Nationwide 3% on current account balances coming soon.

System

Its still not a very attractive account with reduced branch access [particularity being a transactional account] and the £5 penalty payment should you be unable to credit 1K per month.

BOS or Lloyds Vantage are much better wth proper branch access and no penalty payments for lack of deposits.

rb10 wrote: »

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...?

Gromitt

If you put in the maximum £2500 you would get the same as the Halifax Reward payment (£6.25/month), with reduced interest in months where you fail to make a payment (I'm assuming you'll still get interest on those months, so it would offset the fee).

Considering I can still easily get 2.6%, I don't know if I want the hassle and possible fees for an extra 0.4% on £2500, which would be less than £1.

Might be worth it for people who use it as there main current account, but I would prefer Santander for the higher balance limit and cash back DDs (keeping a FlexAccount for the flexclusives).

innovate

We don't know the real T&Cs yet, we're just speculating.

Gromitt

innovate wrote: »

We don't know the real T&Cs yet, we're just speculating.

Which we are very good at even if we have the real T&Cs!

surfsister

Gromitt wrote: »

If you put in the maximum £2500 you would get the same as the Halifax Reward payment (£6.25/month), with reduced interest in months where you fail to make a payment (I'm assuming you'll still get interest on those months, so it would offset the fee).

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from nationwide website:
Rates & monthly fees: You'll get these rates as long as you pay in at least £1,000 per month (excluding internal transfers) in to your FlexDirect account. If you pay in any less then you won't earn any interest for the relevant monthly period. You'll also pay a £5 fee for every month that you don't pay in at least £1,000. The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax). AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year.

innovate

surfsister wrote: »

'll still get interest on those months, so it would offset the fee).

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from nationwide website:
Rates & monthly fees: You'll get these rates as long as you pay in at least £1,000 per month (excluding internal transfers) in to your FlexDirect account. If you pay in any less then you won't earn any interest for the relevant monthly period. You'll also pay a £5 fee for every month that you don't pay in at least £1,000. The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax). AER stands for 'annual equivalent rate' and illustrates what the interest rate would be if interest were paid and compounded each year.

This thread isn't about the current offer. We were talking/speculating about the change rumoured for May.

Gers

Heng_Leng wrote: »

BOS or Lloyds Vantage are much better wth proper branch access and no penalty payments for lack of deposits.

The Vantage accounts from BOS and Lloyds both need £1k per month paid in. The penalty for failure to do so is no interest that month.

System

Nationwide FlexDirect actually has a £5 charge if you don't deposit £1K.
With Bank of Scotland [or Lloyds] you'd just not get interest - hardly a penalty...

Gers wrote: »

The Vantage accounts from BOS and Lloyds both need £1k per month paid in. The penalty for failure to do so is no interest that month.

System

innovate wrote: »

This thread isn't about the current offer. We were talking/speculating about the change rumoured for May.

Given Nationwide's track record, it will just be an extra % on the FlexDirect. Interest on the FlexAccount along with existing features would be better.

surfsister

thanks op be interested to hear when this actually starts!