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Nationwide to pay up to 4.25% on Flexaccount
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dc
Posts: 2,547 Forumite
Official, sorry if this has been posted before.
From the 1st of April Nationwide is to pay 4.25% on its current account , the Flexaccount. I welcome this as a refugee from A&L, but have doubts as to its longevity.
Go on give your big bank a shock, but remember two current accounts are better than one in this changing world. Always have a bolt hole.
HTHs dc
From the 1st of April Nationwide is to pay 4.25% on its current account , the Flexaccount. I welcome this as a refugee from A&L, but have doubts as to its longevity.
Go on give your big bank a shock, but remember two current accounts are better than one in this changing world. Always have a bolt hole.
HTHs dc
ac's lovechild
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Comments
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As mentioned in other postings, details are here
Min monthly funding is £1,000 for this interest rate.0 -
Article in the Guardian about it today:
http://money.guardian.co.uk/news_/story/0,1456,1688884,00.html?gusrc=rss"An eye for an eye leaves the whole world blind" - Mahatma Gandhi0 -
Careful though.
4.25% only applicable for funds above 999 pounds and below 3000 pounds. I am not sure what are current limitations of the A+L. In any case these are still below normal saving rates, so it w worth organising money transfer to them as quickly as possible!0 -
So you have to have over £999 sitiing in the account to get that interest rate?
Im with nationwide anyway and have over a thousand going in each month but the account rarely has any thing left in it as I have so many out goings.Make £10 a Day Feb .....£75.... March... £65......April...£90.....May £20.....June £35.......July £600 -
No you can have any balance you like. The top rate (of 4.25% on all balances upto £3,000) is only available if you pay £1000 per month (calendar, I believe, not statement period). The issue I still have with this account is that interest is not paid each month. Thus when paid annually on 31 December each year, it will consist of a different rate potentially for each and every month depending on what the 'top rate' was [3% now and in Feb and March - 4.25% from April to December] and whether or not you met the funding in that month.Kantankrus_Mare wrote:So you have to have over £999 sitiing in the account to get that interest rate?
But the main point is to have an e savings account too, so that you don't get into the situation of keeping £3000+ in the current account for any period of time......under construction.... COVID is a [discontinued] scam0 -
Well as far as I can see from my statements, overdraft fees or interest payments are paid monthly, or am I missing something?
But yes I agree......if you have surplus money each month, it needs either transferring to the higher interest internet account or withdrawing and put into ISA.
Unfortunately , mine is usually slightly overdrawn as every penny is accounted for and if it isnt it is drawn out on a weekly basis
Make £10 a Day Feb .....£75.... March... £65......April...£90.....May £20.....June £35.......July £600 -
I have just received the leaflet today with my statement.
As my wages go in every month and I earn less than £1000, I get a stingy 1.25% interest rate!
It seems to me that Nationwide are falling into the trap and aiming for the majority rather than the minority, however I always transfer my money to the esavings account which pays over 4% anyway. Im just a bit annoyed that I dont fall into their category.Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.0 -
Milarky wrote:No you can have any balance you like. The top rate (of 4.25% on all balances upto £3,000) is only available if you pay £1000 per month (calendar, I believe, not statement period). The issue I still have with this account is that interest is not paid each month. Thus when paid annually on 31 December each year, it will consist of a different rate potentially for each and every month depending on what the 'top rate' was [3% now and in Feb and March - 4.25% from April to December] and whether or not you met the funding in that month.
But the main point is to have an e savings account too, so that you don't get into the situation of keeping £3000+ in the current account for any period of time.
So what you are saying is, if you were to deposit a sum of money between £1000 and £3000 then withdraw it in the same month before you put any more in the following month, you will still acquire the 4.25% AER p.a.
I emailed Nationwide about this and will post it here if the reply is of relevance to MSE users.0 -
I believe thats correct about the crediting between 1000 and 3000 a month, but it cannot be from another Nationwide account.Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.0 -
Freebyman wrote:I have just received the leaflet today with my statement.
As my wages go in every month and I earn less than £1000, I get a stingy 1.25% interest rate!
It seems to me that Nationwide are falling into the trap and aiming for the majority rather than the minority, however I always transfer my money to the esavings account which pays over 4% anyway. Im just a bit annoyed that I dont fall into their category.
Transfer some to another account and back again - that should class as £1000 deposit per month!#KiamaHouse0
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