The Lemon Fool

NW is now offering 5% interest on a new current a/c plus 5% on a Flexclusive Regular Saver.

These need to be applied for with some personal info.

Does anyone wonder why they make us jump through hoops here?

Is it to audit their account holders to weed out dubious a/cs or just to buy more new customers?

feder1 wrote:Does anyone wonder why they make us jump through hoops here?Is it to audit their account holders to weed out dubious a/cs or just to buy more new customers?

Since it's first year only at 5%, it will probably be to make sure you were not a previous holder of the account in the last 12 months.
Also applies if you were a joint account holder.

It drops to 1% after a year but that is still higher than the 0.75% Loyalty Saver.

These new a/cs probably get you agreeing to a credit check which might help them sort the wheat from the chaff?

I wonder if is part of it?

http://www.msn.com/en-gb/money/news/alm ... ailsignout

feder1 wrote:NW is now offering 5% interest on a new current a/c plus 5% on a Flexclusive Regular Saver.

These need to be applied for with some personal info.

Does anyone wonder why they make us jump through hoops here?

Is it to audit their account holders to weed out dubious a/cs or just to buy more new customers?

All financial service providers are required to verify the identity of their customers as part of The Money Laundering Regulations, in a process that is known as Know Your Customer (KYC).

For a savings account just an id check is needed but for a current account, as you can have an overdraft, a credit check is also done.

For the great majority these checks are done electronically, so most people don't notice that, in fact, they happen every time you open an account with anyone in the UK. Sometimes this doesn't work (e.g. if you're not on the electoral register) and they ask for paper id instead.

I've been a Nationwide customer since 2010, and they verified me electronically when I first opened an account with them, however, a couple of months back I got a letter from them saying I needed to "update" my id, asking me to either go to a branch with or post to them one or two from a list of various docs, although it was less onerous than the normal paper requirements.

I did it by dropping into a branch with (just) my photo driving license (just the card, not the paper part), which was enough. I asked them how come this was needed now, and was told that it was only for certain customers where it had been discovered that Nationwide hadn't properly followed the regs originally, but the guy couldn't elaborate any further.

feder1 wrote:It drops to 1% after a year but that is still higher than the 0.75% Loyalty Saver.

They do seem fairly relaxed about starting the 5% rate again after your account has spent a year on 1%, though.

Biggles wrote:

feder1 wrote:It drops to 1% after a year but that is still higher than the 0.75% Loyalty Saver.

They do seem fairly relaxed about starting the 5% rate again after your account has spent a year on 1%, though.

Thanks for pointing that out - I just applied for a second FlexDirect Current a/c, so now getting 5% again!

I started my second 5% saver the day after the first one matured last November - using the same current account.

Tricia

How did you do that, still using the same current account?

My is on the feeble 1% now.

Loir

Loir wrote:How did you do that, still using the same current account?

My is on the feeble 1% now.

Yes, I did it by secure message last time.

Loir wrote:How did you do that, still using the same current account?

My is on the feeble 1% now.

Loir

You can apply online through the Savings Accounts link as soon as your previous 5% Flexclusive Regular Saver has matured after 12 months.

I think there may be some confusion here between the 5% for the FlexDirect current a/c (which seems to require a 12-month gap at 1% before you can go back onto the 5% rate) and the Flexclusive Regular Saver (which you can restart for a new 12-month saver at 5% immediately).

Nationwide have some people's birthdays incorrect and a lengthy phone call (free) is needed to open the Flexdirect.

I have spent several days trying to get my FlexDirect back onto 5%. It is about two years since I was put down to 1%.

Couldn't figure out to do it online so sent a "secure message" asking how to do it. After instructions I still could not manage it online so they suggested I call 0800 30 20 10. Eventually (long menu choices, security) the person told me I would have to close all my Nationwide accounts and go somewhere else for a year, then start from the beginning again. So another "secure message" about this. They said the guy I spoke to was wrong and to call again. I called 0800 30 20 10 again and another person told me no. I had to close all accounts. They said it is in the Terms and Conditions. They have recently changed (of course they have) so I asked if I was informed of these changes. They said I must have been (huh?). I was a bit irate by this point and asked to talk to someone senior. The person said no but did I want to make a complaint. I said yes but I will have to wait a while for that to happen.

I had a look at the Terms and Conditions which (right at the bottom) says "If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement." Not that I have to leave Nationwide completely. These Terms and Conditions dated March 2017. Hurumph!

I will try to be patient to see where my complaint gets me to.

Loir

Loir wrote:I have spent several days trying to get my FlexDirect back onto 5%. It is about two years since I was put down to 1%.

