Nationwide Flex Direct

lindabea

I just switched to a NW Flex Direct current account.  It states the following condition to receive the credit interest 
These interest rates will only be paid if you are paying in at least £1,000 per month, not counting transfers from other Nationwide accounts or Visa credits.

However, when they say 'not counting transfers from other NW accounts', do they mean from other NW accounts in the SAME NAME as the current account holder. For instance, if my partner transfers £1000/month (Completely different name) from his own NW account, would this transfer qualify for the payment of interest. 

Would appreciate any clarification.   

eskbanker

Money paid in from other Nationwide accounts held by you or anyone else or Visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000.

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/current-accounts/resources/p4054-current-accounts-interest-rates-and-charges.pdf

lindabea

estbanker - Thank you for clarifying that.  The T&C's are very clear unlike the headline explanation which is very ambiguous.  Most likely intentional to catch people out. 

Hope my question will help any one else in a similar situation.  

eskbanker

lindabea said:

estbanker - Thank you for clarifying that.  The T&C's are very clear unlike the headline explanation which is very ambiguous.  Most likely intentional to catch people out. 

That's a cynical take - it's never going to be practical to convey every detailed aspect of Ts & Cs when summarising them on main product pages!

lindabea

Far from cynical.  Although I agree with you that it's not always possible to include every aspect of T&C's on front pages, adding a simple phrase such as 'in your name or anyone else' to avoid ambiguity, is hardly impractical.  I'm afraid I have seen far too many such omissions from T&C's particularly from banks and insurance companies all intended to introduce enough ambiguity and to leave the inherent meaning of statements open to interpretation     

eskbanker

lindabea said:

Far from cynical.  Although I agree with you that it's not always possible to include every aspect of T&C's on front pages, adding a simple phrase such as 'in your name or anyone else' to avoid ambiguity, is hardly impractical.  I'm afraid I have seen far too many such omissions from T&C's particularly from banks and insurance companies all intended to introduce enough ambiguity and to leave the inherent meaning of statements open to interpretation     

I didn't say that you were wrong as such, but both posts are clearly cynical in choosing the least favourable interpretation of the institutions' motives!

lindabea

Thank you for saying that I am not wrong in my comments, but speaking from my own experiences and other people's experiences when dealing with such matters, I don't think there is anything cynical in my comments.  Whilst I accept that I am taking the least favourable interpretation, I can equally say that you are taking the most favourable interpretaion and giving the institutions the benefit of doubt.. Misplaced or not, my comments are marred by my own experiences.

Whilst we're having this discussion about fairness of banks, can you please give me an explanation for another question regarding banking practiices  Why is it when I do a debit transaction (ie purchase) on my credit cards, it appears immediately on my account, yet a refund will take 5-7 days to appear on my account. I don't understand what extra processes are applicable to a refund that are not required for a debit.  Without wanting to be accused of being cynical, I would say that it may have something to do with the bank taking advantage to gain credit interest.    

flaneurs_lobster

lindabea said:

Whilst we're having this discussion about fairness of banks, can you please give me an explanation for another question regarding banking practiices  Why is it when I do a debit transaction (ie purchase) on my credit cards, it appears immediately on my account, yet a refund will take 5-7 days to appear on my account. I don't understand what extra processes are applicable to a refund that are not required for a debit.  Without wanting to be accused of being cynical, I would say that it may have something to do with the bank taking advantage to gain credit interest.    

@eskbanker will answer I'm sure, but I don't think you can blame banks for the tardiness of retailers processing returns. 

35har1old

lindabea said:

I just switched to a NW Flex Direct current account.  It states the following condition to receive the credit interest 
These interest rates will only be paid if you are paying in at least £1,000 per month, not counting transfers from other Nationwide accounts or Visa credits.

However, when they say 'not counting transfers from other NW accounts', do they mean from other NW accounts in the SAME NAME as the current account holder. For instance, if my partner transfers £1000/month (Completely different name) from his own NW account, would this transfer qualify for the payment of interest. 

Would appreciate any clarification.   

Have you ever held NW Flex account before?
If you have you will only receive 1%

General_Grant

35har1old said:

lindabea said:

I just switched to a NW Flex Direct current account.  It states the following condition to receive the credit interest 
These interest rates will only be paid if you are paying in at least £1,000 per month, not counting transfers from other Nationwide accounts or Visa credits.

However, when they say 'not counting transfers from other NW accounts', do they mean from other NW accounts in the SAME NAME as the current account holder. For instance, if my partner transfers £1000/month (Completely different name) from his own NW account, would this transfer qualify for the payment of interest. 

Would appreciate any clarification.   

Have you ever held NW Flex account before?
If you have you will only receive 1%

Flex account or Flex Direct?
The Flex account doesn't (and didn't) pay interest.

blue.peter

eskbanker said:

Money paid in from other Nationwide accounts held by you or anyone else or Visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000.

"Nationwide accounts" isn't, as far as I can see, a defined term. Virgin Money is, of course, now owned by Nationwide, and therefore part of the wider Nationwide group. I wonder if the term is now intended to include Virgin accounts? That would seem rather harsh. Whilst Nationwide itself doesn't offer business accounts, Virgin does. The potential exists for a Nationwide Flex Direct customer to be employed by a business that banks with Virgin. In that case, that person's salary would be excluded from the £1,000 p.m., whilst another person's salary would be included.