Nationwide Flex Direct

MalMonroe

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 ?

Hi, I'm also with Nationwide and have also been wondering the same thing. There's a lot of useful info in this link -

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

which says that you could get £125 as an existing member of Nationwide and that they will supply chequebooks on request.

It also gives all the details you need to be able to make a decision. There are some advantages to switching, yes, as can be seen from the info. 

You can open joint accounts. 

And they also say -

"When you apply for FlexDirect, you can:

• apply for a brand new bank account
• switch your current account from another building society or a bank to us, or
• change your existing Nationwide current account to FlexDirect."

I'm still thinking about it . . .   

MalMonroe

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. 

The incentive isn't a given for anyone but they do consider it for Nationwide customers changing the status of an existing account, as well as for switches into Nationwide from a bank account elsewhere.

Their website states : "If you're not yet a member, you could get £100. If you're already a member, you could get £125." 

Zanderman

MalMonroe said:

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. 

The incentive isn't a given for anyone but they do consider it for Nationwide customers changing the status of an existing account, as well as for switches into Nationwide from a bank account elsewhere.

Their website states : "If you're not yet a member, you could get £100. If you're already a member, you could get £125." 

The incentive is for switches into Nationwide from elsewhere.

If you're a new member of Nwide and you do this you could get £100.

If you're an existing member and you do this you could get £125.

The £125 is not paid for switching an internal account to another internal account, even if you are a member. That wouldn't be a switch anyway.

The sentence you're quoting is out of context - the incentive definitely only applies for switches from elsewhere.  That's the whole principle of the concept!   Unless you have evidence otherwise!

Daliah

MalMonroe said:

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. 

The incentive isn't a given for anyone but they do consider it for Nationwide customers changing the status of an existing account, as well as for switches into Nationwide from a bank account elsewhere.

Their website states : "If you're not yet a member, you could get £100. If you're already a member, you could get £125." 

They do not consider it for Nationwide customers changing the status of an existing Nationwide account.

You only get the £100 or £125 by switching in a current account from another bank, using CASS. If you are already a Nationwide member, you get £125 for doing it. If you are not already a Nationwide member, you only get £100. Since it is easy to become a Nationwide member within 24 hours, it is also easy for everybody [who switches an account as above] to get the £125.

[Deleted User]

MouldyOldDough said:

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

It's worth about £2.50 (per month) for that initial year but you'll lose most branch access and need to get new debit cards etc; after that first year it's about 31p per month.

Only you can decide if it's worth it; it was a good deal for 5% but not sure I'd bother now. 

kaMelo

The OP says £1000 pay in is not a problem so why not just open a new Flex Direct rather than upgrade your present one.
Keep your current cards, branch access etc and also get 2% for a year on Flex Direct.

Daliah

kaMelo said:

The OP says £1000 pay in is not a problem so why not just open a new Flex Direct rather than upgrade your present one.
Keep your current cards, branch access etc and also get 2% for a year on Flex Direct.

Good idea. This would also maintain the longevity status on the credit reference files. It may or may not matter to the OP.

Zanderman

Daliah said:

kaMelo said:

The OP says £1000 pay in is not a problem so why not just open a new Flex Direct rather than upgrade your present one.
Keep your current cards, branch access etc and also get 2% for a year on Flex Direct.

Good idea. This would also maintain the longevity status on the credit reference files. It may or may not matter to the OP.

The credit reference files wouldn't, I assume, be altered by OP merely changing the status of the account, so that longevity would be preserved either way.

canaldumidi

The confusion lies in the use of the word 'member'.

You could be a 'menber' (maybe have a mortgage or savings account with them) but have a current account elsewhere. If you switch that to N/W as a 'member' you get the switch bonus.

But switchig a N/W account to another N/W account, even as a 'member', will not get you a bonus.

As for counter service, I've been 'ticked off' and then received service 'this time', and I've also been re-directed to the ATM or online banking....

They definately don't encourage counter service which costs them money which is (partly) how come they pay you the interest on the account.

MouldyOldDough

canaldumidi said:

The confusion lies in the use of the word 'member'.

You could be a 'menber' (maybe have a mortgage or savings account with them) but have a current account elsewhere. If you switch that to N/W as a 'member' you get the switch bonus.

But switchig a N/W account to another N/W account, even as a 'member', will not get you a bonus.

As for counter service, I've been 'ticked off' and then received service 'this time', and I've also been re-directed to the ATM or online banking....

They definately don't encourage counter service which costs them money which is (partly) how come they pay you the interest on the account.

Thanks