FlexDirect - Latest t's & c's from Nationwide effective January
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clivep
Posts: 577 Forumite
"At the moment, all you need to do is read this summary and the enclosed T&Cs. If you’re happy with the changes we’re making, you don’t need to do anything else and the changes will automatically apply from 13 January 2018.
5. Introductory rates and offers
From time to time we may have introductory rates and offers on our accounts – you can usually only benefit from these once, or only have one at any time, so we’ve added a condition to explain when you won’t be entitled to any introductory rates or offers.
Find details in General Current Account T&Cs – clauses 5 and 6.
Your account
Introductory rates and offers
5. You are only entitled to one introductory rate or offer (where applicable) for each Nationwide current account product at any one time.
6. If you have previously held a Nationwide current account you are not entitled to the introductory rate or offer (where applicable) for that current account product under this agreement".
My wife and I have 3 FlexDirect accounts between us (one joint and each has a sole a/c). This is our 2nd bite of the 5% having waited 12 months after the previous 5% ended.
It's unclear whether the new clause 5 will allow a joint a/c to get 5% in addition to sole a/cs after 13th January.
Clause 6 certainly looks like after January 13th you'll no longer be able to get 5% again on a new FlexDirect a/c if you've had one at any time in the past.
What I find a bit unclear is whether or not they could actually stop giving 5% on our current FlexDirect a/cs from January 13th. I think this unlikely but the new t's & c's that will apply to our existing FlexDirect a/cs would appear to allow them to do this.
5. Introductory rates and offers
From time to time we may have introductory rates and offers on our accounts – you can usually only benefit from these once, or only have one at any time, so we’ve added a condition to explain when you won’t be entitled to any introductory rates or offers.
Find details in General Current Account T&Cs – clauses 5 and 6.
Your account
Introductory rates and offers
5. You are only entitled to one introductory rate or offer (where applicable) for each Nationwide current account product at any one time.
6. If you have previously held a Nationwide current account you are not entitled to the introductory rate or offer (where applicable) for that current account product under this agreement".
My wife and I have 3 FlexDirect accounts between us (one joint and each has a sole a/c). This is our 2nd bite of the 5% having waited 12 months after the previous 5% ended.
It's unclear whether the new clause 5 will allow a joint a/c to get 5% in addition to sole a/cs after 13th January.
Clause 6 certainly looks like after January 13th you'll no longer be able to get 5% again on a new FlexDirect a/c if you've had one at any time in the past.
What I find a bit unclear is whether or not they could actually stop giving 5% on our current FlexDirect a/cs from January 13th. I think this unlikely but the new t's & c's that will apply to our existing FlexDirect a/cs would appear to allow them to do this.
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Comments
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What did Nationwide Customer Service say?0
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"At the moment, all you need to do is read this summary and the enclosed T&Cs. If you’re happy with the changes we’re making, you don’t need to do anything else and the changes will automatically apply from 13 January 2018.
5. Introductory rates and offers
From time to time we may have introductory rates and offers on our accounts – you can usually only benefit from these once, or only have one at any time, so we’ve added a condition to explain when you won’t be entitled to any introductory rates or offers.
Find details in General Current Account T&Cs – clauses 5 and 6.
Your account
Introductory rates and offers
5. You are only entitled to one introductory rate or offer (where applicable) for each Nationwide current account product at any one time.
6. If you have previously held a Nationwide current account you are not entitled to the introductory rate or offer (where applicable) for that current account product under this agreement".
My wife and I have 3 FlexDirect accounts between us (one joint and each has a sole a/c). This is our 2nd bite of the 5% having waited 12 months after the previous 5% ended.
It's unclear whether the new clause 5 will allow a joint a/c to get 5% in addition to sole a/cs after 13th January.
Clause 6 certainly looks like after January 13th you'll no longer be able to get 5% again on a new FlexDirect a/c if you've had one at any time in the past.
What I find a bit unclear is whether or not they could actually stop giving 5% on our current FlexDirect a/cs from January 13th. I think this unlikely but the new t's & c's that will apply to our existing FlexDirect a/cs would appear to allow them to do this.
I was hoping to open a second FlexDirect current account in May 2018, a year after closing my first one, but it seems that this won't be allowed. Inevitable change, I suppose, given that the 5% rate is an "introductory rate".0 -
I would say you're out of luck getting a further FlexDirect introductory offer - it's a pretty generous loophole they've closed there.
