Nationwide FlexDirect - 5% interest, free overdraft

someone

hum, Just applied for a new account (existing FlexAccount holder with other accounts with NW) and part way through it said (after the credit check) we will be able to offer this account, then at the end it said we will have to carry out some checks before opening your account which may take 5 days.

Is that what everyone has had?

bristolleedsfan

KTF wrote: »

I believe the person who used to think up similar promotions for A&L moved to Nationwide.

Not that I can find any evidence to back this up at the moment but I remember reading something along those lines.

In a few years time someone similar from Santander will probably move to Nationwide, Nationwide will then launch a new Current Account with an incentive together with a requirement that 2 direct debits must be active on the account.

I upgraded one of my existing FlexAccounts yesterday evening, was also given 9th March as effective date.

blindman

So if you can open more than one of these accounts here's a thought:

If you don't have £2500 at the moment to invest in this account

Open,say 4 accounts, and fund one of them up to £2500 from the combined total of other three overdrafts.

At the end of the 12 month period pay off the overdrafts and keep the £100 interest;

Anyone see the flaw in this?

anamenottaken

someone wrote: »

hum, Just applied for a new account (existing FlexAccount holder with other accounts with NW) and part way through it said (after the credit check) we will be able to offer this account, then at the end it said we will have to carry out some checks before opening your account which may take 5 days.

Is that what everyone has had?

No. Not my experience.

Having already logged in, I applied for a new account (not an upgrade of existing Flex). Provided answers (including details of a current account outwith NW) which they indicated would be involved in the credit checking. Was offered account. Final page had details of the account number and sort code. (Could have moved on to apply for their credit card but I didn't take that forward.)

innovate

blindman wrote: »

So if you can open more than one of these accounts here's a thought:

If you don't have £2500 at the moment to invest in this account

Open,say 4 accounts, and fund one of them up to £2500 from the combined total of other three overdrafts.

At the end of the 12 month period pay off the overdrafts and keep the £100 interest;

Anyone see the flaw in this?

Several, potentially:

1. you might not get any overdraft, or a lot less than £2.5K
2. clause 1.5 on page 15 of the T&Cs may mean you can only have one FlexDirect
3. you must fund the FlexDirect with £1K monthly from a non-Nationwide account (this could be achieved with a bit of lateral thinking)

haras_nosirrah

Anyone know if there is anything to stop opening two - using one for the 5% interest and one for the 0% overdraft

Has anyone been offered an overdraft of more than £750?

blindman

innovate wrote: »

Several, potentially:

1. you might not get any overdraft, or a lot less than £2.5K
2. clause 1.5 on page 15 of the T&Cs may mean you can only have one FlexDirect
3. you must fund the FlexDirect with £1K monthly from a non-Nationwide account (this could be achieved with a bit of lateral thinking)

1. Overdraft given has been £1750 Mrs B got the same OD
2. I did say If Though the T&C's would seem to suggest it's a no-no.
3. Easy, method as per plunt's post

blindman

haras_nosirrah wrote: »

Anyone know if there is anything to stop opening two - using one for the 5% interest and one for the 0% overdraft

Has anyone been offered an overdraft of more than £750?

Yes, see my earlier post re your Q

MissE001

I've got a FlexAccount (no interest) with a Flex Regular Saver (6% interest for 12 months). Does anyone know if I can upgrade my Flex Account to Flex Direct and keep the Regular Saver or if the FlexAccount is a pre-requisite for the Regular Saver??

Thanks!

le_loup

On the Savings board, they are saying you can.
Take a look at the threads there.