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    • RG2015
    • By RG2015 4th Dec 17, 4:51 PM
    • 1,219Posts
    • 711Thanks
    RG2015
    Nationwide FlexDirect Account
    • #1
    • 4th Dec 17, 4:51 PM
    Nationwide FlexDirect Account 4th Dec 17 at 4:51 PM
    My Nationwide FlexDirect Current Account is about to reach its 1 year anniversary and the interest rate will fall from 5% to 1%. My 5% Regular Saver will also be maturing and I will be opening a new one so I need to keep the current account open.

    The terms state that I need to pay in 1,000 per month to receive the 1% on up to 2,500 but there are better rates available elsewhere so I intend to reduce this to 250 to fund the RS.

    If I just transfer in 250 per month for the RS and leave a balance of 1.00 will this satisfy Nationwide's requirements for both the current account and the RS eligibility criteria?
Page 2
    • ceredigion
    • By ceredigion 7th Dec 17, 7:42 PM
    • 2,708 Posts
    • 3,595 Thanks
    ceredigion
    Yes I was looking at the actual T&C as stated in my post.

    Whether its worth it or not is up to the individual who could decide not to pay in 750 a month after qualification and still have the regular saver for 12m.

    Same as switching qualifies without any further need to switch every month.
    Originally posted by Yorkshire Pud


    My interpretation of the T&C's is, To remain eligible to hold the account you need to have paid in at least 750 per month for the proceeding three months
    • cairndog
    • By cairndog 8th Dec 17, 9:56 AM
    • 195 Posts
    • 92 Thanks
    cairndog
    FlexDirect Account
    That'll be fine, subject to the Regular Savings funding precautions mentioned above. Only the FlexAccount requires the account's minimum pay in requirement to be satisfied in order to retain the Regular Saver. For the FlexDirect you only need to pay in 1,000 per month if you want to receive the 1% interest on 1 in your case.

    I'm currently reusing my 1% FlexDirect for a temporary holding pot in one of the MSE savings challenges, so it has no balance some of the time.
    Originally posted by Kim_13
    Hi Kim
    I need to get out of my FlexDirect account as I can no longer pay in the 1000 per month and I've been in it a year so the rate will drop anyway.
    Can I just go back to an ordinary Flexaccount and still have online banking with a cardreader ?
    I don't need any perks but just want to be able to see when I make a payment to someone.
    I have a fair amount in the FlexDirect to move over at present.

    Hope you can clarify ,( I'm not interested in their savings account)
    • xylophone
    • By xylophone 8th Dec 17, 10:41 AM
    • 25,373 Posts
    • 14,969 Thanks
    xylophone
    You only need to pay in the 1000 a month to get interest on the account.

    You can keep the account and forgo any interest.
    • badger09
    • By badger09 8th Dec 17, 12:06 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    Hi Kim
    I need to get out of my FlexDirect account as I can no longer pay in the 1000 per month and I've been in it a year so the rate will drop anyway.
    Can I just go back to an ordinary Flexaccount and still have online banking with a cardreader ?
    I don't need any perks but just want to be able to see when I make a payment to someone.
    I have a fair amount in the FlexDirect to move over at present.

    Hope you can clarify ,( I'm not interested in their savings account)
    Originally posted by cairndog
    You only need to pay in the 1000 a month to get interest on the account.

    You can keep the account and forgo any interest.
    Originally posted by xylophone
    And keeping the Flexdirect also retains access to Nationwide's 5% Regular Saver.

    Obviously you'd need to pay in 250 (or whatever is going into the RS) each month
    • Kim_13
    • By Kim_13 8th Dec 17, 1:44 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    Hi Kim
    I need to get out of my FlexDirect account as I can no longer pay in the 1000 per month and I've been in it a year so the rate will drop anyway.
    Can I just go back to an ordinary Flexaccount and still have online banking with a cardreader ?
    I don't need any perks but just want to be able to see when I make a payment to someone.
    I have a fair amount in the FlexDirect to move over at present.

