Regular Savings Accounts: The Best Currently Available List!

BeachNut

hgt wrote: »

Is there any way to downgrade a FlexDirect to a standard FlexAccount online? I'll be needing to do this soon as my 12 months is almost up.

Not online.
And you don't need to do it straight away. Can be done in 12 months time when you want to start the 5% again.

hgt

BeachNut wrote: »

Not online.
And you don't need to do it straight away. Can be done in 12 months time when you want to start the 5% again.

Ah that's good to know.... So if I've understood this right, in theory (presuming the 5% Flex Direct was still available in 12 months time) I could leave the Flex Direct account alone after the rate drops to 1%, then call up in 11 months for example to have it downgraded to a Flex Account, then in theory just upgrade online back to a Flex Direct and should then earn the 5% for another year?

Eco_Miser

In theory, no, as the condition is to not have had a Flex Direct for 12 months, rather than not getting 5% for 12 months; in practice, possibly, as has been reported to have happened many times in the recent past.
However it has been reported here that the loophole has been/is going to be closed.

schiff

All this conjecture about what might happen in 12 months' time!

We could be at war with North Korea by then.

Or worse

MarkFromCornwall

schiff wrote: »

We could be at war with North Korea by then.

Who is "we" ?

teddysmum

hgt wrote: »

Ah that's good to know.... So if I've understood this right, in theory (presuming the 5% Flex Direct was still available in 12 months time) I could leave the Flex Direct account alone after the rate drops to 1%, then call up in 11 months for example to have it downgraded to a Flex Account, then in theory just upgrade online back to a Flex Direct and should then earn the 5% for another year?

This has been a controversial point as people have been given different information from Nationwide. I have twice been told that you can keep the accounts paying 1% then downgrade and upgrade in 12 months, if the 5% offer is still available, but my local branch insist that you have to be without the Direct account for 12 months.


They say this is strictly by the book and I do agree that this is what the T&Cs imply. However, when I asked the CS person, who said she was at the head office, if her information was correct, after quoting the relevant part of the T&Cs,she said she was correct and that my local branch would be contacted sothey were informed.


I've decide to play it safe, downgrade the two sole accounts (leaving in a few pounds only),so my husband and I can have new savers in a few months ,closing the joint account, as that is no use for obtaining a saver and putting the majority of the money into Lloyds, who pay 2%,with perks.

schiff

MarkFromCornwall wrote: »

Who is "we" ?

Thatcher's Falklands will become May's North Korea!

Archi_Bald

Wheres_My_Cashback wrote: »

Please note that you cannot open a Regular Saver (Issue 7) if you already have a Regular Saver (Issue 5 or 6).

I believe their system does allow you to open one. They will then manually close it within a few days.

Eco_Miser

schiff wrote: »

All this conjecture about what might happen in 12 months' time!

We could be at war with North Korea by then.

Or we may not be - that's just more conjecture.

This is the Savings and Investments board. We generally have to assume life and banking will continue much as it has been, or else we may just as well spend as much as we can before the end of the world.

Wheres_My_Cashback

Archi_Bald wrote: »

I believe their system does allow you to open one. They will then manually close it within a few days.

hence why they clearly tell you not to