Nationwide FlexPlus/FlexBasic Accounts
Joyce7199
Posts: 10 Forumite
Hi guys new member here,
I hold a FlexOne account I’ve had it for 2 and a half years I’ve today tried to apply for a FlexPlus account, I got refused but I got accepted for a FlexBasic account so I’ve opened this account to have this as an additional separate account with Nationwide just for savings.
I was told by family who also banks with Nationwide that I could upgrade my FlexOne to FlexPlus and no credit check would be done because it is just an upgrade and this worked, it’s been upgraded and I shall receive my new cards next week with my new pin for the FlexBasic account.
My question is, am I right in thinking I can have this FlexBasic account? As I’ve heard you can only have that account if you don’t have bank accounts elsewhere? I have a Santander which my money gets paid into and my bills comes out of? Nationwide know this because I provided bank statements for that account for proof of income when I applied for a personal loan.
Also I don’t understand why I got refused a FlexPlus as a new application to start off with when I have a personal loan with Nationwide? I also was never eligible for an overdraft on my FlexOne until I upgraded to the FlexPlus today and was accepted for a £1000 overdraft at the same time as well!
Thanks guys
I hold a FlexOne account I’ve had it for 2 and a half years I’ve today tried to apply for a FlexPlus account, I got refused but I got accepted for a FlexBasic account so I’ve opened this account to have this as an additional separate account with Nationwide just for savings.
I was told by family who also banks with Nationwide that I could upgrade my FlexOne to FlexPlus and no credit check would be done because it is just an upgrade and this worked, it’s been upgraded and I shall receive my new cards next week with my new pin for the FlexBasic account.
My question is, am I right in thinking I can have this FlexBasic account? As I’ve heard you can only have that account if you don’t have bank accounts elsewhere? I have a Santander which my money gets paid into and my bills comes out of? Nationwide know this because I provided bank statements for that account for proof of income when I applied for a personal loan.
Also I don’t understand why I got refused a FlexPlus as a new application to start off with when I have a personal loan with Nationwide? I also was never eligible for an overdraft on my FlexOne until I upgraded to the FlexPlus today and was accepted for a £1000 overdraft at the same time as well!
Thanks guys
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Comments
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Several things in your post are contradictory:I hold a FlexOne account I’ve had it for 2 and a half years I’ve today tried to apply for a FlexPlus account, I got refused but I got accepted for a FlexBasic account
So they're turned you down for FlexPlus and offered you FlexBasic instead.I was told by family who also banks with Nationwide that I could upgrade my FlexOne to FlexPlus and no credit check would be done because it is just an upgrade and this worked, it’s been upgraded
They're upgraded you to FlexPlus, contrary to your earlier statement.and I shall receive my new cards next week with my new pin for the FlexBasic account.
FlexBasic or FlexPlus?My question is, am I right in thinking I can have this FlexBasic account? As I’ve heard you can only have that account if you don’t have bank accounts elsewhere?
That is the rule, you're right, but it wouldn't be the first time that Nationwide have ignored their own rule and allowed someone to have a FlexBasic account, even though they aren't technically eligible for it. They did the same for a friend of mine who had bank accounts elsewhere, but Nationwide gave him a FlexBasic account.Also I don’t understand why I got refused a FlexPlus
Because you didn't meet their criteria, and they aren't obliged to tell you what it is. The FlexOne account is basically for children, so I presume you're still quite young. Maybe they've decided you don't have enough credit history for a FlexPlus account?I also was never eligible for an overdraft on my FlexOne until I upgraded to the FlexPlus today and was accepted for a £1000 overdraft at the same time as well!
So you have got a FlexPlus account after all, then? In which case, what are you complaining about?0 -
I have the Nationwide FlexHose Current Account and only use it for Apple Pay.
But with Nationwide you can’t pay in at post office branches like you can every other bank.0 -
1. Yes as a new application they refused me for FlexPlus but offered me a FlexBasic instead which I accepted.
2. Yes that’s right, they upgraded me from my FlexOne to my FlexPlus seeing as it’s the same account number and sort code it was like an instant acceptance as it wasn’t a new account application so no credit checks, internal scoring only.
