Nationwide Flexdirect - no 5%?

lazynooblet

I'm trying to take advantage of the 5% interest on FlexDirect, all was good got to the very end of the process and am presented with an account summary to agree to. Looks like this has already been updated to show the post-1st May interest rates:

But the pre-setup page still says 5% for accounts setup before 1st May Customer services are closed will try calling them tomorrow I guess?

colsten

What does it say in the footnotes for 1?

60camraman60

I tried the same and got the same problem. You can't get back to that page using history as it is a timed out page without going through the whole rigmarole again but I do remember footnote 1 hadn't anything to do with the 5%

ischris85

Yes, this link states if you applied before 1st May the current rate of 5% will apply.

www. nationwide .co.uk/products/current-accounts/flexdirect/features-and-benefits (remove spaces)

60camraman60

ischris85 said:

Yes, this link states if you applied before 1st May the current rate of 5% will apply.

www. nationwide .co.uk/products/current-accounts/flexdirect/features-and-benefits (remove spaces)

I agree. But the final part of the application procedure which I always take as the legal bit says "read this and tick agree or you cant complete the application". and that says 2% on £1500. 

Bluesdad

Just had an email from Nationwide to say that the interest rate is dropping to 0.25% and only for the first £1500 rather than £2500. They have also slashed the rate on their regular saver account. The rates are now so low that cash looks like a good option before the government starts to put a levy on bank accounts and grabbing a share of what you have to boost the nation’s coffers. 

CashMoney

I had the email today aswell but it's worded very confusingly. So I opened my account in February this year. The first part of the email states that from 1st July 2020 the interest rate on my account is going to be lowered aswell as the maximum amount of money I can earn the interest on. But further on in the email it states as I am within my 12 month promotional period I'll continue to receive 5% fixed interest on £2500. Then the last part of the email states if my flexdirect 12 month period ends after 1st July 2020 I will be getting 0.25% on £1500.
So will I be getting 5% on £2500 until February 2021 or 0.25% on £1500 from July 2020?

Ed-1

CashMoney said:

I had the email today aswell but it's worded very confusingly. So I opened my account in February this year. The first part of the email states that from 1st July 2020 the interest rate on my account is going to be lowered aswell as the maximum amount of money I can earn the interest on. But further on in the email it states as I am within my 12 month promotional period I'll continue to receive 5% fixed interest on £2500. Then the last part of the email states if my flexdirect 12 month period ends after 1st July 2020 I will be getting 0.25% on £1500.
So will I be getting 5% on £2500 until February 2021 or 0.25% on £1500 from July 2020?

The 5% is fixed for 12 months.

lazynooblet

Hey All!

So I called Nationwide today and they told me that the 5% interest is still being offered up until May 1st and that the T&C's were updated too soon.

So I went through the application again and the T&C's now reflect the correct interest, so it looks like they fixed it!