Nationwide FlexDirect - 5% interest, free overdraft

LittleVoice

Hominu wrote: »

I asked via secure messaging and got told that you can have as many FlexDirect accounts as you want, but the 5% is only applicable to the first account. I asked them to confirm and they said that once the bonus has expired, you can close all your FlexDirect accounts, and then 12 months later open the account again (if it still exists) and get another introductory offer.

So I've just opened the one.

I would take the statement of what will be the case in 24 months time as being what is probably the situation with their products right now - but they cannot possibly know what conditions they will have thought up over the next couple of years.

MissE001

Mitus wrote: »

By savings do you mean the £2400/£4000 in your sig? If so then you can afford to fund all 3. Sit it in the Flex Direct account, Standing Order to Santander for £1250 every month, from there S/O to Flex account for £750, from there £500 back to Santander and then finally £1000 from Santander to FlexDirect. This will leave £250 in the FlexAccount every month to fund your regular saver with (assuming you're maxing it out, adjust figures if not)
The 123 is a £500 pay in, I've said £1250 so that when only £500 comes back from FlexAccount, this adds to the £500 left from the original pay-in. Might be wise to stagger the S/O's by a day or two, I've noticed NW can be a bit slow sometimes...

Edit: Of course, this does mean your FlexDirect balance will drop by £250 every month, but at least whatever is in there will be getting 5%. Plus, I guess you'll be treating it as a savings account and will put any spare money in when possible to top it back up?

Thanks Mitus - you're right, in theory I can fund it.....just taking my first tentative steps into saving and the £2400 is locked in an ISA. I do max out the £250 into the Regular Saver but need most of the rest of my monthly income for bills and living expenses. I'm now in the habit of putting anything left over at the end of the month into savings but don't really have it to play about with during the month if that makes sense.

I was looking at this account as I already have the FlexAccount which has a few hundred pounds in it to pay the bills during the month and it really frustrates me that it doesn't attract any interest. I know it'll only be pennies but they all count

Mitus

Ah fair enough, if the £2400 is locked away in an ISA that changes things a bit! I was just looking at it simply that if you can afford the most expensive pay-in, you can afford them all.
Does sound like upgrading your FlexAccount will be the easiest and best option for you then, now it's been confirmed that the Reg saver will continue.

plunt

hmmm i will still go about challenging them due to the conversations I had with staff over the phone. Last thing nationwide would want is to be publicly embarrassed and get done for miss selling / providing incorrect details that ultimately i will claim damages my credit rating

innovate

Hominu wrote: »

I asked them to confirm and they said that once the bonus has expired, you can close all your FlexDirect accounts, and then 12 months later open the account again (if it still exists) and get another introductory offer.

Clause 1.5 on page 15 of the T&Cs says "no"

Fingerbobs

Hominu wrote: »

I asked via secure messaging and got told that you can have as many FlexDirect accounts as you want, but the 5% is only applicable to the first account.

This is the exact opposite of what I was told on the phone (0800 121 6943) earlier today.
The person I spoke to said you could have a maximum of four FlexDirect accounts, and would receive the 5% interest on up to £2500 on all of them, provided the requirements are met for each account.

On the strength of this, I have opened four accounts, but none of them are showing up on on-line banking yet - should this happen immediately?

innovate

Fingerbobs wrote: »

... none of them are showing up on on-line banking yet - should this happen immediately?

should happen overnight. But since it's weekend, it may not happen until Monday now.

adindas

MissE001 wrote: »

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!

In general, you will benefit more if you keep your flexi a/c open and then open a new Flex direct as you get multi trip travel insurance. So why bother to upgrade it,

To meet funding requirement each month
-Use manual transfer from external A/C to flexi direct
- Back to origin
- Transfer it again to Flexi a/c
- Back to origin

It is quite simple as FP transfer with NW is almost instant.
or it could be even simpler if you have more than £1750 in external a/c

juanmanuelmarquez

How does this in-credit business work though, i mean i have saving accounts. Is it if i pay in 2,500 and withdraw it i would get the 5% or do i need to pay in 1k and keep 2.5k in the account full month to gain the 5%.

Also is this 5% clear net? Or will i need to fill out an R85 form? Or is it like Halifax where, i would need to wait til the year is finished and then send out an R40 form?

innovate

juanmanuelmarquez wrote: »

How does this in-credit business work though, i mean i have saving accounts. Is it if i pay in 2,500 and withdraw it i would get the 5% or do i need to pay in 1k and keep 2.5k in the account full month to gain the 5%.

Also is this 5% clear net? Or will i need to fill out an R85 form? Or is it like Halifax where, i would need to wait til the year is finished and then send out an R40 form?

Your interest will be calculated daily, based on the daily balance of your account. If you deposit £2.5K and withdraw it on the same day, your balance at the end of the day is £0, thus you get 0% interest for that day.

Like any other non-ISA account, the interest rate quote is subject to tax. If you are not a tax payer, you can fill in an R85 or an R40.