3. Waiting for both new cards, FlexBasic and FlexPlus but I keep my old PIN number for the new FlexPlus account so therefore I’m only waiting for the PIN number for the FlexBasic account.
4. Ah I see I’ve seen many cases like this online too. Nationwide won’t close the account after opening it will they if they still allow you to hold a FlexBasic account as well as other bank accounts? Will also holding a FlexPlus account affect my FlexBasic account?
5. I am 19 years old nearly 20. My credit score at the moment is typically the best but I hope this will improve by the time I reach 21. I have a loan, two overdrafts, two credit cards and a mobile phone contract, as long as all payments are made on time each month my credit will improve lots, correct?
6. Yes I do now after upgrading my FlexOne account but I wanted a brand new FlexPlus account and also keep the FlexOne account but the FlexPlus account and a FlexBasic account is still good. FlexPlus for 3% interest so total monthly fee only £6.75 as I will receive £6.25 a month interest on a balance of £2,500+. My FlexBasic account will be used as a separate account purely just savings, this account won’t be in touched in terms of spending money from it.
Thanks for your reply though mate.0 -
roadblock15 wrote: »I have the Nationwide FlexHose Current Account .
FlexHose? - that's a new account. Have they just launched it, and what benefits does it offer? Is it specifically intended for buying stockings? ;-)0 -
I have the iPhone XS Max on contract as well and my FlexPlus will cover this. It’s £13 to get full insurance cover online on mobile insurance websites and it’s £13 with Nationwide and you also get worldwide travel insurance and RAC car breakdown cover. I don’t drive at the moment but I will be early next year, so those two extra things are added bonuses for me. The account will also only cost me £6.75 a month and not £13 due to monthly interest of £6.25.
Am I right in thinking holding a packaged bank account like the FlexPlus where it has a monthly fee, does this improve your credit score too or not?
Thanks0 -
1. Yes as a new application they refused me for FlexPlus but offered me a FlexBasic instead which I accepted.
2. Yes that’s right, they upgraded me from my FlexOne to my FlexPlus seeing as it’s the same account number and sort code it was like an instant acceptance as it wasn’t a new account application so no credit checks, internal scoring only.
It sounds like Nationwide are confused and don't know what they're doing if they turned you down for a FlexPlus one minute but let you have one the next. Anyway, there's no "instant acceptance" and I'd be surprised if they didn't do a credit check for an account which offered an overdraft. Did they actually tell you that they didn't need to do a credit check, or are you just going on what your family member told you.4. Ah I see I’ve seen many cases like this online too. Nationwide won’t close the account after opening it will they if they still allow you to hold a FlexBasic account as well as other bank accounts? Will also holding a FlexPlus account affect my FlexBasic account?
I don't know, and Nationwide probably don't know either if they are so confused that they don't know which account to offer you. I wouldn't worry about it, -if they do close your FlexBasic then you've still got the FlexPlus, which is what you wanted in the first place.5. I am 19 years old nearly 20. My credit score at the moment is typically the best but I hope this will improve by the time I reach 21. I have a loan, two overdrafts, two credit cards and a mobile phone contract, as long as all payments are made on time each month my credit will improve lots, correct?
Making the correct repayments on time can only be a good thing for your credit record.My FlexBasic account will be used as a separate account purely just savings,
FlexBasic isn't a good account for savings as it pays no interest. There are plenty of other savings accounts with many different banks and building societies which would be a much better home for your savings. Have you considered the Flex Regular Online Saver which pays 5%?
https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefitsAm I right in thinking holding a packaged bank account like the FlexPlus where it has a monthly fee, does this improve your credit score too or not?
No, you're wrong there. Having a packaged account (where you pay a fee and receive benefits) will make no difference to your credit record compared to a non-packaged account with no fee and no benefits.0 -
Hi again guys just decided to bump the thread to get a few more replies. With me holding £2,500 in the FlexPlus to get the maximum amount of interest from the account to which the account will only cost £6.75 a month, my FlexBasic account has been fully opened just waiting for that red card and PIN number in the post.
I’m gonna transfer the rest of my savings from the FlexPlus account into the FlexBasic account and I won’t touch it as it will just purely be my savings account. This is also irreverent but I like their red card lol!
