"FlexDirect - 5% interest for 12 months"

alandaniel132

I am having "FlexDirect - 5% interest for 12 months" current account. It going to be 11 months. What will be happened to the interest on the 13th months is that will drop to 1% interest.

Can I close my FlexDirect account on 13th month. And then after few weeks, open a FlexDirect account and enjoy the 5% interest for coming 12 months?

binaryuniverse

You can not.

alandaniel132

what is the reason?

binaryuniverse

Nationwide will not allow you to do this.

alandaniel132

It does not mention is only one person for lifetime using 5% for FlexDirect in terms and condition

18cc

yes ot does...

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. (4.89% gross p.a) fixed. 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% (4.89% gross p.a) fixed to 1% gross p.a/AER (variable) within 7 working days of the account being opened.

If you have previously held a FlexDirect account you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

alandaniel132

If i close FlexDirect in June 2018, and I open FlexDirect in December 2018, after 6 months, I am still unable to get 5% interest in December 2018?

StokieBecks

The terms are right there in 18cc post - you can only get 5% interest for 12 months once (unless you have a joint account) it doesnt matter how long between closing one and opening another you will not get it again as you have already been a customer