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Nationwide FlexDirect A/Cs
Comments
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Well, that is different to what ive been told (in writing by EM) that I can either leave the a/c open @ 1%, wait 1yr then go back to 5%, OR close the a/c, then open again in 1yr.0
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Well, that is different to what ive been told (in writing by EM) that I can either leave the a/c open @ 1%, wait 1yr then go back to 5%, OR close the a/c, then open again in 1yr.
And me, and several others.
I've posted (at some length) on this - see post 7 onwards & linked thread
https://forums.moneysavingexpert.com/discussion/55898970 -
I downgraded my FlexDirect to a FlexAccount, put my £2.5K into an account that pays more than 1%, cycled £750 a month through the FlexAccount so I retain access to the travel insurance, and am about to open a new FlexDirect as my 12 months are up. The thing with the travel insurance might not work any more now. I keep losing track of the T&Cs that apply if you haven't got the accounts already.Well, that is different to what ive been told (in writing by EM) that I can either leave the a/c open @ 1%, wait 1yr then go back to 5%, OR close the a/c, then open again in 1yr.0 -
I downgraded my FlexDirect to a FlexAccount, put my £2.5K into an account that pays more than 1%, cycled £750 a month through the FlexAccount so I retain access to the travel insurance, and am about to open a new FlexDirect as my 12 months are up. The thing with the travel insurance might not work any more now. I keep losing track of the T&Cs that apply if you haven't got the accounts already.
That's probably a safer option and one I will almost certainly adopt when my second run of 5% expires.
I don't know the answer re the travel insurance, but as I already have a long standing joint Flex Account, I qualify for it anyway:)0 -
You had to have had the account already last December...The thing with the travel insurance might not work any more now. I keep losing track of the T&Cs that apply if you haven't got the accounts already.
http://www.nationwide.co.uk/support/product-support/insurance/travel-ins0 -
I think I may have the definitive answer to the Nationwide conundrum.
I went to a branch today to try and get more official information about keeping the 5% going on the FlexDirect account by some means or other, as discussed and achieved by other posters. Only to find out that the branches have been circulated by internal memo, clearly aimed at deterring the switch to FlexAccount and back again. I was able to read it and it is very clear.
And there's a hint of another whammy at the end. Nationwide are continuing to play with the idea of stopping the second bite at the 5% cherry on the FlexDirect account, even when 12 months has passed. On the grounds that it is/has been an introductory offer and not intended as a vehicle for savings.
So, for me in September, it's moving from £8500 at 5% to a nominal sum at 1% and the laboured process of building on £250 per month at 5% all over again.
Almost as disappointing as the Santander dip from 3% to 1.5%.
I didn't ask about joint accounts as that is not an option available to me.
I'm repeating this in the Regular Savers thread where reference to the 'technique' has been aired.0 -
Only to find out that the branches have been circulated by internal memo, clearly aimed at deterring the switch to FlexAccount and back again. I was able to read it and it is very clear.
Deterring or preventing?And there's a hint of another whammy at the end. Nationwide are continuing to play with the idea of stopping the second bite at the 5% cherry on the FlexDirect account, even when 12 months has passed. On the grounds that it is/has been an introductory offer and not intended as a vehicle for savings.
Then let Nationwide come into the open, make the terms transparent and clear on their web site and in their literature and then we'll all know.0 -
I think I may have the definitive answer to the Nationwide conundrum.
I went to a branch today to try and get more official information about keeping the 5% going on the FlexDirect account by some means or other, as discussed and achieved by other posters. Only to find out that the branches have been circulated by internal memo, clearly aimed at deterring the switch to FlexAccount and back again. I was able to read it and it is very clear.
And there's a hint of another whammy at the end. Nationwide are continuing to play with the idea of stopping the second bite at the 5% cherry on the FlexDirect account, even when 12 months has passed. On the grounds that it is/has been an introductory offer and not intended as a vehicle for savings.
So, for me in September, it's moving from £8500 at 5% to a nominal sum at 1% and the laboured process of building on £250 per month at 5% all over again.
Almost as disappointing as the Santander dip from 3% to 1.5%.
I didn't ask about joint accounts as that is not an option available to me.
I'm repeating this in the Regular Savers thread where reference to the 'technique' has been aired.
(Sorry misread your post).0
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