People say open the Flex Regular Online Saver to constantly receive 5% interest but with this being an online account I’m guessing you can’t have a bank card for this account as it’s operated online only ( as in transfers) is this right? As if so I don’t like the idea of having all my savings in an account with no card. I’m also not really bothered about interest to be totally honest.
Although the Flex Regular Online Saver would bag £150 after one year - £12.50 interest a month 5% x 12 monthly deposits of £250 = £3,000
Any input would be nice. Thanks guys0 -
It sounds like Nationwide are confused and don't know what they're doing if they turned you down for a FlexPlus one minute but let you have one the next. Anyway, there's no "instant acceptance" and I'd be surprised if they didn't do a credit check for an account which offered an overdraft. Did they actually tell you that they didn't need to do a credit check, or are you just going on what your family member told you.
It is what my family member told me as they had also upgraded their Flex account to the FlexPlus as they also have a bad credit rating. I’ve been accepted for the £1,000 overdraft. I also have a £1,500 overdraft with Santander.I don't know, and Nationwide probably don't know either if they are so confused that they don't know which account to offer you. I wouldn't worry about it, -if they do close your FlexBasic then you've still got the FlexPlus, which is what you wanted in the first place.
That’s true but I do like the FlexBasic account and the card and I did also want a second Nationwide account.FlexBasic isn't a good account for savings as it pays no interest. There are plenty of other savings accounts with many different banks and building societies which would be a much better home for your savings. Have you considered the Flex Regular Online Saver which pays 5%?
I have but with you getting no card for that account I don’t like the idea and interest doesn’t really bother me either to be totally honest, it’s just as long as my savings are secure in a separate account not being used as it’s purely just for savings. Money constantly going in and not out.No, you're wrong there. Having a packaged account (where you pay a fee and receive benefits) will make no difference to your credit record compared to a non-packaged account with no fee and no benefits.
Ahh I see, I thought it would help seeing as you’re paying the bank a monthly fee.0 -
So what attracted you to the FlexPlus account?People say open the Flex Regular Online Saver to constantly receive 5% interest but with this being an online account I’m guessing you can’t have a bank card for this account as it’s operated online only ( as in transfers) is this right? As if so I don’t like the idea of having all my savings in an account with no card. I’m also not really bothered about interest to be totally honest.
If you are keeping money in the FlexPlus account to earn interest then you wouldn't have all your savings in an account with no card if you put some money into a Flex Regular Online Saver. Having card access to a savings account is a bad idea if your aim is to have an "account [which] won’t be in touched in terms of spending money from it." The card will make it too tempting to withdraw some of those savings to spend.
Without meaning this as criticism, it sounds like you are not entirely sure of your priorities when it comes to managing your money. This really is the first thing you need to sort out. (the good news is lots of help is available on the forum
)
You need to think very carefully whether it makes sense to have "savings" earning no interest, whilst also having personal loans, overdrafts, and credit cards which are likely to be costing you interest.
You would be in for an unpleasant surprise then.Although the Flex Regular Online Saver would bag £150 after one year - £12.50 interest a month 5% x 12 monthly deposits of £250 = £3,000
The Flex Regular Online Saver maxed out would generate £81.25 after one year, as per the Nationwide website:-
The estimated balance after 12 months based on 12 monthly deposits of £250 with an interest rate of 5.00% AER/ gross p.a. (variable) would be £3,081.25.
A few questions:-
1) Do you use online banking?
2) Did you apply for the new FlexPlus (but got FlexBasic) while logged on to online banking?
3) Do both the FlexBasic and FlexPlus (upgraded from FlexOne) show up in your online banking?
If not, it is possible Nationwide haven't matched your recent application up with your existing account details, so treated the new application as if you were a brand new customer."In the future, everyone will be rich for 15 minutes"0 -
Although the Flex Regular Online Saver would bag £150 after one year - £12.50 interest a month 5% x 12 monthly deposits of £250 = £3,000
You'll only get £12.50 interest in month 12, because that's the only month you'll have £3000 in the account. In each of the other months you'll only get interest at the rate of one 12th of 5% of the amount in the account. So, in the first month you'll get 5% of £250/12 = £1.04. In month 2, you'll get 5% of £500/12 = £2.08 etc.0
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