Nationwide FlexDirect - 5% interest, free overdraft

innovate

juanmanuelmarquez wrote: »

rather than keep asking questions about multiple accounts interest....whats the maximum planned overdraft? is there a limit?

juanmanuelmarquez wrote: »

everyone needs to get a grip, rather than ask the same questions over and over again, JUST TRY IT YOURSELF and see what happens,

How about taking some of your own medicine? Particularly since overdrafts are based on the bank's assessment of your personal creditworthiness.

Gromitt

juanmanuelmarquez wrote: »

But what if you open 4 accounts, get 15k overdraft and stuff them in cash isas and savings accounts and only use 1 for the 5%?aint that a bad idea....

Considering overdrafts are subject to approval by the bank, what makes you think you'll get a 15K fee-free overdraft? Or 3x£5000 ?

I'd expect that once one has been approved, requests to have an overdraft on the other accounts will be automatically declined.

innovate

Gromitt wrote: »

Considering overdrafts are subject to approval by the bank, what makes you think you'll get a 15K fee-free overdraft? Or 3x£5000 ?

Or even 1x£5000. Hilarious.

a&akay

As posted on Savings, my FlexDirects are showing the max overdraft which I applied for on all my 4 new accounts. I was accepted immediately on application and it said they would be active from 9 Mar 13. My other half's application says we'll get back to you and 'You do not have an agreed overdraft limit' but they're each £2.75k so no doubt it will be bank says no. The transfer process to the likely 1 account that you can get 5% on confirms that you're within your limit. This confirms a previous poster's question on whether this was feasible. 3 overdrafts could fully fulfil the £2.5k requirement as long as you remember to cycle £1k in and out immediately each month and your overdrafts are big enough to do so, mine were. Remember to pay them off before the year is up. I run a spreadsheet to remind me to do so. So 5% for just under a year via R85. I took a screenshot of each transfer application to prove this in case of future problems.

chris1

redballoon919 wrote: »

...only one of the FD accounts will earn 5% the others NIL, NIL, NIL even if you fund them! ...

Gromitt wrote: »

It's clearly explained on page 16 of the T&Cs that you only have one account that gets 5%, but it doesn't state whether additional accounts get 1% or 0%. From my interpretation, I'd say 1%.

"You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement."

Redballoon, did they actually say nil? The Ts&Cs look as though Gromitt is correct and it should be 1%.

deutsch

received my debit card on friday. that's it. tried to register for online banking. states i've recently registered. so i use the forgotten customer number and it states i haven't got a card reader. as a new customer, will i be getting a card reader? do i need to wait for this. took the full 5 working days to receive the card. original application was on saturday 2nd. maybe my expectations are high. i thought i'd at least have a confirmation email rather than the wait to see if i did complete the application successfully. now i have this, i still can't access my online only account... any other new customers with disappointing results?

persa

I applied yesterday afternoon - my FlexDirect is now showing up in my online banking! That was fast. :beer:

212

deutsch wrote: »

received my debit card on friday. that's it. tried to register for online banking. states i've recently registered. so i use the forgotten customer number and it states i haven't got a card reader. as a new customer, will i be getting a card reader? do i need to wait for this. took the full 5 working days to receive the card. original application was on saturday 2nd. maybe my expectations are high. i thought i'd at least have a confirmation email rather than the wait to see if i did complete the application successfully. now i have this, i still can't access my online only account... any other new customers with disappointing results?

Isn't there an option to register and use memorable information rather than the reader? I'm sure I accessed my account without a reader when I joined in 2012. They may have changed it though

If so you'll have to wait - or do you have a card reader with any other bank? They're all the same so just stick your card in another branded one - you'll need to know the PIN though.

innovate

212 wrote: »

Isn't there an option to register and use memorable information rather than the reader? I'm sure I accessed my account without a reader when I joined in 2012. They may have changed it though

If so you'll have to wait - or do you have a card reader with any other bank? They're all the same so just stick your card in another branded one - you'll need to know the PIN though.

You can login (to existent account) without the reader but you will not be able to make all transactions without one. E.g. you will always need the card reader to set up a new payee, and randomly thereafter when making payments.

Not sure whether you need the card reader to register.

As you said, though, you can use card readers from other banks if you have the card and the PIN.

AlwaysLearnin

Applied last weekend as a new customer (application agreed) and have heard absolutely nothing since. Luckily not in a major hurry as applied to home some funds maturing later this month, but would agree doesn't set a very good first impression of customer service...