Nationwide FlexDirect - 5% interest, free overdraft

innovate

sabretoothtigger wrote: »

Yes you are correct during the week works too. Its a new account so no direct debits, no reason not to.

Nationwide have a nifty regular saver, no limit on withdrawals just got to keep increasing the balance at month end I think is how it works

Sorry, still not with you. Could be I am particularly blonde tonight. I am always keen to exploit loopholes, but I can't see one here - - am I blind?

So I have a FlexDirect. And I have a Flexclusive Reg Saver. I stuff £2.5K into the FlexDirect, and £250 (the max poss per month) keeps going into the Reg Saver.

What am I to do with the overdraft facility (for sake of argument, assume my FD overdraft limit is £1K)?

sabretoothtigger

I dont see how the savings rate and the OD rate would be useful at the same time because its only going on one daily figure the closing balance.

le_loup

DragonQ wrote: »

You mean this, right?

I do.
.............

brenda10

Does anyone know if you have to pay a salary in direct from employer or can it just be 1000 per month whatever way.
Thanks

Gromitt

brenda10 wrote: »

Does anyone know if you have to pay a salary in direct from employer or can it just be 1000 per month whatever way.

It can be a transfer, but it has to be from a different bank.

kevin52

As well as the £125 I will get from this account, I have a Nationwide Select credit card with cash back of 0.5% on all purchases which nets me on average £30 a year. So I am better of by £155 by having this account.

apt

You are not really better off by £155 because there are other cashback credit cards and interest paying current accounts that you could use.

Hominu

kevin52 wrote: »

As well as the £125 I will get from this account, I have a Nationwide Select credit card with cash back of 0.5% on all purchases which nets me on average £30 a year. So I am better of by £155 by having this account.

Only in the first year, and only if you don't pay tax on your savings.

I'm just going to use the account for savings, so I'll be getting £100 after tax, plus about £330 from Flexclusives that only require a FlexAccount.

apt wrote: »

You are not really better off by £155 because there are other cashback credit cards and interest paying current accounts that you could use.

Indeed, 0.5% is quite poor compared to the 3% you can get.

kevin52

apt wrote: »

You are not really better off by £155 because there are other cashback credit cards and interest paying current accounts that you could use.

On the contrary, allow me to know my own finances, I am £155 better off compared to my previous bank.

Jennifer_Jane

In case it's of interest:
On 6th March applied for new FlexDirect (I have a FlexAccount for the insurance).

-This morning 9th March, the new account is now showing on my Nationwide web page.

-Transferred a test £1 from an external account, and this was in by the time I clicked back to the logged-in Nationwide page, just clicked off the FlexDirect into the FlexAccount, and then back into it. Did the same with the £2499 to bring it up to £2500, and it was just as quick.

Am very happy, and grateful to MSE and forum posters!

(PS - am a pensioner with annual income of £13,000, but nothing owed, except day-to-day expenses on Barclaycard for 1% with no annual fee - was ex Egg. Just learnt about the Aqua card for 3%, will investigate this)