Nationwide 5% Regular Saver terms and conditions

beefturnmail

For several years, my wife and I have had two of these (re-opening each time they mature): one in my wife's name and one held jointly. My wife's has just matured and tried to open another as normal and she can't do it. Having looked at the t & c, I reckon this is because they've added the bit in bold (https://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3434-flex-regular-online-saver.pdf)


9. You can only be the first named account holder of one Regular Saver, Flexclusive Regular Saver, Flexclusive Regular Saver 2 account or be an account holder of one Flex Regular Online Saver account at any one time, which can be held in either sole or joint names.

So my plan is to simply close the joint one and then re-open two sole one. I can't see any restrictions within the t & c to prevent this (i.e. loss of interest on the closed joint account, or having to wait a period to open another account after closing one). What does anyone else think?

Alexland

Yes if you are named on a joint regular saver you cannot have an individual one. Unsure how your wife managed to get this in the past. As there is no penalty to close the joint one you might as well close it early and open individual one(s) assuming you each individually qualify.

Ningaloo

Can I add onto this this and ask a similar question.

My joint FlexDirect account rate 5% is due to expire in February. Previous to that we held sole accounts.

To gain another 12 months of 5% interest - can I open a new pair of sole accounts?

I really like Nationwide and want to stay with them so wanted to check before I close my account on maturity if there is a way I can stay with them.

Keep_pedalling

Ningaloo wrote: »

Can I add onto this this and ask a similar question.

My joint FlexDirect account rate 5% is due to expire in February. Previous to that we held sole accounts.

To gain another 12 months of 5% interest - can I open a new pair of sole accounts?

I really like Nationwide and want to stay with them so wanted to check before I close my account on maturity if there is a way I can stay with them.

Yes you can we did this last year.

beefturnmail

Alexland wrote: »

Unsure how your wife managed to get this in the past.

Because I am the first named account holder on the joint account - I think that previously the only restriction was that you could only be the first named account holder on one saving account; the additional part about only being allowed to be an account holder of one account has been added within the past year

Alexland

Keep_pedalling wrote: »

Yes you can we did this last year.

Yes but they changed the rules on Flex Directs and it is no longer possible if you have done it before.

We have same situation having had the Flex Direct 5% on both individual and joint accounts. We are just keeping the joint account to drive the regular savers.

Alex

beefturnmail

So you can drive 2 Flex Reg savers from one joint Flex Direct account?

clivep

beefturnmail wrote: »

So you can drive 2 Flex Reg savers from one joint Flex Direct account?

Yes.


Or from one joint FlexAccount if you pay in £750/month.