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Nationwide 5% Flexclusive Regular Saver (Read 4851 times)
Sarah
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Nationwide 5% Flexclusive Regular Saver
2nd Dec, 2015 at 2:38am
 
Flexclusive Regular Saver is a new loyalty product that replaces their excellent Regular Savings account. There's also a non-Flexclusive version with a lower interest rate, available to customers that don't satisfy the loyalty criteria.

At first glance the only advantage to the new account seems to be the 5% interest rate (without tiers) which following the recent cut is now 3% more than the pre-existing Regular Savings account. However the maximum monthly deposit is now only 500 (rather than 1000) and the new account ends after 12 months (whereas a great and unusual feature of the outgoing Regular Savings account was that it continued rolling on, making it possible to build up a significant balance over multiple years).

http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

It looks like they're allowing Regular Savings account holders to open and continue both accounts for now, with the Regular Savings product eventually discontinued on 1 December 2016.

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/FSUA41-flex-service.pdf
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Danceswithhorses
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #1 - 2nd Dec, 2015 at 5:46pm
 
well spotted..not bad  Wink
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planteria
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #2 - 3rd Dec, 2015 at 7:55am
 
good account..
the 'ongoing' feature was appealing, but i couldn't find an account on the market which paid a rate that made it worthwhile.
criteria for this one are easy..FlexDirect accounts nail it.
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chickenboy
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #3 - 3rd Dec, 2015 at 8:09am
 
Nice one, and you can pay in 500 each month!
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mike_p
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #4 - 3rd Dec, 2015 at 10:10am
 
Yes not bad, and the 500 limit is good.  HSBC (250), FD (300) & M&S (250) offer 6% tho'
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planteria
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #5 - 4th Dec, 2015 at 9:10am
 
yes, the 500 is handy..
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m1chaels
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #6 - 5th Dec, 2015 at 8:34pm
 
Wish I'd known about the rolling on 1k per month reg saver before Sad
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Sarah
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #7 - 4th Jun, 2016 at 3:16am
 
Quote:
What are the eligibility criteria for this account?

To apply for a Flexclusive Regular Saver account you must:

1. Hold a FlexOne account and be aged 18 or over or hold a FlexAccount and have:

Been paying in 750+ a month over 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; or

2. Hold a FlexDirect or FlexPlus account.


So if I decide to close my only FlexDirect account, I first need to get busy with my FlexAccount for 3 months to avoid killing my Flexclusive Regular Saver account interest rate... or doesn't eligibility matter anymore (in practice) once the Flexclusive Regular Saver is up and running? Has anyone here been through this already? Perhaps downgrading the FlexDirect account would be safer than closing it and still count as an eligible FlexAccount!

The full T&Cs appear to say this:

Quote:
If you no longer meet the eligibility criteria we may transfer the account to another instant access savings account and the terms and
conditions of that account will apply and we will contact you when we do this.
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Anon
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #8 - 2nd Aug, 2016 at 1:23pm
 
You can request downgrading your FlexD account to a normal Flex account, which would retain the previous transactions and save waiting (and then enables getting a new FlexD)?

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Sarah
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #9 - 6th Aug, 2016 at 5:44am
 
Yeah, I've done that before, although I'm not sure they'd regard it as continuous eligibility now as I've recently also cut throughput of my FlexDirect account and it'd take a little time to get a replacement opened. Might be lazy and just wait until my Flexclusive Regular Saver matures at the start of December before making any other changes.
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Sarah
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #10 - 2nd Dec, 2016 at 7:13am
 
Well, in the end I didn't risk closing any accounts; kept my FlexDirect account open for the full 12 months yet Nationwide have matured my Flexclusive Regular Saver without paying any interest at all. Have sent a query - hopefully they're just being slow/inefficient with crediting it.
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Sarah
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Re: Nationwide 5% Flexclusive Regular Saver
Reply #11 - 2nd Dec, 2016 at 9:46am
 
Yep, they appear to admit they've messed up. Nationwide response:

Quote:
We are currently aware of this same issue affecting our members and we are looking in to this as a high priority and aim to get this resolved and your interest paid to you as soon as possible.


In the meantime, our funds are now only earning 0.5% instead of 5% before maturity.
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