Nationwide flexidirect - some questions.

Options
trinidadone
trinidadone Posts: 3,337 Forumite
First Post First Anniversary Combo Breaker
in Budgeting & bank accounts
I am thinking of opening a flexidirect bank account, and sticking a grand in each money from a DD, but I have some questions:

1) Do I need to use their switching service?

2) Do I need to have a min amount of Direct Debits?

3) I was going to use the account like a savings account, by depositing the min £1000 a month from my existing account, is this ok?

4) Can I also open their regular savings account also?
Trinidad - The hottest place to go
«134

Comments

  • surreysaver
    surreysaver Posts: 4,105 Forumite
    Name Dropper First Anniversary First Post
    Options
    1) No
    2) No
    3) Yes, but they pay 5% only on a balance up to £2500 for a year. Any more than £2500 its 0%, or longer than a year, then its 1%
    4) Yes

    Also, you cannot fund it with a direct debit. You would have to pay money into it every month via other means.
    I consider myself to be a male feminist. Is that allowed?
  • Mogley
    Mogley Posts: 250 Forumite
    Options
    1) If you know a friend with a qualifying nationwide account then they could refer you and you each get £100 if you do a full switch of your current account.
    2) You need two direct debits to receive the refer a friend bonus after switching.
    3) Keep a maximum balance of £2500 in the flex direct account. You have to pay £1k/month into the account for the 5% interest, but that money can be transferred back to your existing account so that you maintain £2.5k balance. Set up a standing order from your existing account for £1k and setup the matched standing order from the flexdirect account on the same day.
    4) Yes.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
  • colsten
    colsten Posts: 17,597 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    trinidadone wrote: »
    ..... sticking a grand in each money from a DD...

    You cannot deposit money into a current account by DD. You need an SO for that. It is important to understand the difference between an SO and a DD.
  • metrobus
    metrobus Posts: 1,784 Forumite
    First Anniversary Combo Breaker First Post
    Options
    I remember with the flex direct account after the 1st year of receiving 5% on £2500 it goes to 1% for the 2nd year but after another 12 months you can get 5% again.
    Does any one know the procedure to get this please?
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    Options
    metrobus wrote: »
    I remember with the flex direct account after the 1st year of receiving 5% on £2500 it goes to 1% for the 2nd year but after another 12 months you can get 5% again.
    Does any one know the procedure to get this please?

    It varies, and there has been extensive discussion on the forum about it already if you try a search.

    The main point is to be prepared to be persistent ;) I would start with a phone call to their customer services and just ask.
    "In the future, everyone will be rich for 15 minutes"
  • metrobus
    metrobus Posts: 1,784 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Looked into it now and a phone call should suffice if not its just a case of down grading to flex acc and immediately up grading back to to flex direct.
  • djpailo
    djpailo Posts: 550 Forumite
    First Post First Anniversary Combo Breaker
    Options
    metrobus wrote: »
    Looked into it now and a phone call should suffice if not its just a case of down grading to flex acc and immediately up grading back to to flex direct.

    I presume you wait a year first before upgrading
  • asset2004
    asset2004 Posts: 2,453 Forumite
    Options
    djpailo wrote: »
    I presume you wait a year first before upgrading

    I have just called them but they would not let me do this for another year. :/
    Life is a coin, you can spend it anyway you wish, but you can only spend it once.
    Go as far as you can see, and when you get there you'll see further.
    Take time but don't waste time
  • Beartricks
    Beartricks Posts: 250 Forumite
    First Anniversary First Post
    Options
    I have a Nationwide FlexAccount but I don't get anything from it aside from the travel insurance. I was looking for an account which offers me more in the way of free money because I'm about to open a Help to Buy.

    I was considering upgrading to a FlexDirect, paying most of my money in to that until I reach the £2500 for the 5% interest, and opening something like the TSB or Santander Account as my main account for day-to-day spending and the cashback.

    Is this a reasonable strategy?
  • mt99
    mt99 Posts: 472 Forumite
    Options
    If you upgrade you will lose your travel insurance and never be able to get it back again

    you might instead consider opening a FlexDirect account whilst keeping your Flex Account ie have two accounts
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards