Nationwide FlexDirect - 5% interest, free overdraft

Gromitt

deutsch wrote: »

i've just applied for an account. does it get open straight away?

Yes, if you are given the account number and sort code at the end of the application.

deutsch wrote: »

i was approved, but they are sending me paperwork to sign.

If you are a new customer I would expect it, if you already have other NW accounts, then no.

CindyT wrote: »

Just to confirm - the monthy fee (if you don't pay in £1000) is £5 per month.

That used to be the case for the old FlexDirect, I don't think its the case now, as it appears no where else.

KTF

CindyT wrote: »

Just to confirm - the monthy fee (if you don't pay in £1000) is £5 per month.

This is simply incorrect. There is no underfunding fee.

http://www.nationwide.co.uk/current_account/flexdirect/rates-fees-charges.htm

blindman

KTF wrote: »

This is simply incorrect. There is no underfunding fee.

http://www.nationwide.co.uk/current_account/flexdirect/rates-fees-charges.htm

I agree

This comparision page shows that each account is free to operate

Deneb

Gromitt wrote: »

If you are a new customer I would expect it, if you already have other NW accounts, then no.

I've had a Flexaccount for 7 years, and have several other NW accounts. Applied yesterday for Flexdirect as an additional account, immediate acceptance but also got the message that they would be sending paperwork for me to sign and return within 5 days, and the account would appear in online banking shortly after that. I did have to change some of the details in the pre-filled application however, as they were out of date. Perhaps that might be the reason?

deutsch

do you get a confirmation email of the application?
i haven't had one yet....

innovate

I don't think they are sending any confirmation emails.

ColdIron

When I phoned them they said they were not sending confirmation emails. If upgrading a FlexAccount, I think the application form said that they would send an advice email on the Thursday before the upgrade weekend

Catriona_P

I'm interested in opening an account but havn't changed current accounts for years so would appreciate a bit of advice from more experienced people.

I'm currently almost always in my overdraft (up to £1.5k) and although my debt level is coming down slowly, I'm still paying big OD charges on my current account (just under £300 last year alone). This account looks perfect for me as a way of getting out of my overdraft for good, providing I do it within 12 months and use the Flexdirect account as my main current account. Does this sound like a good move for me?

KTF

If you have an overdraft then that generally has to be paid off before you can 'switch' accounts.

Or were you thinking of transferring money from the Nationwide account to pay off an existing overdraft?

That assumes they will give you an overdraft that matches the level of your current one and Nationwide (traditionally) tend to be picky over who they give accounts to and I doubt it would be 1.5k.

pwharley

A question for those upgrading from a FlexAccount to FlexDirect.

Did you retain your existing account number?