Nationwide FlexDirect - 5% interest, free overdraft

innovate

RP2X wrote: »

Could someone not just open up lets say in theory 10 Flexdirect accounts, put 2.5k in them each, and just put 1k in each account monthly to hit there requirement, and simply move that 1k back to another bank account and then back into the next flex account ?

Extremely unlikely that you could open 10 FDs and get interest on all of them.

If you read all the various threads on this account, you will see there is serious doubt that they will pay the 5% on more than one account per person.

innovate

LittleVoice wrote: »

No such catch. As long as it goes in during the course of the month and you have a credit balance, you get the interest.

Are you certain? How do you interpret clause 1.5 on page 15?

RP2X

innovate wrote: »

Extremely unlikely that you could open 10 FDs and get interest on all of them.

If you read all the various threads on this account, you will see there is serious doubt that they will pay the 5% on more than one account per person.

Yeah figures this would be the catch, but guess it is there to stop anyone from opening up 20 flex accounts and making what 200 quid interest per month, still it would be nice to hear full confirmation if this is possible or not.

Sounded like from page 1 many were planning on opening up multiple accounts.... if your right then there is no point opening more then 1 account and just making a tenner each month on it.

LittleVoice

innovate wrote: »

Are you certain? How do you interpret clause 1.5 on page 15?

Please quote, my T&C has no clause 1.5 on page 15.

innovate

RP2X wrote: »

.... then there is no point opening more then 1 account and just making a tenner each month on it.

Personally, I think you got to grab anything that is within reach. If all I can get is 5% AER on £2.5K, I'll take every penny of it. Under the FlexDirect offer, it costs me less than half an hour's effort to net £100 at the end of a year. As I commented before, that's a superb hourly rate for me - your mileage may vary. Naturally I'd love to be able to make even more but just the fact that I can't is not enough reason for me not to do it.

innovate

LittleVoice wrote: »

Please quote, my T&C has no clause 1.5 on page 15.

Apologies, it's on page 16.

RP2X

Maybe one could open up accounts with family members names on it... say if did it to 3 or 4 accounts

Gromitt

RP2X wrote: »

Maybe one could open up accounts with family members names on it... say if did it to 3 or 4 accounts

That would be fine at long as they gave their consent to a full credit search and electronic identification check.

juanmanuelmarquez

Does anyone know when this offer ends? Is it at til the end of the month? As i cant seem to find it on there website...

I'm thinking and interested in puting my Cash ISA money in here, considering it works out to be 4% a year, better than the (2.28% currently recieving) ISA rates!

If there is no time limit, i will probably wait til April and check out the ISA rates and then open this account...

innovate

RP2X wrote: »

Maybe one could open up accounts with family members names on it... say if did it to 3 or 4 accounts

:eek::eek::eek:

You'd be breaking the T&Cs in a number of places, such as:-

(c) The money I am investing in this account (which I will not use for business purposes) is my own;

Even if everyone in the family were good friends at the outset, it would strike me as sheer lunacy to allow someone else to run a current account in your name. I could think of plenty of other very good reasons why I wouldn't ever let anyone else open a bank account in my name, or why I wouldn't possibly want to run a bank account in someone else's name. Have you even thought of the practical aspects of running an account in someone else's name? Like, what would you do if they ask you to come into the Branch to discuss how to remove the block from your account (which they put on because the same IP address has been accessing several accounts)? All that for £100 a year?!?!

In a nutshell, staying well away from anything that can remotely be considered fraudulent seems a very good idea. Unless, of course, you fancy a spell in prison and a number of problems with your credit files and CIFAS markers.