    Hope you can clarify ,( I'm not interested in their savings account)
    Originally posted by cairndog
    In this case you should keep the FlexDirect open, as it means that you don't need to meet a minimum pay on to retain the Regular Saver. If you downgraded to the FlexAccount, you'd need to pay in 750 per month to retain the saver.

    You should pay into your saver manually if your FlexDirect balance is less than the amount you want to move into the saver. If not, you risk the standing order to the saver processing before the standing order into the FlexDirect, resulting in a failed payment or being temporarily overdrawn.

    You can cycle existing money between current accounts to meet pay in requirements if you wish, for instance to get 3% interest on 1,500 at TSB.

    If you'd rather step away from using current accounts for interest, you should have a look at this article for a new home for your funds: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    Regular Savers with Santander, HSBC, First Direct, Lloyds, BOS and Halifax pay 2.5% or more if you have the requisite current accounts.
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00
    • badger09
    • By badger09 8th Dec 17, 2:59 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    In this case you should keep the FlexDirect open, as it means that you don't need to meet a minimum pay on to retain the Regular Saver. If you downgraded to the FlexAccount, you'd need to pay in 750 per month to retain the saver.

    You should pay into your saver manually if your FlexDirect balance is less than the amount you want to move into the saver. If not, you risk the standing order to the saver processing before the standing order into the FlexDirect, resulting in a failed payment or being temporarily overdrawn.

    You can cycle existing money between current accounts to meet pay in requirements if you wish, for instance to get 3% interest on 1,500 at TSB.

    If you'd rather step away from using current accounts for interest, you should have a look at this article for a new home for your funds: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    Regular Savers with Santander, HSBC, First Direct, Lloyds, BOS and Halifax pay 2.5% or more if you have the requisite current accounts.
    Originally posted by Kim_13
    Not necessarily.

    An alternative method is to set the SO going into the current account, say 4 days in advance of the one to the RS, thus avoiding that potential problem.
    • AirlieBird
    • By AirlieBird 27th Dec 17, 12:58 PM
    • 1,020 Posts
    • 833 Thanks
    AirlieBird
    Switching an account into a FlexAccount (using the CASS) eliminates the need to pay in 750 a month.
    Originally posted by YorkshireBoy
    Only for 4 months.

    "hold a FlexAccount and:
    have been paying in 750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else);or
    completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months"

    https://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
    Originally posted by Kim_13
    I read that before I posted. My opinion is that I'd then be a 'Main Account' holder and so be able to open the Reg Saver so long as I did it by 4/4/18.

    The bit you've cropped from the start of your quote is the bit that says "To open this account:" (their bold). It follows then, that I could run this account for a year simply by switching, and there would be no need to fund each month.

    I do realise that in order to get a second bite of the regular saver next year (if it's still around) I'd need to re-assess the situation nearer the time.
    Originally posted by YorkshireBoy

    I can't see any requirement in the reg saver T&C to have to continue funding a Nationwide FlexAccount with 750+ per month beyond the initial 3 months prior to opening the reg saver?
    Originally posted by Yorkshire Pud
    Recalling this debate from earlier in the month, I notice the new T&C , effective from 1 May 2018, make it clearer that the 3 months funding requirement rule for the FlexAccount applies continuously to qualify for the regular saver.
    For your FlexAccount to qualify as your main current account, at any time, you must either:
    !!!8226; Have paid at least 750 into the current account each month for the preceding three months (excluding transfers from another Nationwide account); or
    !!!8226; Have completed a current account switch from a non-Nationwide current account, using our Current Account Switch Team, during the preceding four months.

    4. If, at any time, you no longer hold one of these current accounts or fail to meet the above terms, we may transfer your money to another instant access savings account. The terms and conditions and the interest rate applicable to that account at that time, will apply. We will personally notify you before making this transfer.
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