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darkidoe

Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?

adindas

darkidoe wrote: »

Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?

Yes that is what I have been doing ....

darkidoe

adindas wrote: »

Yes that is what I have been doing ....

Oh goody! Nationwide is my favourite [STRIKE]bank[/STRIKE] building society in the interest department!

[Deleted User]

adindas wrote: »

I have not read it carefully on the T&C. Wonder is there any restriction to hold newly launched Cambridge BS RS i5 together with Regular Saver i4 if you already have RS i4 ?? Leeds BS allow this what about Cambridge BS ??

Looks like you can only have one RS open at any time. Another drawback is that the new RS i5 can only be opened in a branch, which appear to exist only in Cambridgeshire. RS i4 could be opened by post.

YorkshireBoy

darkidoe wrote: »

Anyone knows if it is possible to downgrade FlexDirect down to FlexAccount to benefit from a further issue of Flexclusive Regular Saver after the FlexDirect 12 months of 5% bonus interest, with the option of reopening a new FlexDirect after a 12 months break to gain the 5% bonus again if the promotion is still available?

Last time I looked the T&Cs were not at all clear as to whether eligibility was maintained by doing the above.

I'm covered anyway via an old FlexAccount that sees monthly funding for ongoing travel insurance benefits, but if I didn't have this I'd make sure I had a 3 month overlap with both accounts before closing the FlexDirect. Actually, the only way to 'know' you're a main account customer with a FlexAccount is to be in possession of the travel insurance welcome letter (unless you've switched to it of course).

Maybe take a look on their website and see if anything's changed?

Mee

Excuse my ignorance, but how does one downgrade a FlexDirect to a FlexAccount? My FD is due to fall to 1% by the end of the year.
Thanks

adindas

Mee wrote: »

Excuse my ignorance, but how does one downgrade a FlexDirect to a FlexAccount? My FD is due to fall to 1% by the end of the year.
Thanks

Call them as simple as that.
Just be aware if the interest you are after. Flex Account is hardly paying any interest. But you will get European travel insurance by meeting the criteria.

mary

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

YorkshireBoy

mary wrote: »

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

Lots of people on here have been told that, and some of them in writing via secure message (the lucky ones?), but the fact remains that the T&Cs state you cannot have 'held' a FlexDirect account for 12 months if you want another bite at the 5% rate. I can't see that rate being available for much longer anyway. My money's on 3% for new customers at the start of November, or even before!

adindas

mary wrote: »

My 5% has come to an end and I was told when I rang, that you can still keep the Flex Direct account and it automatically drops to 1%. At the end of 12 months you can ask for it to be reinstated to the 5% rate again, provided it still exists - ie. you don't actually have to downgrade to a different account.

It id a good idea if you write down the name of the person who told you that. You might need it in the future when something went wrong.

Unlike other Banks such as HSBC, Tesco, 1st direct etc, NW Customer Services is notoriously known to be inconsistent one to each other. They have a lot of rookies working in their front lines. I fully doubt what she was telling you was true.

You might want to call them another time to get a different person and ask the same question again and compare their answer ?

But I also want to know if this was true. Probably good to know if there is a case like this previously that could be reported ??