Downgrading from flexplus to flex direct

alexthepenguin

I currently have a flex plus account with Nationwide. However I don't want to pay the monthly fee any more so am considering to downgrade it to the flex direct account. Will I still get the 5% interest in my first year given I have already been a customer of the flex plus account?


Thank you.

HampshireH

The interest is paid monthly on the flexplus account isnt it? So you should already have been paid it

When you downgrade you will go on to whatever rate the lower account offers

18cc

You will get the 5% interest for one year on your new FlexDirect account provided that you have never before held a FlexDirect account and taken advantage of the 5% interest

if you want to you can open the FlexDirect account first and later on close down your flexplus account this will of course involve a change in account number and sort code for you and you may not want this but it is one option to consider

colsten

18cc wrote: »

if you want to you can open the FlexDirect account first and later on close down your flexplus account this will of course involve a change in account number and sort code for you and you may not want this but it is one option to consider

You'd probably also lose "loyalty years" as I believe Nationwide count those from the opening date of your oldest but still existing account. This may or may not be a consideration. Presently being a longstanding, loyal, Nationwide customer doesn't actually buy you anything (their "loyalty" products are carp) but it did in the past, and who knows, it may do again in the future.

TheShape

colsten wrote: »

You'd probably also lose "loyalty years" as I believe Nationwide count those from the opening date of your oldest but still existing account. This may or may not be a consideration. Presently being a longstanding, loyal, Nationwide customer doesn't actually buy you anything (their "loyalty" products are carp) but it did in the past, and who knows, it may do again in the future.

My oldest existing Nationwide account is my Flexplus account which started life as a Flex account and was upgraded through a Flexdirect account. The account was opened in 2007 but I've got 15+ loyalty years so I don't believe you lose loyalty years if you close an old account.

Whether you have to ensure you've continuously had an account with no periods where you don't have an account open, I'm not sure.

le_loup

colsten wrote: »

You'd probably also lose "loyalty years" as I believe Nationwide count those from the opening date of your oldest but still existing account.

Not correct.
As long as you have been a continuous member, the type and length of a particular account is not relevant.