Switching out of Nationwide & Reopening Nationwide account 4 March at 1:37PM in Budgeting & bank accounts 7 replies 421 views

ChewyyBacca

Hi All
I switched to Nationwide(NW) 3 years back. The account was earning diddly squat for 2 years!

Just switched to First Direct & closed NW in Feb 2023.

Can I reopen NW now, to put in 1.5K @5%?
Or is there a cool off period, before they will take me back?

Thanks

eskbanker

ChewyyBacca said:

I switched to Nationwide(NW) 3 years back. The account was earning diddly squat for 2 years!

Just switched to First Direct & closed NW in Feb 2023.

Can I reopen NW now, to put in 1.5K @5%?
Or is there a cool off period, before they will take me back?

If it was a FlexDirect account you had before then the answer is none of the above - the 5% is a one-off introductory offer, so if you've had one before then you don't get a second bite of the cherry, unless you can satisfy the joint account workaround:

Important: 

Have you had a FlexDirect current account before?

If you’ve had a FlexDirect current account before, you won’t receive the 12 month credit interest offer or the interest-free overdraft offer again. However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before.

ChewyyBacca

eskbanker said:

ChewyyBacca said:

I switched to Nationwide(NW) 3 years back. The account was earning diddly squat for 2 years!

Just switched to First Direct & closed NW in Feb 2023.

Can I reopen NW now, to put in 1.5K @5%?
Or is there a cool off period, before they will take me back?

If it was a FlexDirect account you had before then the answer is none of the above - the 5% is a one-off introductory offer, so if you've had one before then you don't get a second bite of the cherry, unless you can satisfy the joint account workaround:

Important: 

Have you had a FlexDirect current account before?

If you’ve had a FlexDirect current account before, you won’t receive the 12 month credit interest offer or the interest-free overdraft offer again. However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before.

Thanks @eskbanker

I had FlexDirect before, That was a joint account.

So Nationwide is not for me for 5% offer

Well, I can open it as a burner account then, can I? Will there be another credit check or since they have all my KYC information which is 1 month old, it will be a breeze?

Any restrictions on switching out of Nationwide again within 2 months?

Thanks

km1500

they will credit check you again.

ChewyyBacca

dang.
I do not have burner accounts ready for the switch

though I have multiple current accounts M plus with Virgin money. Two of them are used for transactions and designated accounts for external savings accounts.
Can i switch one of the unused Virgin Money M plus Current account into RBS; without running the risk of closing all the other VM M plus accounts & ISA?

gary1312

ChewyyBacca said:

Can i switch one of the unused Virgin Money M plus Current account into RBS; without running the risk of closing all the other VM M plus accounts & ISA?

Yes. I held two M Plus accounts, being my old B and Yorkshire Bank accounts. I switched one out recently, the other is still open.

ChewyyBacca

gary1312 said:

ChewyyBacca said:

Can i switch one of the unused Virgin Money M plus Current account into RBS; without running the risk of closing all the other VM M plus accounts & ISA?

Yes. I held two M Plus accounts, being my old B and Yorkshire Bank accounts. I switched one out recently, the other is still open.

is it possible that the system recognized Old account as different from YB acct?

I remember in 2019, I held Monzo sole & Monzo joint. I was using Monzo sole as donor account to switch out. Monzo told me that i have to close the Joint account too. Its was quite annoying since the Joint account was a household expenses account.

pridehappy

I only believe that the offer can be taken out once, so I don’t believe if it’s joint account you’ll be able to have it again. There’s plenty of other accounts with other providers too offering similar if not better, so check them out as they last even longer. Virgin Money is great for that.