Nationwide FlexDirect - 5% interest, free overdraft

AlwaysLearnin

I'm a new customer and awaiting the paperwork too.

They've probably had quite a few applications...!

Nine_Lives

DragonQ wrote: »

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

I couldn't see anything either, which is why i also asked.

Unlike you though, i didn't get a response to my post about it.

Maybe it didn't get seen in amongst all the other posts? As is what usually happens with a lengthy thread.

sabretoothtigger

They added me online and I only signed up on sunday I think. No paperwork but I dont want it anyway

Switching is not required

Thats my understanding.


Is the free part of the overdraft upto 250 and the rest of it is charged. First Direct does that

was very simple online, a bit weirdly too simple!!

Yes paranoia strikes at such simplicity, I was looking for the pile of bird seed

innovate

sabretoothtigger wrote: »

Is the free part of the overdraft upto 250 and the rest of it is charged. First Direct does that

It is 12 months free overdraft, for however much overdraft they will give you.

Toe-Jam

deutsch wrote: »

i applied on 03.03.13 as a new customer.
haven't received any post or paperwork....

is there any new customer who had their account opened without paperwork?

I received a small forest worth of junk when I opened mine.

Opened a Halifax one the same time and got 3 A4 pages (one of which I had to send back)

adindas

lkmc01 wrote: »

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

Why are you saying this. Do you think the people who are writing their personal experience here are not telling the truth, or does not know how the bank account work ??.

Anyway 5% is even not the top. A few months ago HSBC is offering similar a/c for 6% so wake up and start learning from other people......

JulyKnot

he new FlexDirect current account from Nationwide* pays a huge 5% AER in-credit interest on balances up to £2,500. After a year, it drops to 1%. It's not for big, long-term savings, but it's a healthy boost with rates so dismal.

It gives a 0% overdraft too (50p/day after a year), so it's a top all-rounder. The building society also scores well on customer service. You must switch and pay in £1,000 monthly income to get paid interest, but it's not a requirement for the overdraft.

http://www.moneysavingexpert.com/latesttip/#savings

Do you really need to switch? I thought it was just £1000 in requirement.

How easy is it to get a card reader.I can't locate mine ( non loyal ex - Nationwide customer)

plunt

adindas wrote: »

Why are you saying this. Do you think the people who are writing their personal experience here are not telling the truth, or does not know how the bank account work ??.

Anyway 5% is even not the top. A few months ago HSBC is offering similar a/c for 6% so wake up and start learning from other people......

think the hsbc account you were referring to was a regular saver... where is this is instant access

keep in mind two things (in my opinion)

1) the hsbc "trick" was that it was a regular saver meaning to access to funds it also encouraged people to get one of their premium accounts which typically have a monthly fee (thus often making people use them as a main account holder)

2) nationwide is capped at 2.5k so they will expect some people to end up putting more in an earn hardly anything on amount above that (thus actually reducing overall rate), secondly they will assume some people will forget after 12 month and thus the rates will drop (as with most fixed rate accounts!) They also get to do a credit check on you, this is probably the most important thing for them as they can then advertise their products to you knowing what they can make money off you with. This is why you often see current account lately, not saving accounts, with good initial incentives. (As for the free overdraft, its not too good to be true, they expect some will not pay it back after 12 month and then they can start racking up the fees! look at balance transfer or )% purchase credit cards, same logic!)



Anyways, just my thoughts!

innovate

JulyKnot wrote: »

Do you really need to switch? I thought it was just £1000 in requirement.

You are right, the newsletter is wrong.

JulyKnot wrote: »

How easy is it to get a card reader.I can't locate mine ( non loyal ex - Nationwide customer)

You can order one online - (Manage - My Security)

Hominu

JulyKnot wrote: »

Do you really need to switch? I thought it was just £1000 in requirement.

No need to switch.

JulyKnot wrote: »

How easy is it to get a card reader.I can't locate mine ( non loyal ex - Nationwide customer)

I walked into my local Barclays and asked for one (seem a better design than the Nationwide one), but it might be better to ask Nationwide to post you one. Alternatively you can login using memorable information.