Couldn't figure out to do it online so sent a "secure message" asking how to do it. After instructions I still could not manage it online so they suggested I call 0800 30 20 10. Eventually (long menu choices, security) the person told me I would have to close all my Nationwide accounts and go somewhere else for a year, then start from the beginning again. So another "secure message" about this. They said the guy I spoke to was wrong and to call again. I called 0800 30 20 10 again and another person told me no. I had to close all accounts. They said it is in the Terms and Conditions. They have recently changed (of course they have) so I asked if I was informed of these changes. They said I must have been (huh?). I was a bit irate by this point and asked to talk to someone senior. The person said no but did I want to make a complaint. I said yes but I will have to wait a while for that to happen.

I had a look at the Terms and Conditions which (right at the bottom) says "If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement." Not that I have to leave Nationwide completely. These Terms and Conditions dated March 2017. Hurumph!

I will try to be patient to see where my complaint gets me to.

Loir

Did you apply for a second FlexDirect Current a/c or try to revert your existing a/c back to 5%?
I had no difficulty applying for a second a/c, being unaware of that restriction at section 1.4 page 18 of the T&Cs, which didn't preclude my applying http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/P857_ImportantInformation-TermsAndConditions.pdf

Just to let you know I have just had a response to my written complaint. (See previous post.)

I had a phone call and I was given profuse apologies but the only way I could go back to 5% would be to switch to a non interest earning Flex Account for a year . Then I could apply for a new Flexdirect account and get my 5% again. Again more apologies and they would make sure all support staff have training so they got it right in future.

About an hour later I had another call in which I was told there was in fact some discretion allowed and they would switch me to 5% on my existing FlexDirect account with no changes to account number or any payment setups. I was told I did not have to do anything, they would do it all for me. A happy resolution for me!

I do not know if they would do this anyone else.

Loir

sounds as if they've realised that other people have slipped though the alleged net and are just providing to you what they've provided to others even if accidentally.

didds

I'm getting confuzzled.

They wrote telling me my saver would mature on December 24th. That is my second, which I opened as soon as I could (a day or two) after the first closed last year.

I just logged in to my account. The saver is still shown as such. It shows my annual interest dated Dec. 23rd: fine. It tells me my next interest is due Dec 24th next year: also fine if the rate is worth having. It also tells me my interest rate is (still) 5%.

Is this for real, or is it just the online system being behind the times? Could be that something's changed since I last checked. I take a look at the brochure pages describing the regular saver, and find things are now deeply inconsistent:
- There are now pages telling me I can save £500/month[1] or just £250/month[2].
- It now tells me my standing order to pay in remains in force, but has nothing to say about the interest rate[3]. The account changes to "Flexclusive saver" (from "Flexclusive regular saver"). Details are elusive: it's missing from Nationwide's "all savings accounts" page, and even with google it took some digging to find anything without the "regular" in. But it turns out it's going onto 0.5% interest[4].

And it's not letting me open a new one, as I did a year ago.

Bah, Humbug.

[1] https://www.nationwide.co.uk/support/su ... conditions
[2] https://www.nationwide.co.uk/products/s ... d-benefits
[3] https://www.nationwide.co.uk/support/su ... r-maturity
[4] https://www.nationwide.co.uk/~/media/Ma ... eSaver.pdf

UncleEbenezer wrote:I'm getting confuzzled.

They wrote telling me my saver would mature on December 24th. That is my second, which I opened as soon as I could (a day or two) after the first closed last year.

I just logged in to my account. The saver is still shown as such. It shows my annual interest dated Dec. 23rd: fine. It tells me my next interest is due Dec 24th next year: also fine if the rate is worth having. It also tells me my interest rate is (still) 5%.

Is this for real, or is it just the online system being behind the times? Could be that something's changed since I last checked. I take a look at the brochure pages describing the regular saver, and find things are now deeply inconsistent:
- There are now pages telling me I can save £500/month[1] or just £250/month[2].
- It now tells me my standing order to pay in remains in force, but has nothing to say about the interest rate[3]. The account changes to "Flexclusive saver" (from "Flexclusive regular saver"). Details are elusive: it's missing from Nationwide's "all savings accounts" page, and even with google it took some digging to find anything without the "regular" in. But it turns out it's going onto 0.5% interest[4].

And it's not letting me open a new one, as I did a year ago.

It's now £250 per month max, maybe some pages haven't caught up with this.

Your regular payment is still in place (note it's not specifically a standing order) because you set it up and the destination account still exists, albeit in a different name.

What's stopping you opening a new one? I think I did on the same day my old account changed its name.

Scott.