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  • FIRST POST
    • trinidadone
    • By trinidadone 19th Sep 17, 1:00 AM
    • 2,945Posts
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    trinidadone
    Nationwide flexidirect - some questions.
    • #1
    • 19th Sep 17, 1:00 AM
    Nationwide flexidirect - some questions. 19th Sep 17 at 1:00 AM
    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
Page 1
    • surreysaver
    • By surreysaver 19th Sep 17, 6:06 AM
    • 2,342 Posts
    • 1,317 Thanks
    surreysaver
    • #2
    • 19th Sep 17, 6:06 AM
    • #2
    • 19th Sep 17, 6:06 AM
    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
    • By Mogley 19th Sep 17, 10:50 AM
    • 229 Posts
    • 188 Thanks
    Mogley
    • #3
    • 19th Sep 17, 10:50 AM
    • #3
    • 19th Sep 17, 10:50 AM
    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.
    No.25 for 2017 £1070/£4000 saved.
    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
    • By colsten 19th Sep 17, 10:53 AM
    • 8,817 Posts
    • 7,520 Thanks
    colsten
    • #4
    • 19th Sep 17, 10:53 AM
    • #4
    • 19th Sep 17, 10:53 AM
    ..... sticking a grand in each money from a DD...
    Originally posted by trinidadone
    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
    • By metrobus 4th Oct 17, 11:45 AM
    • 1,370 Posts
    • 709 Thanks
    metrobus
    • #5
    • 4th Oct 17, 11:45 AM
    • #5
    • 4th Oct 17, 11:45 AM
    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
    • By EachPenny 4th Oct 17, 12:08 PM
    • 3,397 Posts
    • 6,340 Thanks
    EachPenny
    • #6
    • 4th Oct 17, 12:08 PM
    • #6
    • 4th Oct 17, 12:08 PM
    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?
    Originally posted by metrobus
    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
    • By metrobus 4th Oct 17, 7:16 PM
    • 1,370 Posts
    • 709 Thanks
    metrobus
    • #7
    • 4th Oct 17, 7:16 PM
    • #7
    • 4th Oct 17, 7:16 PM
    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
    • By djpailo 4th Oct 17, 10:17 PM
    • 428 Posts
    • 144 Thanks
    djpailo
    • #8
    • 4th Oct 17, 10:17 PM
    • #8
    • 4th Oct 17, 10:17 PM
    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.
    Originally posted by metrobus
    I presume you wait a year first before upgrading
    • asset2004
    • By asset2004 7th Oct 17, 4:36 PM
    • 2,406 Posts
    • 17,704 Thanks
    asset2004
    • #9
    • 7th Oct 17, 4:36 PM
    • #9
    • 7th Oct 17, 4:36 PM
    I presume you wait a year first before upgrading
    Originally posted by djpailo
    I have just called them but they would not let me do this for another year. :/
    • Beartricks
    • By Beartricks 8th Oct 17, 1:23 PM
    • 179 Posts
    • 154 Thanks
    Beartricks
    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
    • By mt99 8th Oct 17, 3:02 PM
    • 453 Posts
    • 220 Thanks
    mt99
    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
    • BobQ
    • By BobQ 8th Oct 17, 3:23 PM
    • 9,826 Posts
    • 12,765 Thanks
    BobQ
    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
    Originally posted by mt99

