Nationwide 5% saver and current accounts

teddysmum · 15 March 2017 at 12:54PM

Am I correct in assuming that the following will work ? :

At the moment we have 3 FlexDirect accounts (2 sole and 1 joint, obviously), but no regular saver with Nationwide and these have about 3 months to go before the 5% ends and it's sensible to close them, hoping to take up the offer again in 12 months' time.

If we open two sole(currently) 5% regular savers now, then at the end of their term, close the two sole FlexDirects and downgrade the joint to a FlexAccount .

The joint Flexaccount will allow the two 5% regular savers to continue, as the £750 in per month has been satisfied by the Flexdirect so far and will continue to be satisfied by paying in to feed the savers.

I can't find anything to disagree with this, but wonder if a single joint Flexaccount, with the correct ingoings, will allow two sole regular savers tocontinue..

pafpcg · 15 March 2017 at 2:21PM

In a word: Yes!

This is almost the same as my partner and I did last year, with one difference: we 'downgraded' all three FlexDirect accounts to Flexaccounts and when the twelve months is done, all three will be 'upgraded' back to FlexDirect again (assuming the 5% is still on offer). The benefit of downgrading and upgrading via Flexaccounts is that the account numbers are retained so that when the monthly funds cycling from external accounts restarts, the payee details for the standing orders will already be in place.

teddysmum · 15 March 2017 at 2:49PM

pafpcg wrote: »

In a word: Yes!

This is almost the same as my partner and I did last year, with one difference: we 'downgraded' all three FlexDirect accounts to Flexaccounts and when the twelve months is done, all three will be 'upgraded' back to FlexDirect again (assuming the 5% is still on offer). The benefit of downgrading and upgrading via Flexaccounts is that the account numbers are retained so that when the monthly funds cycling from external accounts restarts, the payee details for the standing orders will already be in place.

That's an idea. I was thinking that the £5000 in the accounts to be closed and most of the £2500 (leave some to keep them happy) in the downgraded account would need a home, but , off course you don't need to leave a large sum if it's not earning.

Out TSB savers will soon be up so that money will need a home, as we want more than the new 2% rate. (My husband already lost out on the Tesco current accounts (I have two) as he didn't apply when I told him to (the week before they announced the hold on new accounts).

No_Name · 15 March 2017 at 2:56PM

My flexdirect account expires in about a weeks time and my flexclusive regular saver in mid-April.

Do I (online or phone?) just downgrade after the flexdirect expires next week to the flexaccount - would this affect my regular saver?

I also intend to re-apply for a new reg saver immediately after my existing one expires - can this be done considering the conditions on the flexaccount's funding requirement etc?

Will it be deemed as me already have met the 3 months criteria?

teddysmum · 15 March 2017 at 3:04PM

No_Name wrote: »

My flexdirect account expires in about a weeks time and my flexclusive regular saver in mid-April.

Do I (online or phone?) just downgrade after the flexdirect expires next week to the flexaccount - would this affect my regular saver?

I also intend to re-apply for a new reg saver immediately after my existing one expires - can this be done considering the conditions on the flexaccount's funding requirement etc?

Will it be deemed as me already have met the 3 months criteria?

From what has been said on here the payments to the FlexDirect count (ie you are a regular payer).

Be careful not to swap before the earning time of the last month has passed ie the interest is credited. (Also, as the interest is paid on a specific day, is there still some interest to come for a part month ? Just a thought and may be worth a call to check dates)

pafpcg · 15 March 2017 at 3:29PM

teddysmum wrote: »

My husband already lost out on the Tesco current accounts (I have two) as he didn't apply when I told him to.

Eh? It's YOUR fault!

One of the more dubious "benefits" of the internet is that the bank's web-site doesn't really know who is filling in the forms and applying for accounts. I always make the applications for my partner either before or after I make my own application; sometimes I even tell her that she's got a new account.......

youngretired · 15 March 2017 at 4:03PM

To those that are thinking of downgrading to a FlexAccount to keep the regular saver, where it states in the T&C's about funding for 3 months I would check first with Nationwide.

"Will it be deemed as me already have met the 3 months criteria?" we thought YES so I asked this question for my sister who's FlexDirect was coming to a end and was advised that previous funding under the FlexDirect did not count towards the 3 months, hence she would need to open a new FlexAccount and fund this for the 3 months (along with her FlexDirect) to ensure that she could keep her regular saver.

teddysmum · 15 March 2017 at 5:11PM

pafpcg wrote: »

Eh? It's YOUR fault!

One of the more dubious "benefits" of the internet is that the bank's web-site doesn't really know who is filling in the forms and applying for accounts. I always make the applications for my partner either before or after I make my own application; sometimes I even tell her that she's got a new account.......

He insists on talking to a person , face to face or over the phone (and I do agree with him.) I had to do mine over the phone as the website had a glitch, but, in fact it was quicker, as there was no repeat rigmarole (she just joked that I'd heard the T&Cs once so no need to repeat.)

teddysmum · 15 March 2017 at 5:16PM

youngretired wrote: »

To those that are thinking of downgrading to a FlexAccount to keep the regular saver, where it states in the T&C's about funding for 3 months I would check first with Nationwide.

"Will it be deemed as me already have met the 3 months criteria?" we thought YES so I asked this question for my sister who's FlexDirect was coming to a end and was advised that previous funding under the FlexDirect did not count towards the 3 months, hence she would need to open a new FlexAccount and fund this for the 3 months (along with her FlexDirect) to ensure that she could keep her regular saver.

I wouldn't have expected that, the condition seems to be there to make sure you are loyal and paying in £1000 for 12 months shows more loyalty than £750 for 3 months. Posters, above have found it works and, sometimes staff, especially new recruits , give out incorrect information.

Sea_Shell · 15 March 2017 at 5:31PM

I am right in thinking that the qualifying Flex Direct Account can be either a Sole or Joint for 5% Regular savers, as we have 2 sole at the moment (already 1% & empty) but have just opened one new joint. We'll still be able to open new regular savers under the new qualifying Joint, won't we? We plan to downgrade or close the 2 sole accounts once the current Reg Savers mature in April.

Hope I've not missed something glaringly obvious!!!

teddysmum · 15 March 2017 at 6:19PM

Sea_Shell wrote: »

I am right in thinking that the qualifying Flex Direct Account can be either a Sole or Joint for 5% Regular savers, as we have 2 sole at the moment (already 1% & empty) but have just opened one new joint. We'll still be able to open new regular savers under the new qualifying Joint, won't we? We plan to downgrade or close the 2 sole accounts once the current Reg Savers mature in April.

Hope I've not missed something glaringly obvious!!!

According to replies above, people have done just that.

Nationwide 5% saver and current accounts

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