Nationwide 3% on current account balances coming soon.

BugsyBrowne

Not sure if its been said but closed my flexi direct down yesterday and explained I'm sticking with lloyds vantage as they pay a decent enough Percentage on current balances although this was just my excuse to get out of the store.

Anyway the branch manager asked me to stay which I didn't saying about in April may time nationwide are doing 3% on all current account balances.

If this is old news just ignore.

innovate

There's been some heavy-hint-dropping in another post before, but without numbers.

3% sounds fab, provided it's for a decent amount of money, and if they add some decent DD cashback, that would be even better!

rb10

I'd been hoping for more than that - I'm still getting 3% on up to £50k in an old Santander account for the foreseeable future.

innovate wrote: »

3% sounds fab, provided it's for a decent amount of money, and if they add some decent DD cashback, that would be even better!

Probably on £2.5k as that's what the FlexDirect currently pays 2% on.

DD cashback would be lovely, but I reckon highly unlikely.

BugsyBrowne

rb10 wrote: »

I'd been hoping for more than that - I'm still getting 3% on up to £50k in an old Santander account for the foreseeable future.



Probably on £2.5k as that's what the FlexDirect currently pays 2% on.

DD cashback would be lovely, but I reckon highly unlikely.

Its on the normal flexi account they'll be doing it rb10 cause they wanted me to open one up.

innovate

May be they will scrap the FlexDirect then?

Oooh I love a bit of speculation on a rainy Sunday afternoon

rb10

BugsyBrowne wrote: »

Its on the normal flexi account they'll be doing it rb10 cause they wanted me to open one up.

No. It'll be FlexDirect.

If they were wrong about the account type, they may also have been wrong about the interest rate...

BugsyBrowne

rb10 wrote: »

No. It'll be FlexDirect.

If they were wrong about the account type, they may also have been wrong about the interest rate...

You should of just said you work for nationwide as I am pretty sure I heard correctly but I'm not going to doubt an employee.

rb10

BugsyBrowne wrote: »

You should of just said you work for nationwide as I am pretty sure I heard correctly but I'm not going to doubt an employee.

To clarify, my post was based on info I have from a friend who works for Nationwide.

He has said that FlexDirect will have a higher interest rate (although I don't know what rate this will be). FlexAccount to remain as it is.

To be honest, I believe him to be correct more than a random member of branch staff.

gt94sss2

rb10 wrote: »

No. It'll be FlexDirect.

If they were wrong about the account type, they may also have been wrong about the interest rate...

They would have to offer a lot more than just change the interest rate to the rumoured 3% on the first £2,500 to get me to change from my FlexAccount to a FlexDirect one. (the current 2% rate also only lasts for 1 year and goes to 1%) given the accounts other 'features'.

No idea why Nationwide described the FlexDirect as an 'upgrade' when they launched it in November - for most existing customers its probably a downgrade... - and I speak as one who doesn't even benefit from the inclusive FlexAccount travel insurance - though I qualify for it.

Regards
Sunil

rb10

gt94sss2 wrote: »

No idea why Nationwide described the FlexDirect as an 'upgrade' when they launched it in November - for most existing customers its probably a downgrade... - and I speak as one who doesn't even benefit for the inclusive FlexAccount travel insurance.

If you don't use the travel insurance then it is an upgrade. As you will get interest on the FlexDirect, and retain the linked savings accounts offers.

Unless you have a particular attachment to standing in a queue to pay in/withdraw small amounts of money from the branch counter...?

gt94sss2

rb10 wrote: »

Unless you have a particular attachment to standing in a queue to pay in/withdraw small amounts of money from the branch counter...?

No but I do have a fondness for the option of proper telephone banking should the need arise as I am overseas much of the time.

Also, the FlexDirect's overdraft facility is more expensive and the account has a minimum funding requirement (or a monthly fee) - not that I use the former or woudn't meet the latter.. its just a lot of hoops to go through for 1% or 2% when I already get 3-4% (or £5/month) on accounts from other providers.

If I was being cynical I could see Nationwide offering this as a 'flexclusive' rate if you use the current account as your main one and have 2 direct debits paid from your account..!

Regards
Sunil