Nationwide FlexDirect - 5% interest, free overdraft

fishforsale

to meet the deposit requirements, can you just withdraw a hundred pounds and put it back into the account, 10 times?

adindas

fishforsale wrote: »

to meet the deposit requirements, can you just withdraw a hundred pounds and put it back into the account, 10 times?

In theory yes.
But the real problem is that
- Doing it 100x is a lot of work. Is it worthy ???? to me considering the time I need to invest it is not worthy at all ....
- It is highly likely it will alert the security system on the suspicion of fraud, money laundry and you account will get blocked, pending for investigation. This have been reported quite a few times in this forum.

Doing it 2-3 times is ok.

If you do not have £1000 monthly why do not you just use the £2500 money you already put in NW. You could easily do this as long as you have another external a/c with reliable FP.

- £1000 FP out from NW to external a/c.
- FP in £1000 from external a/c back to NW. So the funding will be seen to come from external source. Your balance bounce back to £2500 so you still get interest based on £2500 amount. Job done

You will not loose any interest as interest is counted daily and this is just take a few minutes to do.

CRISPIANNE3

adindas wrote: »

In theory yes.

- £1000 FP out from NW to external a/c.
- FP in £1000 from external a/c back to NW. So the funding will be seen to come from external source.

You will not loose any interest as interest is counted daily and this is just take a few minutes to do.

i

Thats what I am going to do is transfer from Lloyds to NW via FP.
Will probably fund this using my Lloyds overdraft facility and provided money back by 3.30pm with Lloyds no fee or interest to pay.

plunt

CRISPIANNE3 wrote: »

i

Thats what I am going to do is transfer from Lloyds to NW via FP.
Will probably fund this using my Lloyds overdraft facility and provided money back by 3.30pm with Lloyds no fee or interest to pay.

risky if FP doesnt work! I know i can see my fexdirect account open now and i transfered 1pound frommy santander account to tst. it went in fine. so i transfered 2499 next and it has disappeared. its not in the santander account and not in the flex direct account!

callum9999

plunt wrote: »

risky if FP doesnt work! I know i can see my fexdirect account open now and i transfered 1pound frommy santander account to tst. it went in fine. so i transfered 2499 next and it has disappeared. its not in the santander account and not in the flex direct account!

I did exactly the same yesterday and the 2499 from Santander appeared in Nationwide some point today - so yours should be in there tomorrow (or possibly Monday).

plunt

callum9999 wrote: »

I did exactly the same yesterday and the 2499 from Santander appeared in Nationwide some point today - so yours should be in there tomorrow (or possibly Monday).

Haha alright great to hear, was getting a bit worried! Should have transfered 2499 in 1 pound transfers :-)

Nessie23

plunt wrote: »

risky if FP doesnt work! I know i can see my fexdirect account open now and i transfered 1pound frommy santander account to tst. it went in fine. so i transfered 2499 next and it has disappeared. its not in the santander account and not in the flex direct account!

I second the previous comment, it must be the Santander fraud prevention kicking in. Once they have done any necessary checks they will release the money and the faster payment will reach the other end. This normally happens within 24 hours (possibly a bit longer during the weekend).

Pincher

Regarding funding one FlexDirect account from three others in overdraft mode. My understanding is that it is 0% interest BUT 50p charge per day in the red.

I upgraded my FlexAccount online. The Sort code and account number will be the same, but they will send a new ATM card and chequebook, which explains the 9th March switchover date.
I expect they will be swamped, so the new card will be delayed.
I wish they just allow me to carry on using the old cheque book, since the account number and sort code are still the same.

This does make the Regular Saver type account somewhat redundant, as you get 5% on £2,500 continuously, and have instant access.

I find the FlexAccount Travel Insurance useless, and have an annual Worldwide one instead.

blindman

Pincher wrote: »

Regarding funding one FlexDirect account from three others in overdraft mode. My understanding is that it is 0% interest BUT 50p charge per day in the red.


No the 50p is the fee and is waived for the first year

and a fee free overdraft

I upgraded my FlexAccount online. The Sort code and account number will be the same, but they will send a new ATM card and chequebook, which explains the 9th March switchover date.
I expect they will be swamped, so the new card will be delayed.
I wish they just allow me to carry on using the old cheque book, since the account number and sort code are still the same.

This does make the Regular Saver type account somewhat redundant, as you get 5% on £2,500 continuously, and have instant access.

I find the FlexAccount Travel Insurance useless, and have an annual Worldwide one instead.

So your annual Worldwide Insuarance is less than £20 for two of you?

That's how much it costs to "upgrade" the NW free Europe only insurance to an annual worldwide one for both account holders.:cool:

adindas

Pincher wrote: »

Regarding funding one FlexDirect account from three others in overdraft mode. My understanding is that it is 0% interest BUT 50p charge per day in the red.

I upgraded my FlexAccount online. The Sort code and account number will be the same, but they will send a new ATM card and chequebook, which explains the 9th March switchover date.
I expect they will be swamped, so the new card will be delayed.
I wish they just allow me to carry on using the old cheque book, since the account number and sort code are still the same.

This does make the Regular Saver type account somewhat redundant, as you get 5% on £2,500 continuously, and have instant access.

I find the FlexAccount Travel Insurance useless, and have an annual Worldwide one instead.

I have not seen the document myself, but I have read a few people have mentioned. It will need to come from external A/Cs. This is also what I believe ...

If this the case you will not be able to fund it from your overdraft from the new flex direct A/C you just opened as this will be seen as internal transfer ....