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Ed-1

Nationwide8 wrote: »

Such a coincidence:) Looked at the forum today as the 5% on my FlexDirect ended yesterday and I was trying to see if anyone recently had managed to convert an old Flexaccount to a Flexdirect without waiting the 12 mths.

Today have converted my Flexdirect ( end of 5% ) to a Flexaccount .This could not be done in branch ( visited this morning ) without an appt ( next available appt next Weds ) and it can't be done on line.So after a 18 min phone call ( about 12 mins in a queue ) it's been converted.

Have tried to convert today an old Flexaccount open about 6 mth s ( with £750 in/out every month) to a Flexdirect but it says my computer is not compatible to do
so ?? Maybe I need to wait 24 hrs from today when the old Flexdirect was converted although it's already showing as a Flexaccount online.??

Anyway has anyone RECENTLY converted an old Flexaccount to a Flexdirect under the 12 mth gap and have they done it successfully by phone or branch visit

Edit...know this is The Reg Saver thread but I couldn't see where this has been discussed anywhere else

I had to use an iPad to upgrade mine online as it said my Windows browser was not compatible.

But if you've had a 5% rate on a FlexDirect within the last year, within 7 working days the 5% gets changed to 1% when you open/upgrade an account.

Nationwide8

colsten wrote: »

I had a Branch appointment today to downgrade a FlexPlus to a FlexDirect (couldn't be done without appointment). The young lady who did it couldn't have been more helpful and there wasn't a hint of "but you have already had your bite at a 5% FlexDirect". She did try very hard to sell me some other stuff - investments mainly, or how about a loan or a mortgage, or even just one of the normal savings accounts (as I already have a Flex Regular Saver). I almost felt almost sorry for the poor thing as there was simply nothing she could interest me in. I just wanted my FlexDirect, and I got it. All in all it took around 25 minutes, incl. polite chat about the weather and traffic jams. She did let me watch the transaction on the screen. Their system support for down- and upgrading current accounts is actually quite good. Let's hope they'll keep doing it for a while longer.

Can I ask if your last Flexdirect was less than 12 mths ago or more than 12mths ago

I don't mind going into a branch if the under 12mths gap upgrade conversion ( Flexaccount to Flexdirect at 5% ) is possible.

Nationwide8

Ed-1 wrote: »

I had to use an iPad to upgrade mine online as it said my Windows browser was not compatible.

But if you've had a 5% rate on a FlexDirect within the last year, within 7 working days the 5% gets changed to 1% when you open/upgrade an account.

Thanks I don't have access to any other computer except at the library and always nervous to do on line banking there

People have managed in the past to get the 5% though immediately after a previous 12mth stint after they have paid the £1000 ( and out again I would guess ) monthly requirement but this is why I'm asking if anyone has done it recently Is it still allowed ?

mhoc

I've got a FlexDirect and I am sure its now more than 12 months since it paid me 5%.
Its paying me 1% at the moment I think - its only showing as £22 interest over the last year. I've got funding for 2 bank accounts going out and coming back in which is triggering the interest.

What do I need to do to get it paying 5% again for a year? Do I need to downgrade it first and then upgrade it - but when?
I suppose its the timing that is crucial.

When my long term ISA matures then I am going to get a Flexclusive ISA Issue 16 which pays a miserable 0.75% but the contents of my Flexdirect will be going in as well - just taking out the amount needed to feed the regular savers each month.

schiff

mhoc wrote: »

I've got a FlexDirect and I am sure its now more than 12 months since it paid me 5%.
Its paying me 1% at the moment I think - its only showing as £22 interest over the last year. I've got funding for 2 bank accounts going out and coming back in which is triggering the interest.

What do I need to do to get it paying 5% again for a year? Do I need to downgrade it first and then upgrade it - but when?
I suppose its the timing that is crucial.

When my long term ISA matures then I am going to get a Flexclusive ISA Issue 16 which pays a miserable 0.75% but the contents of my Flexdirect will be going in as well - just taking out the amount needed to feed the regular savers each month.

As I understand it you can do it over the phone or in a branch and if it is over 12 months since you were paid 5% (you'd better be sure) it should work OK. The same account, no change necessary.

There are better feeder accounts for your RSs than 0.75% unless you've got them all - Tesco and TSB at 3%. There are some not very onerous requirements.

Nationwide8

mhoc wrote: »

What do I need to do to get it paying 5% again for a year? Do I need to downgrade it first and then upgrade it - but when?
I suppose its the timing that is crucial.

TBH I'd ring them up. For sure a 1% Flexdirect is doing you no favours so no doubt you could downgrade it to a Flexaccount ( if you want to keep the account running ) if you want by branch appt or phone (see my post above )

To get the 5% ?? Unless you have another old Flexaccount to convert to a Flexdirect not sure it's possible by just continuing with your present Flexdirect even if it is over 12 Mths since you got 5% and I don't even know if the conversion thing Is possible anymore as that's what I'm asking about.

mhoc

schiff wrote: »

As I understand it you can do it over the phone or in a branch and if it is over 12 months since you were paid 5% (you'd better be sure) it should work OK. The same account, no change necessary.

There are better feeder accounts for your RSs than 0.75% unless you've got them all - Tesco and TSB at 3%. There are some not very onerous requirements.

Its convenience more than anything as Nationwide is our main joint account.
My own current personal Flexdirect account feeds the regular savers and this Flexdirect will be fed by the miserable Flexclusive ISA Issue 16 until its drained or a miracle happens and someone offers an ISA over 2% (and less than 5 years in length).
I've got Tesco current and TSB with the full amounts- more like the old fashioned bonds as they just sit there and don't need feeding, just the interest removed periodically.

So after a long wait and a long time on the phone (much better anyway than making an appointment in branch) I have downgraded and made a note on the calendar to upgrade the account again in 12 months time.

In the meantime will the system let me open a brand new shiny Flexdirect (once my old one shows as a flexaccount in a day or 2s time)? I am thinking if so I can get things started before the start of August - shuffle funds around so it has a balance, does it need direct debits as well?

Ed-1

mhoc wrote: »

Its convenience more than anything as Nationwide is our main joint account.
My own current personal Flexdirect account feeds the regular savers and this Flexdirect will be fed by the miserable Flexclusive ISA Issue 16 until its drained or a miracle happens and someone offers an ISA over 2% (and less than 5 years in length).
I've got Tesco current and TSB with the full amounts- more like the old fashioned bonds as they just sit there and don't need feeding, just the interest removed periodically.

So after a long wait and a long time on the phone (much better anyway than making an appointment in branch) I have downgraded and made a note on the calendar to upgrade the account again in 12 months time.

In the meantime will the system let me open a brand new shiny Flexdirect (once my old one shows as a flexaccount in a day or 2s time)? I am thinking if so I can get things started before the start of August - shuffle funds around so it has a balance, does it need direct debits as well?

You can have up to 4 FlexDirects at one time. But only one will pay 5% and you can't have had 5% in the last 12 months otherwise it will pay 1%.

mhoc

Ed-1 wrote: »

You can have up to 4 FlexDirects at one time. But only one will pay 5% and you can't have had 5% in the last 12 months otherwise it will pay 1%.

no its def May 2016 when I had the last 5% paying Flexdirect :T

Kazza242

Leeds Building Society will be launching their Regular Saver (issue 6) on Tuesday, 1st August. It pays 2.30% interest and matures on 31 July 2018.

The maximum amount you can deposit into the account is £250 per month. The account allows one penalty-free withdrawal prior to maturity.

Link (for when the account launches.)