just a standard flex account.
but it is my oldest account, with wages and DDs, going in.
Doesn't the flexclusive have insurance? and a monthly fee.

FlexPlus Account comes with travel, mobile phone, and breakdown insurance. It costs £13 per month.

FlexAccount doesn't come with insurance any longer, but it used to. See here https://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexaccount
You might want to check if yours does as it may make sense to keep that account for the benefit offered.

I would do what Mogley suggests and open a new FlexAccount. You can then switch this new account to Halifax for the switching bonus, and keep both of your existing Nationwide accounts with their associated benefits.

Once you've switched to Halifax, keep the account open as it will now be suitable for moving on somewhere else for future switching offers.

Trying17

Will do, Thanks