NationWide Reg Saver T&C change

AndyPK

I received a letter saying that when my 5% regular saver matures, the T&C on the account it matures into will change. (from May)

The letter doesn't give the changes.

Anyone dug into it? and can tell us the change please?

Thanks

le_loup

It's incredibly easy to look up the T&Cs of any account on their website. Have you tried?

planteria

i know when mine matures this month i won't be able to contribute £500/m to it.. new accounts are capped at £250/m.

ValiantSon

AndyPK wrote: »

I received a letter saying that when my 5% regular saver matures, the T&C on the account it matures into will change. (from May)

The letter doesn't give the changes.

Anyone dug into it? and can tell us the change please?

Thanks

https://www.nationwide.co.uk/-/media/MainSite/documents/products/savings/terms-and-conditions/P3363-FlexclusiveRegularSaver2.pdf

Nothing of any great substance.

Nicholas

They say they have refreshed the wording to make it easier to read, but I beg to differ. For instance,

Existing term:

Account holding and eligibility
1. The account is for individuals aged 18 or over who meet one of the following two criteria:
i) hold a FlexOne, FlexStudent, FlexDirect or FlexPlus account, or
ii) hold a FlexAccount and:
!!!8226; Have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or
anyone else);
or
!!!8226; Completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months

New term:
Conditions for holding your account
1. You need to be aged 18 or over.
2. You must hold any one of a FlexOne, a FlexAccount, a FlexStudent, a FlexDirect or a FlexPlus as your main current account.
3. For your FlexAccount to qualify as your main current account, at any time, you must either:
!!!8226; Have paid at least £750 into the current account each month for the preceding three months (excluding transfers from another Nationwide
account); or
!!!8226; Have completed a current account switch from a non-Nationwide current account, using our Current Account Switch Team, during the
preceding four months


Notice the part I have changed to red? This is the bit that worries me. I have a FlexDirect and a FlexAccount, but have ignored the part about paying in £750 a month as having a FlexDirect account means I don't have to. But what do they mean now by having to hold any of these accounts as a main account? Obviously for FlexAccount, continue with £750 a month pay-in, but it doesn't explain what holding a FlexDirect account as a main account means. I was thinking about upping my payment into my FlexAccount to £750 a month, but even if I started today, it would only be 2 months worth by 1 May.

So I am hoping that they are not being sneaky here.....

EachPenny

Nicholas wrote: »

Notice the part I have changed to red? This is the bit that worries me. I have a FlexDirect and a FlexAccount, but have ignored the part about paying in £750 a month as having a FlexDirect account means I don't have to. But what do they mean now by having to hold any of these accounts as a main account? Obviously for FlexAccount, continue with £750 a month pay-in, but it doesn't explain what holding a FlexDirect account as a main account means.

The term "main current account" doesn't appear to be defined either in the account T&C's nor the General Savings T&C's, so what the phrase actually means (when applied to anything other than a FlexAccount) is anybody's guess.

But my reading is similar to yours, it could represent a material change to the conditions rather than a slight re-wording. But I don't think it likely that a material change is is what was intended.

Nicholas wrote: »

So I am hoping that they are not being sneaky here.....

More likely one of those cases where making it simpler has made it more complicated, but I don't think anyone needs to worry about it too much. I'm sure we will get clarity soon enough

Nicholas

EachPenny wrote: »

The term "main current account" doesn't appear to be defined either in the account T&C's nor the General Savings T&C's, so what the phrase actually means (when applied to anything other than a FlexAccount) is anybody's guess.

But my reading is similar to yours, it could represent a material change to the conditions rather than a slight re-wording. But I don't think it likely that a material change is is what was intended.


More likely one of those cases where making it simpler has made it more complicated, but I don't think anyone needs to worry about it too much. I'm sure we will get clarity soon enough

Agreed. I'm hoping that if a material change was their intention, they would have had the decency to include it in the summary of changes section. The older I get, the more cynical I get....:rotfl:

ValiantSon

As they haven't defined what a "main account" is there is little risk of any issues arising. For it to be meaningful they would need to have included a definition that specified, for example, minimum monthly deposits and X number of DDs, including, possibly DDs to utility companies.