However dripfeeding the 5% regular savers is probably a goer.urs sinserly,
~~joosy jeezus~~0 -
Big thank yous and appreciation goes to all those who so studiously kept calling and visiting Nationwide to ask how they could circumvent the existing T&Cs and get an uninterrupted 5% AER. And then posted it all on one of the busiest consumer forums on the web
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This is really helpful and I appreciate the work clivep and others have done to clarify things.
I have been holding on to my Flex Direct Account since my 5% ran out about 9 months ago. I was hoping to transfer to another one in January and now see that it won't be possible.
Because the interest rates are very low I'm glad to have the 5% Regular Saver. I have been putting £1000 in to my Flex Direct account every month for the 1% and, although it does not seem much, it is better than the 0.5% in my ISA. I try to leave £2500 in every month although occasionally I take a small amount out and try to replace it.
After the £1000 goes in to my Flex Direct Account every month £500 goes to my Regular Saver and the other £500 is 'used' or transferred out.
Do you more experienced people think this is reasonable - leaving £2,500 in Nationwide Flex Direct for the 1% monthly interest?
I'm lucky in that I have a Flex Account which gives me free European Travel Insurance - the one which is not available any more.
Retired at 550 -
Retired_at_55 wrote: »Do you more experienced people think this is reasonable - leaving £2,500 in Nationwide Flex Direct for the 1% monthly interest?
I'm lucky in that I have a Flex Account which gives me free European Travel Insurance - the one which is not available any more.
It is possible to do a lot better than 1%, not sure what other accounts you have, so it is difficult to suggest one without going through a whole list
I kept my FlexDirect at 1% because it was better than the Loyalty Saver for holding small amounts of money for rapid transfer to and from my 'hub' account. I also figured that the 5% loophole would possibly be closed within the next 12 months so having a 1% FlexDirect or no FlexDirect would make very little difference.
Make sure you keep to the T&C's of the FlexAccount travel insurance perk (meeting the monthly pay-in) as the revised T&C's for that account suggest that a single missed month may now result in withdrawal of the perk. "In the future, everyone will be rich for 15 minutes"0 -
It is possible to do a lot better than 1%, not sure what other accounts you have, so it is difficult to suggest one without going through a whole list
I kept my FlexDirect at 1% because it was better than the Loyalty Saver for holding small amounts of money for rapid transfer to and from my 'hub' account. I also figured that the 5% loophole would possibly be closed within the next 12 months so having a 1% FlexDirect or no FlexDirect would make very little difference.
Make sure you keep to the T&C's of the FlexAccount travel insurance perk (meeting the monthly pay-in) as the revised T&C's for that account suggest that a single missed month may now result in withdrawal of the perk.
Thank you for the reminder about the monthly pay in to the FlexAccount EachPenny. I have now set up a Standing Order to be sure of not losing the benefit of travel insurance.
The 1% (now that there will definitely be no second 5% Account in January) will help a bit although I'll use more of the £2,500 for other bills when necessary.
Thanks very much for replying.
Retired at 550 -
Can somebody clarify please. My FlexDirect 5% finishes in a couple of months. I intend leaving the £2500 in the account in order to get 1% and easy access. Do I need to keep £1000 floating in and out in order to get the 1%?
Cheers0 -
Retired_at_55 wrote: »The 1% (now that there will definitely be no second 5% Account in January) will help a bit although I'll use more of the £2,500 for other bills when necessary.
We are only speculating about the future availability of the 5% offer, Nationwide are notorious for saying one thing in the T&C's and doing another in practice, so whilst I would say it is likely, I'd not go so far as 'definitely' myself
If you don't already have one, the Tesco Internet Saver account currently pays 1.2% for the first year and gives true instant access if you use it in conjunction with a Tesco current account. If you don't have a Tesco current account then that would probably be my first choice after the FlexDirect.yorkshireOAP wrote: »Can somebody clarify please. My FlexDirect 5% finishes in a couple of months. I intend leaving the £2500 in the account in order to get 1% and easy access. Do I need to keep £1000 floating in and out in order to get the 1%?
Yes, in my experience and interpretation of the T&C's. When I've missed the £1000 payment I was paid no interest for that month, although as the account only had a few pounds in it for most of the month I didn't really miss out on much. "In the future, everyone will be rich for 15 minutes"0 -
Luckily my FlexDirect 5% offer finished on 21/12/2016 so I will be applying for a new one soon after 21/12/2017 - before the new T&Cs kick in. ;-) Hopefully the 5% offer will be good for 12 months and they won't take it away on 13/01/2018...0
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