You can't get the Nationwide FlexDirect 5% twice?

Randomorbit

I found posts on this forum suggesting you could get the 5% from the FlexDirect again if you waited a year to open it after previously closing it, is this no longer the case? When I asked Nationwide about it they suggest it's not or is the employee wrong?


"Thanks for getting in touch with me today.

It's great to hear that you're looking to open a FlexDirect account and I can certainly help you with this.



I've had a look into this for you and can see that you've previously held a FlexDirect account with us which was closed in 2014. Under the new Terms and Conditions of the FlexDirect, you're only able to receive this 5% interest offer once.



This means that as you've previously held a FlexDirect account with the 5% rate, you won't benefit from this offer again I'm afraid."

northwalesd

Randomorbit wrote: »

I found posts on this forum suggesting you could get the 5% from the FlexDirect again if you waited a year to open it after previously closing it, is this no longer the case? When I asked Nationwide about it they suggest it's not or is the employee wrong?

The employee was not wrong, Nationwide changed T&Cs for the account in the latter part of last year.

Randomorbit

That's a shame

northwalesd

I think this is the thread where it was first mentioned on these forums

https://forums.moneysavingexpert.com/discussion/5727599

Dobbibill

It does still give you acess to their 5% regular saver though.

djpailo

Dobbibill wrote: »

It does still give you acess to their 5% regular saver though.

Yup, this is true. Its a shame that also went down to monthly payments of £250 instead of £500 though . Still an excellent product

I'm curious, does anyone still leave any money in the account after a year or move it?

agrinnall

Must have changed in the last quarter of 2017 as I opened my second one at the end of September.

Dobbibill

djpailo wrote: »

Yup, this is true. Its a shame that also went down to monthly payments of £250 instead of £500 though . Still an excellent product

I'm curious, does anyone still leave any money in the account after a year or move it?

Yes it is a shame but 5% nevertheless so not to be sniffed at

I use mine but not to full capacity working on the basis of 1% is better than zero on those funds.

agrinnall wrote: »

Must have changed in the last quarter of 2017 as I opened my second one at the end of September.

Yes it was late last year it changed - I recall it being just before my existing account matured (December) so I'm thinking around the November time. Typical!

Ed-1

Dobbibill wrote: »

Yes it is a shame but 5% nevertheless so not to be sniffed at

I use mine but not to full capacity working on the basis of 1% is better than zero on those funds.




Yes it was late last year it changed - I recall it being just before my existing account matured (December) so I'm thinking around the November time. Typical!

The new terms are effective from 13th January 2018.

pollypenny

djpailo wrote: »

Yup, this is true. Its a shame that also went down to monthly payments of £250 instead of £500 though . Still an excellent product

I'm curious, does anyone still leave any money in the account after a year or move it?

It becomes our holiday account, contribution to GDSs' college funds, big bills account. etc

Two thousand has been earmarked for a new garage roof, sadly.

Wednesday100

Ed-1 wrote: »

The new terms are effective from 13th January 2018.

I snuck back in for my 2nd go at 5% just a week before the deadline after having the account semi-dormant for 12 months i.e. not using it.. It was touch and go as the Nationwide online person I was corresponding with said it could take 5 working days to adjust the interest back up to 5% which would have taken me past the 13th.