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Nationwide Flexplus Account

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
5 replies 730 views
Homeboy_1Homeboy_1 Forumite
103 posts
Seventh Anniversary 10 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi, I need some advice on this account please. I have a Flexplus joint account with my wife for the travel, breakdown and phone insurance. We have got one regular saver each, with two more deposits to be made. We have also got a Flexdirect account each, with which we transfer the £1000 a month into each, transfer £250 into the monthly saver, and then transfer the other £750 plus any interest back to my main current account. (Not with Nationwide) With the interest rates now being stopped on the Flexplus account, do we still need to keep open our Flexdirect accounts, or are we better off leaving the Flexdirect accounts open,with say £1 in each, so that we can transfer the £1000 per month in and out of these accounts. We can't remember if we need to have Flexdirect account to get the Flexplus account. Any help much appreciated

Replies

  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    FlexDirect and FlexPlus are 2 different accounts.
    They are not dependant on each other.
  • class2ldnclass2ldn Forumite
    345 posts
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    We've got a flexplus account and not sure what to do now they are removing the interest reward.
    I still think 13 quid a month for the insurance is pretty good so thinking of maybe keeping it open but opening an account that pays some decent interest , obviously won't be able to switch.
    Other option is switch the account and then reopen it again but I assume theres a time limit on that?
  • PRAISETHESUNPRAISETHESUN Forumite
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    The FlexPlus account may still be a good deal as a joint account (since both named account holders will get all the benefits for a single monthly fee) but only you can decide what works for your circumstances. WRT to FlexDirect, there is no requirement to keep your FlexDirect account open to have access to your FlexPlus account. You need at least one of either FlexDirect/Flex Plus open to keep access to the Regular saver though, so make sure you don't close down everything! Keeping at least one of these open in each of your names (doesn't even need to have a balance, just as long as the minimum pay in is met) will be sufficient to keep the regular saver open.
  • PRAISETHESUNPRAISETHESUN Forumite
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    class2ldn wrote: »
    We've got a flexplus account and not sure what to do now they are removing the interest reward.
    I still think 13 quid a month for the insurance is pretty good so thinking of maybe keeping it open but opening an account that pays some decent interest , obviously won't be able to switch.
    Other option is switch the account and then reopen it again but I assume theres a time limit on that?

    I'd open a second account with Nationwide (FlexDirect/FlexAccount) and then switch that instead of switching your main account - there is always a chance that Nationwide may refuse to let you open a FlexPlus account again.
  • edited 23 August 2019 at 2:43PM
    Homeboy_1Homeboy_1 Forumite
    103 posts
    Seventh Anniversary 10 Posts
    edited 23 August 2019 at 2:43PM
    Thank you for your reply Praisethesun. Exactly the reply I was looking for. We will keep the Flexplus as it covers both of us for what we need. we have a Flexdirect each and also a regular saver which has got two more payments to go into it. We will just keep the Flexplus and close the others.
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