Nationwide flex direct -5%

eskbanker

General_Grant said:

ioscorpio said:

I downloaded this document during the application P7430 rates and charges. 5) If you’ve previously held a FlexDirect account and beneftted from the 5% or 2% AER introductory rate (depending on when you applied) you will not be entitled to this rate again and the 0.25% AER rate will apply, unless you’re opening a FlexDirect account in joint names and you haven’t previously held a FlexDirect account in those joint names

As you have previously had a FlexDirect account and thereby received 5% interest for a year, why do you think the document you downloaded implies there is any possibility that you could receive the 5% again?  I think it is absolutely clear you will not - unless the "unless" part applies.

Agreed - that wording is clearly intended to differentiate between previous accounts opened before or after 1 May 2020.  As of now, nobody can have had an account previously opened with a 2% introductory rate, but in a few days time it will be possible....

ioscorpio

My request for another FlexDirect account was approved and opened on 30/4, so 5% for another year.  My previous account was opened 5 years ago, so as in the T & C (depending on when you applied) worked for me.

Ed-1

ioscorpio said:

My request for another FlexDirect account was approved and opened on 30/4, so 5% for another year.  My previous account was opened 5 years ago, so as in the T & C (depending on when you applied) worked for me.

Usually they reduce the rate after 7 working days if you've previously held a FlexDirect. In your case you should find that it drops to 1% until July then 0.25%. But they have been known to let some slip through the net.

The terms are clear that you do not qualify for another promotional 12 months (of either 5% or 2%, depending on whether you applied before or after 1st May) if you've previously held a FlexDirect current account.

Do report back at the end of this month and tell us if you are still getting the higher rate.

ioscorpio

I have received £10.38 interest for May, so am still receiving 5% on the new FlexDirect account.

colsten

Third thread.......