Nationwide Flex Direct

MouldyOldDough

We've had a joint Flex account for almost 20 years - with 0% interest

What is the downside to converting to a Flex Direct account - with 2% interest for 12 months ?

They appear to be fee free and have debit cards

can they be run as joint accounts ?

They offer £125 for changing too

Daliah

You can upgrade your FlexAccount to a FlexDirect any time you like. I am not sure you would get the 2% interest as this is for new customers only - you'd have to ask Nationwide. I am 100% sure you will not get the £125 switch bonus for the upgrade as this is only available if you switch a non-Nationwide account to Nationwide. You would qualify for the £125 if you did switch a non-Nationwide account, and you and your partner could each make such a switch.

MouldyOldDough

Daliah said:

You can upgrade your FlexAccount to a FlexDirect any time you like. I am not sure you would get the 2% interest as this is for new customers only - you'd have to ask Nationwide. I am 100% sure you will not get the £125 switch bonus for the upgrade as this is only available if you switch a non-Nationwide account to Nationwide. You would qualify for the £125 if you did switch a non-Nationwide account, and you and your partner could each make such a switch.

Nationwide do offer £100 to new customers to open a flex direct account and £125 to existing customers for the same thing and 2% is offered to both for 12 months

https://www.nationwide.co.uk/current-accounts/switch/

But what I want to know is - is there any ongoing advantage/disadvatage to changing from flex to flexdirect ?

Zanderman

MouldyOldDough said:

Daliah said:

You can upgrade your FlexAccount to a FlexDirect any time you like. I am not sure you would get the 2% interest as this is for new customers only - you'd have to ask Nationwide. I am 100% sure you will not get the £125 switch bonus for the upgrade as this is only available if you switch a non-Nationwide account to Nationwide. You would qualify for the £125 if you did switch a non-Nationwide account, and you and your partner could each make such a switch.

Nationwide do offer £100 to new customers to open a flex direct account and £125 to existing customers for the same thing and 2% is offered to both for 12 months

https://www.nationwide.co.uk/current-accounts/switch/

But what I want to know is - is there any ongoing advantage/disadvatage to changing from flex to flexdirect ?

Nationwide offer the incentive (whether £100 or £125) for switches into Nationwide from a bank account elsewhere.

They do not offer either amount for anyone changing the status of an existing account. 

MouldyOldDough

Zanderman said:

MouldyOldDough said:

Daliah said:

You can upgrade your FlexAccount to a FlexDirect any time you like. I am not sure you would get the 2% interest as this is for new customers only - you'd have to ask Nationwide. I am 100% sure you will not get the £125 switch bonus for the upgrade as this is only available if you switch a non-Nationwide account to Nationwide. You would qualify for the £125 if you did switch a non-Nationwide account, and you and your partner could each make such a switch.

Nationwide do offer £100 to new customers to open a flex direct account and £125 to existing customers for the same thing and 2% is offered to both for 12 months

https://www.nationwide.co.uk/current-accounts/switch/

But what I want to know is - is there any ongoing advantage/disadvatage to changing from flex to flexdirect ?

Nationwide offer the incentive (whether £100 or £125) for switches into Nationwide from a bank account elsewhere.

They do not offer either amount for anyone changing the status of an existing account. 

OK I understand now

So whether I change accounts or not is purely down to the 2% for a year, 1% after 12  months compared to ZERO

What else have I missed in relation to differences in running the accounts ?

changearound1

MouldyOldDough said:

What else have I missed in relation to differences in running the accounts ?

You need to pay in £1000 per month to get the 2% interest on the Flex Direct.

Bridlington1

changearound1 said:

MouldyOldDough said:

What else have I missed in relation to differences in running the accounts ?

You need to pay in £1000 per month to get the 2% interest on the Flex Direct.

Also there is no option to receive paper statements for the Flex Direct account.

MouldyOldDough

changearound1 said:

MouldyOldDough said:

What else have I missed in relation to differences in running the accounts ?

You need to pay in £1000 per month to get the 2% interest on the Flex Direct.

No problems with that....

MouldyOldDough

Bridlington1 said:

changearound1 said:

MouldyOldDough said:

What else have I missed in relation to differences in running the accounts ?

You need to pay in £1000 per month to get the 2% interest on the Flex Direct.

Also there is no option to receive paper statements for the Flex Direct account.

I specifically requested NO PAPER STATEMENTS on the Flex account - so again, no problems

MouldyOldDough

Flex Direct appears to be a good move - they do allow cheques books and debit cards too - no difference at all ?

WillPS

The Nationwide lists under 'Branch access and telephone support' the following: 'Limited access. You’ll bank online most of the time'

This compared to 'Unlimited access' for their other current accounts.

It's not clear what this means but I expect this means they don't want you to use a branch counter - whether or not they'd actually stop you I have no idea.