Nationwide 5% a/c

keef-WhatStandards

I don't care what they call the account, I just want the best interest rate they can give. It looks as if they do offer 5% but not if you have had the same account name before. Is that correct?

I've got/had Flexdirect, flexsaver, flexregular and no doubt a few others as/when/if they have insisted I open yet another account rather than upgrade the one(s) I already have.

Edit: Just checked IvanDP's post and the account is called FlexDirect.

Willing2Learn

You say FlexDirect. Then I believe you will only get 1% as you previously had the account. The FlexDirect terms:

If you open new accounts in the same name or joint names as previous accounts, they'll earn the standard 1% AER rate, even if you’ve closed the first accounts in those names

keef-WhatStandards

More waste of time then?

Hopefully my M&S will give access to a 5% saver?

Any others?

Ed-1

keef-WhatStandards wrote: »

I don't care what they call the account, I just want the best interest rate they can give. It looks as if they do offer 5% but not if you have had the same account name before. Is that correct?

I've got/had Flexdirect, flexsaver, flexregular and no doubt a few others as/when/if they have insisted I open yet another account rather than upgrade the one(s) I already have.

Edit: Just checked IvanDP's post and the account is called FlexDirect.

There's a distinction to be made here which you don't seem to understand: FlexDirect is a current account. The others are savings accounts. You can't 'upgrade' a savings account to a current account.

keef-WhatStandards

I have two FlexDirect accounts. I think I had three at one point, but used it to switch or upgraded it to a different name. I'm now back to three FlexDirect accounts because they advertise it as paying 5%.

I understand there are certain terms, which no doubt involve direct debits and minimum monthly payins: this is quite normal.

The fact my previous 5% account was a monthly saver, is just not really releveant. I don't care what they call it. I've had two Tesco current accounts for a year as that paid better rates than most savings accounts. Like I say the number of different names and types is just too confusing.

The day a bank says here's an account that pays a reasonable interest rate all the while you are with us is the day I will stop switching.

Ed-1

keef-WhatStandards wrote: »

I have two FlexDirect accounts. I think I had three at one point, but used it to switch or upgraded it to a different name. I'm now back to three FlexDirect accounts because they advertise it as paying 5%.

I understand there are certain terms, which no doubt involve direct debits and minimum monthly payins: this is quite normal.

The fact my previous 5% account was a monthly saver, is just not really releveant. I don't care what they call it. I've had two Tesco current accounts for a year as that paid better rates than most savings accounts. Like I say the number of different names and types is just too confusing.

The day a bank says here's an account that pays a reasonable interest rate all the while you are with us is the day I will stop switching.

You could have a FlexDirect (current account) paying 5% and at the same time a Flexclusive Regular Saver (later called Flex Regular Online Saver) which is a savings account paying 5%.

However if you have previously had a FlexDirect account, you can't then have another introductory (1 year) 5% on a new FlexDirect.

The Flex Regular Online Saver is no longer available.

[Deleted User]

You won't be getting 5% in all three of those accounts or any further ones you open.

keef-WhatStandards

Thanks Ed. So as I suspected Nationwide are advertising an account offering 5% that doesn't.

keef-WhatStandards

Yes, as I suspected Gary.

Why are they allowed to advertise an account offering 5% when it doesn't?

[Deleted User]

It’s in the T’s and C’s.

If people choose not to read those, then that’s down to them.