Regular Savings Accounts: The Best Currently Available List!

Westie983

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.

I did it this way as my flexdirect has not had £750 paid into each month since September, and I wanted to wait till the end of the flexclusive monthly saver which was opened because I held the flex direct account, also to benefit from the T&C's of another flexclusive monthly saver if they offer one I need to fund a flex account with £750 so this way I have covered both bases, and held the possibility of N/W saying I haven't stuck to the T&C's of the flexclusive monthly saver and avoid paying out 5%, when we are so close to the maturity date. (by not holding a flexdirect account or funded flex account)

This is based on the T&C's of the current flexclusive monthly saver which either requires you to hold a flex direct account, or have a flex account which has been funded with £750 for the last three months, or hold a flex plus, or have switched to N/W

Since the rate finished in September I have had just the bare minimum going through the account to fund the regular saver and credit card, so based on above I wouldn't qualify for another flexclusive account if I downgraded the flex direct, without having opened and funded a flex account since september.

You can also only downgrade in branch and I don't have one local to me, its always good to have donor account although I will probably close the flexdirect account when the flexclusive monthly saver matures in November.

adindas

Speculator wrote: »

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%.

Fabulous info there Speculator. IMO there is no point to have more than one FlexD at the same time as they only pay one account with 5% which have been echoed by many members here including me. Not to mention the monthly funding requirement.

I have similar experience to get 5% interest on FlexD continuously without the need to wait for one year that I want to share to have a better understanding the way the algorithm work.

- At all time I always have 1 FlexD and 2 FlexA. No benefit to have more than one FlexD at the same time. All My FlexD and FlexA get minimum monthly funding requirement at all time.

- When my FlexD interest drop, I converted it to FlexA. On the same day I converted one of my old FlexA to become a FlexD. In this case, all of my FlexAs have been running for at least a year before conversion back to FlexD.

- My new FlexD, the conversion of one of my old FlexA has been running for three months now and I have been paid the correct interest of 5%.

- Doing this you always have FlexD with interest of 5% all the time, no need to wait for one year, no need to open a new a/c which mean credit check.

I think this method works better than keep your FlexD running with low interest and then ask to reinstate the interest after one year.

Those who have a spare FlexA, try this it should work.

Ed-1 wrote: »

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

Thanks for the info Ed-1
Based on my personal experience (as above), it seems to me the algorithm just check the length of the account get paid interest lower than 5% and therefore after one year it will entitle to get 5% again based on T&C ?

I still cannot understand the way Ed-1 and Speculator do "same day (or one day gap) conversion" FlexD - FlexA and back to FlexD again, to get 5% interest. AFAIK when you convert it from FlexD - FlexA they will replace your debit card; the FlexD debitcard is grey while FlexA debitcard is Blue. At least this is my personal experience whihc I have been doing for a few times. So doing that with just or few days gap you will get two new debit cards sent to your address ?? If this is the case it is quite risky to get caught of abusing the system as it will put you under their microscope knowing that you get two debitcards at almost the same time for the same account. Not to mention the cost for them doing them to change the debitcard twice.

My view is open for discussion to get detail understanding the best way to get 5% continuously without the need to wait for one year.

zolablue25

My wife and I have a joint FlexAccount that we have held for many years (used to use for overseas cash withdrawals). We also have the Flexclusive saver account attached. Is there any advantage to this account over the FlexDirect one? If not, what is the point of offering both? Just curious as to what I should consider before upgrading to FlexDirect.

Ed-1

zolablue25 wrote: »

My wife and I have a joint FlexAccount that we have held for many years (used to use for overseas cash withdrawals). We also have the Flexclusive saver account attached. Is there any advantage to this account over the FlexDirect one? If not, what is the point of offering both? Just curious as to what I should consider before upgrading to FlexDirect.

5% interest on FlexDirect. 0% on FlexAccount?

zolablue25

Ed-1 wrote: »

5% interest on FlexDirect. 0% on FlexAccount?

Indeed. That bit I get. But my query was more along the lines of "why would anyone keep a FlexAccount rather than a FlexDirect one?". Is there any benefit to the FlexAccount at all?

Also, have I read the Ts&Cs correctly (I only had a quick look as I'm supposed to be working!) and you can have one each and a joint one? So for a couple you can stick £7500 in at 5%?

johnmoney05

adindas wrote: »

- When my FlexD interest drop, I converted it to FlexA. On the same day I converted one of my old FlexA to become a FlexD. In this case, all of my FlexAs have been running for at least a year before conversion back to FlexD.

Could I ask whether you could change the type of your accounts online? And how?

I could change my FlexA to FlaxD, but not vice versa.

adindas

zolablue25 wrote: »

Indeed. That bit I get. But my query was more along the lines of "why would anyone keep a FlexAccount rather than a FlexDirect one?". Is there any benefit to the FlexAccount at all?

- introductory interest of 5% is just fro 1 year so after one year it will drop (1% ?). Many people are not interested this sort of interest especially if there is a monhtly funding requirement of £1000.
- Free European travel insurance go with fFex AC if you do monthly payment of £750.
- The possibility to upgrade it to become Flex AC ac to become Flexdirect later after one year. Upgrading an account does not have a credit check.

zolablue25

adindas wrote: »

- introductory interest of 5% is just fro 1 year so after one year it will drop (1% ?). Many people are not interested this sort of interest especially if there is a monhtly funding requirement of £1000.
- Free European travel insurance go with fFex AC if you do monthly payment of £750.
- The possibility to upgrade it to become Flex AC ac to become Flexdirect later after one year. Upgrading an account does not have a credit check.

We don't even use the travel insurance as it doesn't cover my wife's Pre Existing conditions, so that bits useless to us anyway. Maybe need to upgrade to FD and up the monthly feed to £1k. Presumably, if we upgrade the Flexclusive RS will move with it?

Thanks for your input.

Kim_13

johnmoney05 wrote: »

Could I ask whether you could change the type of your accounts online? And how?

I could change my FlexA to FlaxD, but not vice versa.

You can, but only if the change is deemed an upgrade.

A Flex Direct can be changed to FlexPlus online, but you have to ring up to get the FlexAccount.

I sent them a suggestion a while back to allow all changes online, but they don't seem to have published it or a response to it on their suggestions site.

darkidoe

Speculator wrote: »

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%.

Very tempting to keep the FlexDirect even after the promo rates drop off, if that's the case. At least I will still get a 1% reserve account for a year and can keep the regular saver running. WIll probably do that! Thanks for sharing the info!