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    • trinidadone
    • By trinidadone 19th Sep 17, 1:00 AM
    • 2,940Posts
    • 1,105Thanks
    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 2
    • YorkshireBoy
    • By YorkshireBoy 9th Oct 17, 11:30 AM
    • 29,446 Posts
    • 17,229 Thanks
    YorkshireBoy
    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)
    Originally posted by binaryuniverse
    Apologies, don't know why I put £8.
    • Eco Miser
    • By Eco Miser 9th Oct 17, 1:13 PM
    • 3,084 Posts
    • 2,849 Thanks
    Eco Miser
    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.
    Originally posted by binaryuniverse
    Why isn't £500 (or £250) going to earn 5% in NW Regular Saver?
    Eco Miser
    Saving money for well over half a century
    • binaryuniverse
    • By binaryuniverse 9th Oct 17, 1:58 PM
    • 411 Posts
    • 206 Thanks
    binaryuniverse
    At present, I need a readily available sum of cash, ready to go in to my LISA, at the end of March (the Tesco accounts should be just about full at that point, too). Over the course of a year, £3000 in a Tesco account (if full, of course) returns slightly more interest over £250pm in the NW RS. Although I have been paying in £300pm to both, so no, I'm not maximising the interest potential there. But like I say, readily available is a requirement. Hence why I haven't opened the RS yet.

    The FlexDirect 5% deal ends in May so I'll start shipping it out in a NW RS and First Direct RS.
    By the time it's time to dump the next lot in to the LISA for year 2, I should have a decent enough amount readily available so I can not worry about that.
    • 10_66
    • By 10_66 9th Oct 17, 6:09 PM
    • 2,616 Posts
    • 973 Thanks
    10_66
    I've been given conflicting information by Nationwide about what you should do with a Flex Direct account once the 5% drops:

    A) Close the account and wait for 12 months before reapplying.
    B) Leave it open, and the 5% interest becomes payable 12 months after the interest rate drop.

    In the past I've gone down the option A route, unaware that option B was possible. Can anyone confirm that option B is definitely possible?
    • david78
    • By david78 9th Oct 17, 6:15 PM
    • 1,586 Posts
    • 583 Thanks
    david78
    I've been given conflicting information by Nationwide about what you should do with a Flex Direct account once the 5% drops:

    A) Close the account and wait for 12 months before reapplying.
    B) Leave it open, and the 5% interest becomes payable 12 months after the interest rate drop.

    In the past I've gone down the option A route, unaware that option B was possible. Can anyone confirm that option B is definitely possible?
    Originally posted by 10_66
    B) doesn't work. You need to close the account or transfer it away (A) or downgrade it to a FlexAccount. Then wait 12 months if you want to open a new one.
    • 10_66
    • By 10_66 9th Oct 17, 8:06 PM
    • 2,616 Posts
    • 973 Thanks
    10_66
    B) doesn't work. You need to close the account or transfer it away (A) or downgrade it to a FlexAccount. Then wait 12 months if you want to open a new one.
    Originally posted by david78
    Thank you. A) is what I've done in the past. I had to ring N'wide last week and it was only then that one of their staff mentioned B). Their inconsistency doesn't change (rolls eyes).
    • Imvrasos
    • By Imvrasos 10th Oct 17, 11:47 AM
    • 20 Posts
    • 16 Thanks
    Imvrasos
    I remember a dedicated thread for the flex direct interest increase, where several customers followed B, with the instant down and upgrade. Some of them had actually the 5% re-instated for them, without any down/upgrade on the account.

    I am 9 months in the 1% period, and am now considering switching, if option B has been explicitly withdrawn by the bank...
    • Kernel Sanders
    • By Kernel Sanders 10th Oct 17, 12:31 PM
    • 3,124 Posts
    • 1,286 Thanks
    Kernel Sanders
    I am 9 months in the 1% period, and am now considering switching, if option B has been explicitly withdrawn by the bank...
    Originally posted by Imvrasos
    Same here, for my mother's account. If I downgrade now, will the one year waiting period still end in January? I suspect not.
    Also, how would this affect switching into NW, as I'm considering closing her Santander 123 a/c.
    • Eco Miser
    • By Eco Miser 10th Oct 17, 6:15 PM
    • 3,084 Posts
    • 2,849 Thanks
    Eco Miser
    Over the course of a year, £3000 in a Tesco account (if full, of course) returns slightly more interest over £250pm in the NW RS.
    Originally posted by binaryuniverse
    But those choices employ differing amounts. The optimum (assuming no new money) is to move the £3000 from Tesco to NW RS over the year.
    The NW RS is instant access, you don't need to complete the year if you need to feed LISA.
    Last edited by Eco Miser; 10-10-2017 at 6:17 PM. Reason: added second point
    Eco Miser
    Saving money for well over half a century
    • binaryuniverse
    • By binaryuniverse 10th Oct 17, 7:37 PM
    • 411 Posts
    • 206 Thanks
    binaryuniverse
    The NW RS is instant access, you don't need to complete the year if you need to feed LISA.
    Originally posted by Eco Miser
    I noticed that, after I looked a bit further in to it, the other day.
    I might look in to opening one, in a couple of months. Possibly in the new year, once Christmas is out the way.
    • kezzygirl
    • By kezzygirl 10th Oct 17, 7:59 PM
    • 567 Posts
    • 643 Thanks
    kezzygirl
    I have a quick question, both hubby and i have sole flexdirect and flex saver accounts, can we also open one of each jointly to reap the 5%?
    • Eco Miser
    • By Eco Miser 10th Oct 17, 8:06 PM
    • 3,084 Posts
    • 2,849 Thanks
    Eco Miser
    I believe you can have a joint flexdirect, but not a joint saver.
    Check the T&Cs on NW's site to be certain.
    Eco Miser
    Saving money for well over half a century
    • YorkshireBoy
    • By YorkshireBoy 10th Oct 17, 8:07 PM
    • 29,446 Posts
    • 17,229 Thanks
    YorkshireBoy
    I have a quick question, both hubby and i have sole flexdirect and flex saver accounts, can we also open one of each jointly to reap the 5%?
    Originally posted by kezzygirl
    In total you can have 3 FlexDirect accounts (paying 5% AER) between you (1 sole each plus a joint), but only one regular saver each.
    Last edited by YorkshireBoy; 10-10-2017 at 8:14 PM.
    • TheShape
    • By TheShape 11th Oct 17, 12:26 AM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    The NW RS is instant access, you don't need to complete the year if you need to feed LISA.
    Originally posted by Eco Miser
    I noticed that, after I looked a bit further in to it, the other day.
    I might look in to opening one, in a couple of months. Possibly in the new year, once Christmas is out the way.
    Originally posted by binaryuniverse
    Why wait? If you can fund it now you might as well be earning 5% on whatever you can and if it's still available next October you can start a new one. If you wait until the new year and they withdraw the account/reduce the interest payable from, say, next November you'll have missed out. They might even withdraw the account tomorrow!
    • binaryuniverse
    • By binaryuniverse 11th Oct 17, 6:43 AM
    • 411 Posts
    • 206 Thanks
    binaryuniverse
    I know my options. Just accept people have their own path, at some point, and leave it at that.
    • Kernel Sanders
    • By Kernel Sanders 19th Oct 17, 7:38 PM
    • 3,124 Posts
    • 1,286 Thanks
    Kernel Sanders
    I know my options. Just accept people have their own path, at some point, and leave it at that.
    Originally posted by binaryuniverse
    The advice TheShape gave is valid, so maybe you should accept that there is a wider audience on these boards.
    #JeSuisCharlie
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