Nationwide FlexDirect - 5% interest, free overdraft

grumbler

bodmil wrote: »

Has anyone been able to confirm how many accounts one person is allowed? I asked in branch and they scratched their heads for a bit and then said that I could, but it would take 20 minutes so I tried online and got accepted for a second. So that's 1 Flex Account and 2 Flex Directs at the mo but don't want to push it?

Try reading the tread from the start?
You will find some inconclusive information on the first three pages.

10_66

bodmil wrote: »

Has anyone been able to confirm how many accounts one person is allowed? I asked in branch and they scratched their heads for a bit and then said that I could, but it would take 20 minutes so I tried online and got accepted for a second. So that's 1 Flex Account and 2 Flex Directs at the mo but don't want to push it?

To summarise the inconclusive information about this:

Other posters and myself have been advised by Customer Services that you can earn interest on 4 Flex Direct accounts. So far I've requested a conversion of an exisiting Flex Account to Flex Direct and opened another 2 Flex Direct.

However, other posters have been advised via the Secure Message service that you will only earn interest on 1 Flex Direct.

Goodness knows which is correct. I guess the only definitive answer is to wait and see if interest will be paid into all of them at the beginning of next month.

DragonQ

If I upgrade my FlexAccount to a FlexDirect account, will my Flexclusive ISA still receive 4.25%?

KTF

DragonQ wrote: »

If I upgrade my FlexAccount to a FlexDirect account, will my Flexclusive ISA still receive 4.25%?

Yes. As confirmed in this thread.

DragonQ

KTF wrote: »

Yes. As confirmed in this thread.

Thanks, just had a quick look and couldn't see anything.

Might actually just open a separate FlexDirect account since I'll need the travel insurance with the FlexAccount soon.

Speculator

10_66 wrote: »

To summarise the inconclusive information about this:

Other posters and myself have been advised by Customer Services that you can earn interest on 4 Flex Direct accounts. So far I've requested a conversion of an exisiting Flex Account to Flex Direct and opened another 2 Flex Direct.

However, other posters have been advised via the Secure Message service that you will only earn interest on 1 Flex Direct.

Goodness knows which is correct. I guess the only definitive answer is to wait and see if interest will be paid into all of them at the beginning of next month.

I have 4 accounts but I am going to leave the money in there for just two days and transfer it back to my 4% vantage.

Can't risk £7500 earning only 1% for 25 days.

lkmc01

Hi

I have just applied for the flexDirect account with Nationwide. I have online banking with them already with my mortgage only. The application process was very simple online, a bit weirdly too simple!!

I had the option to use their switching service but declined as I have just opened the halifax current account for the £100. I was asked if I wanted an overdraft, I said yes. The highest amount I could have was £250. So this £250 is a free overdraft for 12 months?

But, with savings of about £2000 currently in natwest esavings account of 2.81% gross its more profitable to use the flexDirect account as a savings account at 5% gross (paying in and out £1000 a month extra) then to use the £250 free overdraft in my natwest esavings account.

Please can someone confirm this

innovate

Not quite sure what you want to have confirmed, but I'll have a go.

Your overdraft will be free for 12 months, as per the offer.

Savings figures for 12 months before tax are:

£2,000 @ 5% = £100
£250 @ 2.81% = £7.03

lkmc01

innovate wrote: »

Not quite sure what you want to have confirmed, but I'll have a go.

Your overdraft will be free for 12 months, as per the offer.

Savings figures for 12 months before tax are:

£2,000 @ 5% = £100
£250 @ 2.81% = £7.03

thanks, yes thats what I thought. Did anyone else think this offer was too good to be true?

grumbler

lkmc01 wrote: »

.. Did anyone else think this offer was too good to be true?

Why?
Some other banks give you £100 just for switching.
Not long time ago Lloyds offered 4% on £6000.