Nationwide Flexdirect

Yorkshire_Pud · 5 March 2016 at 11:34AM

I doubt anyone will be getting 5% by 'mistake' by the time you've finished derrick. Thanks for that.

It seems greed trumps common sense.

Not to mention being able to not understand the terms and conditions.

Yes if you had 4 FD you would indeed have to close ALL 4 in order to start a 12 month re qualification period for the 5%.

grumbler · 5 March 2016 at 11:46AM

derrick wrote: »

Clear or not, Nationwide do not seem to be able to stick to them as many posts on here will testify that people have opened extra accounts whist existing ones still open, see post #10 second paragraph as an example, I did this myself, (as did others), and it went unnoticed for months.

Why does their system allow this and why when it does take 9 months to realise.

.

So, is your complaint now that NW didn't stick to the T&C and paid you the interest that they shouldn't have paid? Go ahead then. I think NW will eagerly take it back if you ask, and you won't need to get FOS involved.

YorkshireBoy · 5 March 2016 at 11:59AM

Derrick, have you seen the various "Lloyds Banking Group are closing my accounts" threads on here? Think about it...even violent conduct in a rugby match doesn't get you a lifetime ban!

I've also taken a hit in February (of around £4 lost interest or so). The difference between you and I, aside from the fact I can understand T&Cs, is that I simply consoled myself by taking the approach that 'it was good while it lasted'.

I think when the dust has settled you'll wish you'd done the same!

colsten · 5 March 2016 at 12:47PM

I reckon this thread is the forerunner for the thread entitled "Nationwide closed all my accounts for no reason", or "Declined by Nationwide for no reason".

veryintrigued · 5 March 2016 at 1:06PM

Yorkshire_Pud wrote: »

Its always been clear to me from Nationwide's unambiguous terms that whilst one may keep a FlexDirect account open beyond the 5% period, if one wants to re qualify for a further 5% period then it is necessary to have a 12 month gap between closing the FlexDirect and opening a new one.

That's why I closed my FlexDirect last month.

Or downgrade it, wait 12 months, then upgrade it - which is what I did and its working a treat

YorkshireBoy · 5 March 2016 at 1:41PM

derrick & zak2012*...separated at birth?

* http://forums.moneysavingexpert.com/showthread.php?t=5424153 (post #6, but start at the beginning to get some context...and don't miss the follow up question in post #12!)

matty_544 · 5 March 2016 at 4:07PM

[QUOTE=derrick;70258443 If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate.
.[/QUOTE]

Its so blatantly obvious that im going to break the term down to childs talk.

If you have previously held a FlexDirect account in the last 12 months

So thats ANY flexdirect account that may have been open and held in 2014,2015,2016 paying 5%, 1% or nothing and still open. ANY FLEXDIRECT held within the last 12 months.

you will not be entitled to the introductory rate or offer under a new agreement

U WILL NOT GET THE INTRODUCTORY OFFER. its an introductory offer, its in the name. u only get it if u havent had it before in the last 12months.

and therefore you will receive the standard 1% AER interest rate.

Obvious u get the 1%. wats so hard to understand.

You stack weight behind ur argument saying ONE other poster has backed u up a long with a hired customer service employee, where on here you have a good 10+ posters post replies telling u the opposite.

anoncol · 5 March 2016 at 6:38PM

derrick wrote: »

Clear or not, Nationwide do not seem to be able to stick to them as many posts on here will testify that people have opened extra accounts whist existing ones still open, see post #10 second paragraph as an example, I did this myself, (as did others), and it went unnoticed for months.

Why does their system allow this and why when it does take 9 months to realise.

.

I had a couple of accounts earning 5% also, but not now. If you knew they broke their own T&C letting you have more than one 5%, you could of complained but you didn't, did you?

What has that got to do with what happening now?

Reading the T&C a couple of years ago i understood what i had signed up for and knew i had to close all my FlexDirects even the one earning 1%.

Its clear you didn't understand that even though it was clear in the T&C.

matty_544 · 5 March 2016 at 7:39PM

derrick wrote: »

I disagree for the need to close the account then wait 12 months before opening another, as does the Secure Message from Nationwide in post #4, the poster in #4 and the CS agent on the phone, whose suggestion it was to do an internal review.

Your argument is weightless. You are correct, nowhere in the T&Cs does it say you need to close the account. You dont even have to. Like many others have, you just downgrade the account. BUT it does state in the T&Cs that you must not hold a FlexDirect account in the previous 12 months.

How can u not understand this??

This seriously isnt complicated.

Its spelt out in the simplest terms possible.

Its not even remotely vague.

grumbler · 6 March 2016 at 1:34PM

EDIT: the post I replied to has gone, but I'll keep the reply for the record.

derrick wrote: »

I disagree for the need to close the account then wait 12 months before opening another, as does the Secure Message from Nationwide in post #4, the poster in #4 and the CS agent on the phone, whose suggestion it was to do an internal review.

Have you not started 'disagreeing' before speaking to the agent and seeing some secure message?
The latter just show that there is some loophole in the system, but don't override the T&C that prevail, are very clear and that you stubbornly refuse to read and understand

And from F&Qs, where they say you can open up to four Nationwide CA's:
http://www.nationwide.co.uk/support/support-articles/faqs/current-account-faqs/flex-direct-faqs#xtab:can-i-open-more-than-one-flexdirect-account

Can I open more than one FlexDirect account?

You can open up to four Nationwide current accounts. However, under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.
Any additional FlexDirect accounts held will result in the credit interest rate being reduced from 5% to 1% within 7 working days of the account being opened. If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate.

It does not state you need to close any account whilst waiting for the 12 month period to pass. It says, "if you have previously held", not still hold.

You really have some serious issues with your logic and common sense. Do you not see any difference between "to hold account" and "to open account"?

Did you hold FlexDirect in the last 12 months? - Y/N
Are you entiteled to the introductory rate? - Y/N

Lets take that T&C, if someone opens 4 accounts, 1 @ 5% and 3 @ 1%, after 12 months the 5% becomes a 1% rate therefore now having 4 accounts @ 1%. Are you seriously saying that ALL 4 accounts need to be closed until the 12 months waiting period passes?

No, it's the T&C say this, not just I.

Ridiculous.

Really? Does the word "introductory" mean anything to you?

Nationwide Flexdirect

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