Question for everyone - how do you interpret the T&C’s below:
Basically I’ve had a Nationwide FlexDirect account for 3 years but have not been putting money into it (other than to pay the overdraft) since September since I went Full Monzo.
So to have access to the 5% Reg Savings account, do I qualify by just having the account or do I need to still move £750 into the account every month for a day or so and then move it on?
You’ll need to pay in £750 for 3 months from the look of it (notice it says “and” after point 2).
Most people just set up a standing order to pay in £750 on the 1st, and then pay out £750 on the 2nd to fulfil the criteria (or whenever you want).
Admittedly that is what I assumed but I didn’t think it was overly clear.
Pretty sure I’ll be sending my money that I send to the joint account over via Nationwide for a few months then
You have a Flex Direct Account, so you are in section 1 and so can open an account. You don’t have a FlexAccount and so do not need to have been paying in £750.
I’m with @Anarchist on this.
P.S If not, you can just transfer £750 into it and then move it straight away. That’s what I was doing with my legacy bank before I went full Monzo. They had a minimum of £600 in a month.
Oh no 2 different interpretations
I’ve asked several people in my office and there is a 50/50 split.
I think I’ll just apply and see what happens.
You definitely don’t need to pay any money in. Having a FlexDirect account qualifies you. The minimum deposit requirement is for those with FlexAccounts.
I read it as:
(Point 1) OR ((Point 2) AND (Dash 1 OR Dash 2))
So FlexDirect meets point 1 so no other criteria are required.
Who on earth knows though? I hate this sort of requirement presentation (but then I would say that since I make my living at requirements management).
Aha - On reflection… I agree with @Feathers and the others.
Ignore my first comment
I actually don’t think this is described that badly.
If you have a FlexOne, FlexStudent, FlexGraduate, FlexDirect or FlexPlus account then you can stop reading after point 1, as you’ve qualified.
Yikes! Read it again and you are right.
Once you see it, I agree, it’s understandable.
But… The very fact we are debating it (with myself having changed my mind), goes to show how difficult it can be to understand
Fair enough, I would have swapped the hyphens with 2a or 2b to make it clearer. I wasn’t sure because the OR was in uppercase and the ‘and’ in lower case meant step 1 OR step 2 WITH one of the hyphened points.
I have a FlexPlus but don’t deposit anything other than the £13 monthly fee and I have a 5% regular saver. Same rules apply.
Ah yeah, I see where the confusion is now.
You’re right 2a and 2b would make that a lot clearer, or even just moving the hypens in a bit so they’re more clearly for point 2.
Yeah, 2a, 2b and an indent would make it easier OR
Make it blindingly obvious by putting 1 in a box and then all of the bits of 2 in a second box.
You hold a FlexDirect account, you are eligible.
Only holders of the FlexAccount are bound by either of the sub–rules of minimum payments or having switched.