Nationwide FlexDirect - 5% interest, free overdraft 1 March 2013 at 8:17AM edited 1 March 2013 at 12:29PM in Budgeting & bank accounts 893 replies 121.8K views

rb10

It looks as though Nationwide have increased the rate on their FlexDirect account.

It's now showing as 5% interest (fixed) for 12 months (on balances up to £2500) and a 12-month free overdraft.

It should be noted that there are some restrictions on what you can do in branch - basically anything that can be done using self-service (ATM/internet/phone) needs to be done that way.

http://www.nationwide.co.uk/current_account/flexdirect/default.htm

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Official MSE insert: We've now published a news story on this....

"This makes the Nationwide FlexDirect account one of the top current accounts on the market, but it can be beaten..."

Read the full story:

Lloyds' PPI mis-selling bill climbs to £6.8 billion



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plunt

awesome! thanks!

question is... can we have more than one of these

apt

Every little helps, but it's a maximum of £100 interest for a basic rate taxpayer before reverting to 1%.

Hominu

So it's basically a £100 incentive (after basic rate tax) to open the account and then hardly any benefits.

So upgrade, keep it for 12 months, then downgrade, assuming you don't want the travel insurance (which I'd say was worth less than £100).

Or as normally stated on here: Diarise, then ditch and switch after 12 months.

BugsyBrowne

Just a pity my lloyds overdraft wasn't 0% for 12 months as I would've slung that across.

plunt

been told you can open as many as you would like but you will undergo credit checks each time. So it is a trade off!

My recommendation... open a couple and then switch any flex accounts you currently have to flexdirect accounts

after 12 months downgrade them all!


PS: they will match any flexaccount overdraft if you upgrade to a flex direct (according to the woman on the phone)

innovate

Good stuff, thanks RB10! Opened a couple, got the account numbers instantly but seems you have to wait a day or so before they show online.

DreamerV

I upgraded my flex account, but it says it will go ahead on 23rd March. Bit of a wait. The date is fine though - my first direct 8% reg saver matures 22nd March and should be available (with interest) for me to move across 23rd (will transfer the excess elsewhere).

Does anyone know when upgrading, if another R85 would be needed? (I'm a non-taxpayer). I'm hoping it would be (i.e. that it will revert to taxable status) as I become a taxpayer from 6th April 2013 anyhow.

grumbler

I had a second Flex account that I decided to upgrade instead of opening a new account.
They seem to be working rally hard there in Nationwide:

Your upgrade has been set for the weekend of 23 March 2013.

ETA: just saw the post above. Amazing coincidence, especially timing.

DreamerV

Presumably the Flexclusive products (Reg Saver and ISA) aren't affected by a change from FlexAccount to FlexDirect. I note that some of the promotional items coming with the FlexAccount will stop (e.g. travel insurance) but I assume the right to the other Flexclusive products already set up will continue.

BugsyBrowne

DreamerV wrote: »

Presumably the Flexclusive products (Reg Saver and ISA) aren't affected by a change from FlexAccount to FlexDirect. I note that some of the promotional items coming with the FlexAccount will stop (e.g. travel insurance) but I assume the right to the other Flexclusive products already set up will continue.

Aslong as you pay in 1k a month.