Nationwide FlexAccount - £75 incentive

LongTermLurker

simax wrote: »

I fancy £75 myself, so would this work????

1) Go into my dormant Abbey account, deposit 10p and set up a standing order to transfer 2p/month for 5 months into my active Lloyds TSB account (which I won't touch as this is my main account).

2) Go to my dormant Nationwide account, deposit another 10p into this account and elect to switch my payments from my Abbey account to Nationwide? This would swap the standing order from Abbey.

3) 8 weeks later, pass Go, and collect £75, and cancel the standing orders and remove surplus pennies back to Lloyds TSB.

Any reason why this won't work? I really don't want the hassle of moving my Lloyds TSB account stuff over for 2 months - too much of a ballache.

If you really want to milk it, you could deposit 6p at Abbey (if it takes more than 3 months to transfer, just feed a couple of pence each month to keep it topped up)...

Then put 2p in Nationwide - once it's been transferred, transfer any remaining pennies from Abbey to Nationwide - you've got a full month to do it...

Whatever you do, don't close your Abbey account, cos this offer will be back again in 3 or 4 months and you can sacrifice another 8p...

I'm feeling flush though, my SOs are in multiples of a fiver...

simax

LongTermLurker wrote: »

If you really want to milk it, you could deposit 6p at Abbey (if it takes more than 3 months to transfer, just feed a couple of pence each month to keep it topped up)...

Then put 2p in Nationwide - once it's been transferred, transfer any remaining pennies from Abbey to Nationwide - you've got a full month to do it...

Whatever you do, don't close your Abbey account, cos this offer will be back again in 3 or 4 months and you can sacrifice another 8p...

I'm feeling flush though, my SOs are in multiples of a fiver...

OK Mr Sarky :rotfl:

Only reason i am doing the bare minimum is that I despise both of them, only leaving them open as it costs them and so use them accordingly when it benefits me.

noh

There is no need to deposit any cash.
Just set up a SO with the first payment to be taken in 3 months time.
It should be transferred and cancelled long before then.

LongTermLurker

lol noh. I see I'm really just an amateur

C_Mababejive

Oh really? I have been with nationwide for years and in the past few years,i have not been impressed.

It just shows what loyality gets you..sod all.

I'm going to first direct. They are offering £100
https://www.firstdirect.com

a trading style of HSBC...recently voted the worlds most trusted bank..

Trek

noh wrote: »

There is no need to deposit any cash.
Just set up a SO with the first payment to be taken in 3 months time.
It should be transferred and cancelled long before then.

Can you explain in more detail please!

Thanks
trek

stripedwellies

Trek wrote: »

Can you explain in more detail please!

Thanks
trek

I suppose check to see if the SO set up is showing on Nationwide, then cancel the SO with the other bank and no money will have shifted if set for long enough in advance.
As soon as the £75 shows, then cancel the SO on the Nationwide site.

stripedwellies

LongTermLurker wrote: »

lol noh. I see I'm really just an amateur

I've only just realised that I have two flexaccounts ( no longer used) and only claimed £50 last time. Silly me.

gazelle8760

With all the bad luck I've had with The Nationwide, it would be just typical of them to take the £75 off you, as fast as they put it in.

What other Bank/Building Society gives their Customers a Credit Card with a line of credit on it to use, merely to take it all away again six months later, because you don't qualify for a credit limit increase, and then penalizes you for using your overdraft, giving them interest monthly, when your Salary is Credited to them each month, and then takes that away six months later, stating you don't meet their criteria, well guess what Nationwide, you don't meet my Criteria either, hence my Salary has now been paid into Lloyds! Any one with any sense, would give these cowboys a wide berth.

10_66

gazelle8760 wrote: »

Any one with any sense, would give these cowboys a wide berth.

I think the point is, that most people applying for this, won't actually be transferring into it to use the account. If N'wide want to offer £75 for "transferring" to them, apart from spending a little time filling out the application, why would anyone not try to get it?