Nationwide FlexDirect - 5% interest, free overdraft

myth123

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).

Thanks for the answer I applied on Friday afternoon but it hasn't yet shown up on my online banking. In no real rush considering I haven't got the card yet, will wait on it a few more days. I'm sure it will pop up soon!

innovate

myth123 wrote: »

Thanks for the answer I applied on Friday afternoon but it hasn't yet shown up on my online banking.

That's quite odd - - do you have a screenshot of the confirmation message? Did it give you the sort code and account no, and a confirmation number? You could ask Nationwide why it doesn't show up. Or alternatively, just apply again - - I would do that, but then I don't mind if they turn me down and/or if they do another credit search. Your mileage may vary.

I made several applications on different days, and the accounts all showed up online the next morning.

myth123

innovate wrote: »

That's quite odd - - do you have a screenshot of the confirmation message? Did it give you the sort code and account no, and a confirmation number? You could ask Nationwide why it doesn't show up. Or alternatively, just apply again - - I would do that, but then I don't mind if they turn me down and/or if they do another credit search. Your mileage may vary.

I made several applications on different days, and the accounts all showed up online the next morning.

Hmmm, yeah i took a screen shot of the application end page which confirmed the account was open with a sort code, account number and application reference number. I will give nationwide direct a ring tomorrow evening to see what's going on.

EDIT: Just to confirm, if I applied for a new account it is correct that I was given a new sort code and account number? If I upgraded the account details would have remained the same?

Nine_Lives

myth123 wrote: »

Hmmm, yeah i took a screen shot of the application end page which confirmed the account was open with a sort code, account number and application reference number. I will give nationwide direct a ring tomorrow evening to see what's going on.

EDIT: Just to confirm, if I applied for a new account it is correct that I was given a new sort code and account number? If I upgraded the account details would have remained the same?

Yes that was one of the things Nationwide did state in their contact to me.

KTF

juanmanuelmarquez wrote: »

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?

It doesnt cost anything to open and at worst you might lose a few months interest whilst you sort out the finances.

innovate

myth123 wrote: »

EDIT: Just to confirm, if I applied for a new account it is correct that I was given a new sort code and account number? If I upgraded the account details would have remained the same?

I think people who upgraded said their sort code and acct number remained the same (though they'd get a new debit card, and the upgrade wouldn't be effective for a few days yet).

I only did new accounts, like yourself.

PS. don't burn up any potential interest on phone calls to Nationwide...I think there's a freefone number, 0800 302010 rings a bell, though not sure)

luci

juanmanuelmarquez wrote: »

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?

You can open it without funding it so I don't understand your problem?

Noahnewby

innovate wrote: »

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

We must have been typing togeeeeether:D Thanks for the answer though but, much appreciated. :T

Having read your further answers to myth123 I can only hope it appears on online banking tomorrow as I noted Sort Code and Account Number but not Confirmation Number:doh:Still, should be able to sort it out on 'phone as I've always found N'wide CS to actually provide a service (Famous Last Words).

I plan to place £2.5k in there from an easy access Esaver earning 3% at the moment then do the £1k swop every month and therefore have some more questions if anyone can assist.

I presume the initial transfer of £2.5k satisfies the first month's deposit of at least £1k?

If so, and I arrange transfer tomorrow, do I have to ensure monthly £1k goes in on same date next month or can I arrange the payment in and removal of the £1k for any date I choose next month?

jayjay21

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?

How about moving a grand to another account elsewhere and then flipping it back to nationwide? Will this count?

Gromitt

le_loup wrote: »

Sales documents are just that. They can't cover every possibility otherwise they would have to be a reprint of the T&Cs.

Ok, lets look at this from a different angle, this is what the Current account terms & conditions say:

"You must pay a minimum amount into the account each month as specified at the time of openingthe account or varied from time to time in accordance with the Nationwide current account conditions otherwise an account charge may be made."

Note that it doesn't say WILL be made, and it doesn't state the charge. So Nationwide can not depend on that alone.

Now lets download the "Current account interest rates and charges". It doesn't mention an underfunding fee, or any kind of account charge for not meeting a minimum deposit amount.

So we check the FAQ... Nothing in there either.

So where is this fee illustrated?