Nationwide FlexDirect - 5% interest, free overdraft

juanmanuelmarquez

212 wrote: »

Seems ongoing but obviously they can pull it at any time. Got a big TV advert going now, so I'd imagine it would last for at least a month!

If you take money out your cash isa, you will lose the 'tax free protection'. Although you get greater interest now, in future years you could be worse off (as tax will be deducted, if you're a taxpayer).

Obviously if you can re invest a lot of it into an isa again (towards the end of the 13/14 tax year, or the 14/15 tax year) it won't be a problem, but if you consistently max out your cash isa allowence then you'll be £2.5k/5k etc 'down'

well i know that, but the thing is i will be withdrawing most of my isa money anyway to upgrade my car, so the change i will have i may aswell put it in this flexdirect acc its giving a solid rate at the moment better than 2.28 which im currently getting from barclays, and if the isa rates increase i will have a clean isa slate so i can put in fresh money!

having the allowance is no problem, its all about having a good rate with me!

Noahnewby

myth123 wrote: »

How long does it take for this account to show up on internet banking? I am already a flexaccount holder and I chose to open a new account. I'm a bit reluctant to transfer any funds into it until I can see the account online/receive my card.

Can anyone answer this one it was asked earlier in the thread which I've been right through but can't find an answer:(

juanmanuelmarquez

innovate wrote: »

Was overnight for me for the accounts to show in online banking - - - but you can't fully use them (make payments, set up DDs/SOs etc) until you have received the debit card(s).

You can make internal transfers as soon as the account(s) show online. You can also make deposits into the account(s) as soon as you know the sort code and account number(s).

so is this the same as halifax? can you make internal transfer with halifax reward to qualify for the £5 reward incentive a month?

innovate

Noahnewby wrote: »

Can anyone answer this one it was asked earlier in the thread which I've been right through but can't find an answer:(

just posted something about it: http://forums.moneysavingexpert.com/showpost.php?p=59759357&postcount=211

KTF

Halifax you can move the money internally. For Nationwide it has to go out of Nationwide and back in again.

innovate

juanmanuelmarquez wrote: »

so is this the same as halifax? can you make internal transfer with halifax reward to qualify for the £5 reward incentive a month?

NO

I did not say you can make internal transfers for the purpose of qualifying for the minimum monthly deposit.

As you know, that has to be from an external source.

The monthly funding requirement shouldn't be confused with making deposits and payments commonly being made to and from current accounts.

juanmanuelmarquez

innovate wrote: »

NO

I did not say you can make internal transfers for the purpose of qualifying for the minimum monthly deposit.

As you know, that has to be from an external source.

The monthly funding requirement shouldn't be confused with making deposits and payments commonly being made to and from current accounts.

i know it needs to be from an external source for nationwide as it clearly states that in the FAQ, but is that the same with halifax, or can you do internal transfers with halifax and still qualify?

KTF

juanmanuelmarquez wrote: »

i know it needs to be from an external source for nationwide as it clearly states that in the FAQ, but is that the same with halifax, or can you do internal transfers with halifax and still qualify?

This is off topic but yes you can shuffle the money around internally at Halifax and get the £5 reward. I already said this in an earlier post though.

juanmanuelmarquez

i am tempted to open an account now, especially when no DD need to be transfered or any headache of switching, only thing is depositing the £1000...a little worried that if i wait til end of month this offer rate wont be available...what would everyone recommend?

Nine_Lives

Well i contacted Nationwide via the secure message service. I asked about the criteria for the 4.25% on the Flexclusive ISA being £750 paid into the FlexAccount pe rmonth - this would cease to happen if your FlexAccount gets upgraded to a FlexDirect account, and therefore technically you would cease to receive the 4.25% on your Flexclusive ISA.

Everyone kept up with all the Flexing so far?

Well it seems Nationwide didn't. All they said was that with a FlexDirect account, you'd still be eligible for a Flexclusive ISA account.

God knows what question they thought i was asking but it wasn't the one i asked.

Has anyone else managed to extract an answer from them?