Interpretation of the Terms & Conditions on another banks savings account (sorry Monzo)

(Richard) #1

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). :smiley:

(Richard) #3

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 :slight_smile:

Thanks :+1: :+1:

(If there's the wrong end of a stick, you'll find me holding it.) #4

My interpretation;

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.

(Ben ) #5

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.

(Richard) #7

Oh no 2 different interpretations :see_no_evil:

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. :man_shrugging: :smile:

(Dan Mullen) #8

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.

(MikeF) #9

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 :smiley:

(JackO) #11

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 :joy:

(Richard) #15

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. :laughing:

(Dan Mullen) #16

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.

(JackO) #17

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.

(MikeF) #18

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.

(Jamie 🏳️‍🌈) #19

It’s definitely:

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.