    You can convert back
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
    • TheShape
    • By TheShape 8th Oct 17, 3:31 PM
    • 1,147 Posts
    • 920 Thanks
    TheShape
    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
    Originally posted by mt99
    You can convert back
    Originally posted by BobQ
    You won't get the travel insurance back though.
    • justpassingthrough24
    • By justpassingthrough24 8th Oct 17, 9:45 PM
    • 20 Posts
    • 9 Thanks
    justpassingthrough24
    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.
    Originally posted by Mogley
    Am I right in thinking if your balance exceed £2500 at any stage you won't receive the 5% interest? Isn't that impossible to achieve if you end up having to transfer in £1000 at some stage every month? Forgive me for my ignorance but what would be the best way around this?
    • YorkshireBoy
    • By YorkshireBoy 8th Oct 17, 9:52 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    Am I right in thinking if your balance exceed £2500 at any stage you won't receive the 5% interest?
    Originally posted by justpassingthrough24
    No, you're not right. From their website...
    In plain English this means, you'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.
    Their emboldening, not mine.
    Isn't that impossible to achieve if you end up having to transfer in £1000 at some stage every month?
    It's not a regular saver...it's a current account! You can withdraw as well as deposit.
    Forgive me for my ignorance but what would be the best way around this?
    Read the information about the account on their website would be my advice.
    • justpassingthrough24
    • By justpassingthrough24 8th Oct 17, 10:10 PM
    • 20 Posts
    • 9 Thanks
    justpassingthrough24
    No, you're not right. From their website...Their emboldening, not mine.It's not a regular saver...it's a current account! You can withdraw as well as deposit.Read the information about the account on their website would be my advice.
    Originally posted by YorkshireBoy
    Thanks for clarifying. I asked because I read above that you'd need to keep the maximum balance at £2500 and so would need to transfer money out every month as well as in. Makes sense for me to just have a read of the website

    By that logic, I'd be ok to start with £2500 and transfer in £1000 every month?
    • YorkshireBoy
    • By YorkshireBoy 8th Oct 17, 10:15 PM
    • 29,624 Posts
    • 17,487 Thanks
    YorkshireBoy
    By that logic, I'd be ok to start with £2500 and transfer in £1000 every month?
    Originally posted by justpassingthrough24
    £2.5K would qualify as the first month's funding. Then, from (calendar) month 2 onwards, a pair of cross-firing SOs (£1,000 in / £1,008 out) would automate things.
    • justpassingthrough24
    • By justpassingthrough24 9th Oct 17, 12:10 AM
    • 20 Posts
    • 9 Thanks
    justpassingthrough24
    £2.5K would qualify as the first month's funding. Then, from (calendar) month 2 onwards, a pair of cross-firing SOs (£1,000 in / £1,008 out) would automate things.
    Originally posted by YorkshireBoy
    This may be another silly question, but why would I need to transfer £1008 out? Could I not just have an SO of £1000 going in each month?
    • binaryuniverse
    • By binaryuniverse 9th Oct 17, 7:35 AM
    • 480 Posts
    • 262 Thanks
    binaryuniverse
    Because you don't get interest on that extra £1008 (£1000 going in, and £8 interest for that month (although it's more like £10)).
    So it makes sense to put that £1008 in a different account where it can gain interest.

    I do exactly this with a Nationwide account and 2 Tesco bank accounts. The NW is full with £2500, but I transfer £1000 in to it, and then transfer it back out, with £610 being split, and going to my Tesco accounts, and the £400 going back to my main account for bills and such. Once they are full, my TSB account, at 3%, gets filled up.
    When the NW 5% offer ends I'll start moving the money in to regular savers and/or my Lifetime ISA.

    If that seems like too much hassle, then you could easily open a NW regular saver account, and put £250 a month in there. But that still leaves you with £760 not gaining any interest. Then, in month 2, it's £1520 not gaining interest. In month 3 it's £2280, 4 it's £3040. That's a lot of potential interest being wasted.

    But yes, you CAN pay in £1000 a month and just leave it there. It's just not the most money saving thing to do.
    Last edited by binaryuniverse; 09-10-2017 at 7:52 AM.
    • Zanderman
    • By Zanderman 9th Oct 17, 7:47 AM
    • 1,314 Posts
    • 3,745 Thanks
    Zanderman
    But yes, you CAN pay in £1000 a month and just leave it there. It's not the most money saving thing to do.
    Originally posted by binaryuniverse
    Unless, of course, you actually intend to use the FlexD as your main current account (which is probably a novel idea to most people on here!) in which case putting £1000 in may be essential to cover your everyday expenses and bills.

    But if you're just using the FlexD for interest don't fill it up with non-interesting earning money!
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