Nationwide FlexDirect - 5% interest, free overdraft

plunt

you raise a very good point that i did not consider! probably worth keeping a flexaccount in case of any new accounts that get released!

as for flexdirect accounts, just managed to open 3 . will give it a little break now before i open some more

regards

P

DreamerV

plunt wrote: »

as for flexdirect accounts, just managed to open 3 . will give it a little break now before i open some more

regards

P

I'm surprised they've not put a cap on how many each customer can open but if I had spare cash sitting around to keep in each account, I would too. It's not much bother/time for what you can get out of it. And of course, I should have just left my FlexAccount open and opened a separate FlexDirect, that way retaining my travel insurance. Doh! (I know I can just cancel and do just that - they say I can cancel within 21 days. Prob won't bother as I usually need worldwide anyhow).

veryintrigued

Can this be opened in parrallel with an existing Flexaccount (i.e. without upgrading?)

grumbler

Yes, if you log in, there are two options: 'upgrade' and 'new'

ctdctd

plunt wrote: »

as for flexdirect accounts, just managed to open 3 . will give it a little break now before i open some more

Don't get your hopes up - they may only allow one account to have bonus interest.

From the T&C's here :-

"1.5
You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current
account product. If you have previously held the same Nationwide current account product in the last 12
months, you will not be entitled to the introductory rate or offer under this agreement."

plunt

hmmm alright, guess i will have to challenge it then if it comes down to it. As on the phone I asked if i could open multiple accounts while getting 5% and they agreed. We shall see though! (wouldnt be the first time nationwide has changed rules due to public demand!)

I did the same thing with santander accounts when they had their 5% accounts, opened 6 or 7 of them in one go. Loved that!

Plan is to have standing orders from each of my lloyds 4% account to them and vice versa all automated! and with the ability to get 4.29% instant access essentially!

elantan

i am so glad this thread was started, i got my letter through today and had a wee question to ask ( if i may)

my isa ( which i have literally just changed to from a 0.25% interest rate) is sitting at 2% now but i think i have worked out that the flex direct is 3.912% after tax, i dont have much in savings at all £1880 which i havnt transferred this into my i.s.a yet as i literally opened it up the other day,

do i have it right that if i were to transfer my savings into this account i would be getting a better rate of interest? i am thinking i could always transfer it into the i.s.a at the end of the financial year, thus still having the tax free benefits for years to come?

i am wondering if i can keep this flexaccount sitting at £2500 per month i will get the max interest for the year, and i think using this £1880 would be a good way of making that happen

does this make sense?

grumbler

elantan wrote: »

do i have it right that if i were to transfer my savings into this account i would be getting a better rate of interest?

Yes.

i am thinking i could always transfer it back out at the end of the financial year?

Yes, provided that your total transfers into ISA during the year remain below £5640

However, 5% after basic tax is [STRIKE]4.2%[/STRIKE] 4% , [STRIKE]not 3.9%[/STRIKE].
For £1880 balance 1-month difference in the interest between 2% and 4% is just [STRIKE]£3.35[/STRIKE] £3.05.

elantan

They most certainly will be (sadly) grumbler, i'm just really starting to get my head around savings etc so it will take me a while to have anything of any significance, but if i can keep on top of it ( will offers like this) it will make it easier to build up, my additional borrowning is at 3.29% will need to add the tax relief to this and figure out if i am better off keeping the extra payments i plan to make in the flex current account or to pay off the additional borrowing now

edited to add: just worked out ( although i may be wrong) the additional borrowing would be 3.948% so a difference of 0.036% and i really want to work on our savings so i think the 0.036% is worth the price to have some savings

grumbler

elantan wrote: »

They most certainly will be (sadly) grumbler,

Even with a small balance you can easily hit the limit by doing several transfers out and back in (excluding transferring the entire cash ISA account).