Nationwide FlexDirect - 5% interest, free overdraft

BugsyBrowne

innovate wrote: »

What are you doing here then?

Does that mean if I'm not looking to get a credit card I shouldn't look at the credit card thread or if I don't need a loan I shouldn't look on the loan thread.

kieatky

Well that was quick, applied for the FlexDirect yesterday, application accepted, Account showing on online banking today, transferred the £2500 in, job done.

Jim431

Found this at the end of the "Current Accounts - Important information" PDF

"...
FlexDirect conditions
These additional conditions supplement and amend the Nationwide current account agreement. In the event of
any inconsistency between these additional conditions and the Nationwide current account agreement, these
condition will apply.
1. Account holding and ownership
1.3 You must pay a minimum amount into the account each month as specified at the time of opening
the account or varied from time to time in accordance with the Nationwide current account conditions
otherwise an account charge may be made.
..."

Anyone know what this last paragraph actually means. I can't see anywhere what these charges are.
Or maybe this is a (Trogen Horse) account charge that they will apply at some point in the future.

myth123

Previously, before these new incentives for the FlexDirect, there was an underfunding fee of £10 per month if £1,000 per month was not paid in. So maybe it will kick back in after the bonus interest period? If you don't pay in the £1,000 now there 5% on balances up to £2,000 is not paid.

BugsyBrowne

myth123 wrote: »

Previously, before these new incentives for the FlexDirect, there was an underfunding fee of £10 per month if £1,000 per month was not paid in. So maybe it will kick back in after the bonus interest period? If you don't pay in the £1,000 now there 5% on balances up to £2,000 is not paid.

Pretty sure its a fiver.

myth123

BugsyBrowne wrote: »

Pretty sure its a fiver.

Ah ok. Also just noticed I put interest on balances up to £2,000, when it's £2,500. Ooops!

a&akay

Just opened 4 new ones and converted my Flex, so 5 in all. Took about 5 mins in all.

Mitus

Will be watching this thread with interest, I'm sure it will be reported back anyway but could those who have opened multiple FlexDirect's confirm whether they're getting interest on all of them please?

I've opened one (good timing too as my Santander Preferred account stops paying interest this month) but realistically can't spread my money any further than that at the moment. However, in a month's time I have some more available that I was intending to put into next year's ISA allowance, but I'm now thinking these FlexDirects could be a better alternative!

Eyes will be well and truly peeled for the next month or so!

Speculator

Mitus wrote: »

Will be watching this thread with interest, I'm sure it will be reported back anyway but could those who have opened multiple FlexDirect's confirm whether they're getting interest on all of them please?

I've opened one (good timing too as my Santander Preferred account stops paying interest this month) but realistically can't spread my money any further than that at the moment. However, in a month's time I have some more available that I was intending to put into next year's ISA allowance, but I'm now thinking these FlexDirects could be a better alternative!

Eyes will be well and truly peeled for the next month or so!

We will know at the start of next month when the interest is paid.

I've opened 4 but will only fund one with £2500 today. The other 3, I will fund near the end of the month incase I only get 1% interest.

In the mean time, the money is sitting in my LLoyds 4% vantage.

BobQ

plunt wrote: »

recommended this in a previous post, alternatively you can do the same with lloyds vantage accounts

So it does work then? They do not rule it out as a contrived arrangement?