Nationwide FlexDirect - 5% interest, free overdraft

adindas

Gromitt wrote: »

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?

I read somewhere from this forum someone ask the customer service and that is the answer s/he has got.

It might be that the customer service just want to play safe as he himself is not sure abut that

rb10

Nine_Lives wrote: »

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?

They've answered the question that you appear to be asking.

Their answer is that if you have a FlexDirect account, then this will mean you are eligible to retain your ISA.

In fact, this is also answered on their website (on the 'Rewarding you' page).

Gromitt wrote: »

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?

Simple: If there isn't a charge listed in the charges document, then the charge doesn't exist.

bob792

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).

I opened a new FlexDirect on Saturday. I logged into Online Banking with my card reader and existing Flex Accound debit card on Sunday morning and the new FlexDirect happily let me setup a new one-off payment (£1 sent out OK to test) and also a new STO without asking for any more card reader input.

innovate

bob792 wrote: »

I opened a new FlexDirect on Saturday. I logged into Online Banking with my card reader and existing Flex Accound debit card on Sunday morning and the new FlexDirect happily let me setup a new one-off payment (£1 sent out OK to test) and also a new STO without asking for any more card reader input.

Excellent approach, hadn't thought of that since I never log in with the card reader. But what you say makes emminent sense for online transactions.

Suppose if you are in desperate need for cash from your new FlexDirect bfore your card arrives, you could always go into a branch and ask for help. They state they will help FlexDirect customers in exceptional cases.

RP2X

Noahnewby wrote: »

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?

easy access Esaver with 3% interest rate ?

Any link or info on this, I can only see esavers with the usual 1.5 or 1% rates.... an esaver with 3% rate would be great for my cousin who needs one badly right now, thanks.

surfsister

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?

i'd open one anyway just in case they stop it. i didn't want one yet as getting 5% at nat west savings till May but thought they might well close it. then I'd kick myself!

KTF

RP2X wrote: »

easy access Esaver with 3% interest rate ?

Any link or info on this, I can only see esavers with the usual 1.5 or 1% rates.... an esaver with 3% rate would be great for my cousin who needs one badly right now, thanks.

This will be a (now closed) issue from Santander. I still have an eSaver offering 3.15% that expires around the middle of this year.

The new issue is 1.5%.

plunt

still got an esaver at 3.2%

but other options are:

lloyds vantage: 5-6k @ 3% (can have 3 accounts, and certain conditions apply)
Santander 123 account 3-20k @ 3% (£2pm charge, using cash back site to avoid)

Search the regular saver thread as well, as not only are there some good accounts (which foster saving) but also there is a feeder account section

blindman

innovate wrote: »

NB. As an aside, I am disgusted about your snipe about your views of the trust that exists in my family. You do not know my family any more than you know me - which is not at all - so you would be well advised to refrain from personal comments about myself and my family. The Internet doesn't protect you from libel charges.

Lighten up Perry Mason.:cool:

Gromitt

adindas wrote: »

I read somewhere from this forum someone ask the customer service and that is the answer s/he has got.

It might be that the customer service just want to play safe as he himself is not sure abut that

But like already stated in this thread, the T&Cs overrule what any customer services advisor says, so the fact that there is no charge in any of the documents listed on Nationwide's website (specifically the T&Cs and "Rates and charges" documents) means that there is no charge.