Nationwide 5% a/c

masonic

keef-WhatStandards wrote: »

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

They aren't allowed to advertise an account offering 5% when it doesn't, which is why they say under the heading Important information about our current accounts:

"To receive these rates you must pay in to your FlexDirect account at least £1,000 a month. Money paid in from other Nationwide accounts held by you or anyone else or visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000. Interest is calculated on the last day of each month and is paid on the first day of the next month. We pay interest without tax deducted. If the account balance that we calculated interest on changes, then we may need to debit your account with an interest adjustment. If you have previously held a FlexDirect account and benefitted from the 5% AER introductory rate, you will not be entitled to this rate again and the 1% AER rate will apply, unless you are opening a FlexDirect account in joint names and you haven’t previously held a FlexDirect account in those joint names."

So it's quite simple, really:

• Don't pay in £1000 a month, you won't get the rate
• Had the account before, you won't get the rate

YorkshireBoy

!!! wrote: »

It’s in the T’s and C’s.

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

You don't need to get as far as the T&C's. As soon as you click "find out more" (as you would if you were considering the account, surely?...) you're presented with...

"You can get the 5% rate on more than one FlexDirect account as long as you haven’t opened accounts in that name or those joint names before. For example, you could earn the 5% rate on both an account in just your name, and on a joint account in your and your partner’s names. 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"

They probably put it there because they know some people won't read the T&Cs. But then if they don't even read the "find out more" bit...

keef-WhatStandards

Yes, I know it's in the T & Cs, but I read it as you wouldn't get 5% if you'd had 5% before.

keef-WhatStandards

Yes. Was I wrong to read that as I wouldn't get 5% if I had had 5% before?

keef-WhatStandards

It still advertises the account as offering 5%. What is should do is advertise it as offering 1% unless you have never had a FlexDirect before (if that is the case) or if you haven't got 5% off a FlexDirect before. I am still not clear which applies.

Willing2Learn

keef-WhatStandards wrote: »

It still advertises the account as offering 5%. What is should do is advertise it as offering 1% unless you have never had a FlexDirect before (if that is the case) or if you haven't got 5% off a FlexDirect before. I am still not clear which applies.

You have failed to read the small-print. I quoted the small-print in my earlier post.

Edit: YorkshireBoy has also quoted the relevant small-print...

YorkshireBoy

Willing2Learn wrote: »

You have failed to read the small-print. I quoted the small-print in my earlier post.

Once when they had their previous FlexDirect account(s), again now on the Nationwide website, and now again no fewer than 3 times in this thread. If this was a new member they'd be accused of trolling.

keef-WhatStandards

Are there any accounts that *do* offer 5% then?

Willing2Learn

No. There are no alternate current accounts that pay 5% APR on credit balances. Though there are a few Regular/Monthly Saver accounts that do pay 5% APR.

YorkshireBoy

Willing2Learn wrote: »

Though there are a few Regular/Monthly Saver accounts that do pay 5% APR.

There's only one now isn't there...for new customers.