Nationwide Hattie625

#1
This has been covered before, but I'm still confused.....



My Nationwide FlexDirect current account moves from 5% to 1% on 4 May at the end of the year's preferential rate.



I also have a FlexAccount current account into which I have been paying £750 month (since October 2016) in order to benefit from the free European travel insurance, and will continue to do so.



The FlexAccount will support my ongoing 5% Flexclusive Regular Saver (which is due to renew on 12 May).



I plan to move £2,500 out of my FlexDirect on 4 May, leaving a nil balance.



Do I need to formally close my current FlexDirect in order to qualify in a year's time for a further preferential rate period (assuming it is still available, of course)? Or can I just leave the current one open and then re-fund it in May 2018?

#2





Do I need to formally close my current FlexDirect in order to qualify in a year's time for a further preferential rate period (assuming it is still available, of course)? Or can I just leave the current one open and then re-fund it in May 2018?
Originally posted by Hattie625


You need to close the account and wait a year

#4
As you can get 1% elsewhere, it's the safest action - but it isn't necessarily true that you need to close it for 12 months, just not had the 5% for 12 months... and comply with the other requirements.

#7



Why not benefit from a switch incentive?
Originally posted by bigadaj


That's what I did. I switched my FlexDirect account (after the 12 months 5% interest rate had ended) to the Halifax Reward account to get £100 ☺. I then opened a Flex Account in order to qualify for the Flexclusive Regular Saver.

#8



As you can get 1% elsewhere, it's the safest action - but it isn't necessarily true that you need to close it for 12 months, just not had the 5% for 12 months... and comply with the other requirements.
Originally posted by soulsaver


My FlexDirect ended recently and Nationwide confirmed on the phone to me that, in order to get the 5% again next year (if it's available), I needed to downgrade my account to a FlexAccount.

#10



My FlexDirect ended recently and Nationwide confirmed on the phone to me that, in order to get the 5% again next year (if it's available), I needed to downgrade my account to a FlexAccount.
Originally posted by bobobski


I was told this too.

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