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Westie983

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.

I hope you have this is writing as this is not what the T&C's say.

It says

If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

The choice is yours, but I have opened up at flex account in September when my rate finished, and will be down grading my flex direct in December when the Flexclusive regular saver matures, and I will have funded the flex account with £750 for the last three months, which will qualify me for the next flexclusive regular saver if they offer one, at a rate that is competitive, that said in a years time Im not sure that they will be offering the rate but its worth the wait to find out, by not holding a flex direct for 12 months.

Ed-1

adindas wrote: »

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 ??

Yes it's true. Ask me and Speculator . If it isn't then downgrading to FlexAccount and upgrading to FlexDirect the next day certainly works.

It's not just one NW customer service person that has said this. It's several so there's certainly been something sent out to staff to say this is fine. It's about time NW got round to updating the statement on their website to reflect it.

EarthBoy

adindas wrote: »

..Just be aware if the interest you are after. Flex Account is hardly paying any interest. ...

FlexAccount doesn't pay any interest at all; it hasn't done for years.

YorkshireBoy

Ed-1 wrote: »

It's about time NW got round to updating the statement on their website to reflect it.

It's not just the "statement on their website" though Ed...they'd need to re-write the T&Cs, and mail them to all customers...even those with FlexAccount and FlexPlus accounts since it's all one document.

Ed-1

YorkshireBoy wrote: »

It's not just the "statement on their website" though Ed...they'd need to re-write the T&Cs, and mail them to all customers...even those with FlexAccount and FlexPlus accounts since it's all one document.

Good point.

http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/P857_ImportantInformation-TermsAndConditions.pdf

It seems that it's easier for NW to choose not to enforce that condition (relaxing it) rather than go to the hassle of explicitly changing it.

darkidoe

Westie983 wrote: »

I hope you have this is writing as this is not what the T&C's say.

It says

If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% gross p.a/ AER (variable) interest rate.

The choice is yours, but I have opened up at flex account in September when my rate finished, and will be down grading my flex direct in December when the Flexclusive regular saver matures, and I will have funded the flex account with £750 for the last three months, which will qualify me for the next flexclusive regular saver if they offer one, at a rate that is competitive, that said in a years time Im not sure that they will be offering the rate but its worth the wait to find out, by not holding a flex direct for 12 months.

Why didn't you just downgraded the FlexDirect to FlexAccount? Any particular benefit of opening a separate Flexaccount? Unless of course they do not allow for this FlexD-FlexA conversion to take place.

I think I shall not risk it and just downgrade the account to a Flexaccount.

Speculator

darkidoe wrote: »

Why didn't you just downgraded the FlexDirect to FlexAccount? Any particular benefit of opening a separate Flexaccount? Unless of course they do not allow for this FlexD-FlexA conversion to take place.

I think I shall not risk it and just downgrade the account to a Flexaccount.

Mary is correct. I have been paid THE FULL 4.89% in August and September so what the advisor told me was right. Didn't need to downgrade my Flexdirect.

see this thread
https://forums.moneysavingexpert.com/discussion/5515190

My wife kept open around 6 flexdirect a/cs open and before last xmas, made £150 in Amazon vouchers with the Nationwide Visa Simply Rewards promo. I made about £100

adindas

Speculator wrote: »

Mary is correct. I have been paid THE FULL 4.89% in August and September so what the advisor told me was right. Didn't need to downgrade my Flexdirect.

see this thread
https://forums.moneysavingexpert.com/discussion/5515190

My wife kept open around 6 flexdirect a/cs open and before last xmas, made £150 in Amazon vouchers with the Nationwide Visa Simply Rewards promo. I made about £100

If you keep your flex direct account, to get back 5% interest after one year what did you do ? Does it happen automatically or you will need to inform them to reinstate a higher interest rate ??

Ed-1

adindas wrote: »

If you keep your flex direct account, to get back 5% interest after one year what did you do ? Does it happen automatically or you will need to inform them to reinstate a higher interest rate ??

It doesn't happen automatically. There needs to be action on the part of the account holder. So you need to either ask them or do a quick fire switcharoo between FlexAccount and FlexDirect

Speculator

adindas wrote: »

If you keep your flex direct account, to get back 5% interest after one year what did you do ? Does it happen automatically or you will need to inform them to reinstate a higher interest rate ??

My wife converted a Flexaccount (she currently has 6 flexdirect opened!)

I simply opened a second Flexdirect. The advisor did say I could convert a Flexdirect to a flexaccount then convert it back again to get 4.89%. His exact words were "believe it or not , if you convert your flexdirect to a flexaccount and convert it back again to a Flexdirect, you will get 5%".

However, Nationwide account conversions are only processed over the weekend so it would have taken me about 2 weeks.

Much easier to simply open a second Flexdirect. I opened my 2nd Flexdirect and did not asked them to apply the 5%. It was automatic.

I secure messaged them shortly after opening and they confirmed it was earning 5%.