Nationwide FlexDirect - 5% interest, free overdraft

innovate

Dustykitten wrote: »

Re having more than one account. I have opened one in my sole name, up and running fine. DH has applied for one in our joint names. I'm not sure now that this was a good idea, will it break the rules for only one bonus rate?

The T&Cs (http://www.nationwide.co.uk/pdf/btp/P857_ImportantInformation-TermsAndConditions.pdf) don't address this directly from what I can see.

You haven't broken any rule but whether they'd pay the bonus remains to be seen. Just put a tenner in and see how much they will pay end of the month.

Montmorencymon

Dustykitten wrote: »

Re having more than one account. I have opened one in my sole name, up and running fine. DH has applied for one in our joint names. I'm not sure now that this was a good idea, will it break the rules for only one bonus rate?

We have a similar issue in reverse.

We have just applied to upgrade our joint Flexaccount to FlexDirect (should happen this coming weekend).

We've been using the account for daily expenses and so on, but it would make sense to use it more like a savings account for the "bonus year".

I then remembered my wife had a Flexaccount of her own which she doesn't use very much. As she has some funds elsewhere not earning much interest, it might make sense for her to upgrade that account, and stuff as much in as she can for one year.


Wish I'd thought of it before we upgraded the other account in some ways. I'll keep an eye on this thread and see if anyone successfully manages to get a bonus on more than one account, whether in sole name or joint!

adindas

Those who previously have an account with NW and then open a new flexible direct account.

You get a new Debit Card to be used in conjunction with your new fex direct account.
But do you get a new card reader in addition to the old one that you already have with the old account ? I am asking as I have received my Debit Card but has not received the new card reader. Having two card readers is a good idea as it will mean you do not need to carry your card reader all the time.

The problem with NW is that there is no way you could do FPO without the card reader so having two card reader will help. So do you receive a new card reader ?

thanks

212

You won't be sent a new one. I'm not even sure I got my original nationwide one...

I think you can login online and request a replacement. Or just phone them up and tell them it doesn't work anymore/you lost it etc, and they'll send you another.

a&akay

charlieboycat wrote: »

The 5% rate is an "introductory rate". The 12 month interest-free overdraft is an "introductory offer". You are restricted to "one introductory rate or offer" on the FlexDirect product (T&C 1.5). It therfore seems to me that if your first FlexDirect account is getting the 5% rate then your other three will not only be ineligible for the 5% rate but will also be ineligible for an interest free overdraft. In which case you will be paying 50p per day on each of the three overdraft accounts - or £547.50 for the year. Yet the total interest earned on the 5% account will only be £125 (£100 after basic rate tax).

Thanks. Not being of faint heart I've kept one of the overdrafts and will see when the fees are debited.

adindas

212 wrote: »

You won't be sent a new one. I'm not even sure I got my original nationwide one...

I think you can login online and request a replacement. Or just phone them up and tell them it doesn't work anymore/you lost it etc, and they'll send you another.

Thanks for taking time answering my question and providing advice. But I will need to ask from other members experience before asking replacement card. Unless I know it very well that I will not be charged for requesting a new one. I will be very careful with that.

If you said you lost it, you might get charged. It has happened to me with Barclay for asking the replacement of card reader. The cost was about £15 taken from my a/c if my memory serves well

Saying that it does not work, I think it will need to be quite specific and know how to answer any further question if getting scrutinized to avoid getting caught.

Other members probably could shed the light or share their experience
- How to get the second card reader without the need to pay for it ?
- Do you get card reader ith a newly opened flex direct account ?

innovate

Nationwide card reader FAQ: http://www.nationwide.co.uk/internetbanking/onlinesecurity/howtousecardreader/cardreaderfaqs.htm

someone

Other members probably could shed the light or share their experience
- How to get the second card reader without the need to pay for it ?
- Do you get card reader ith a newly opened flex direct account ?

The battery died in mine so requested a new one and used the faulty option, never been charged.

adindas

innovate wrote: »

Nationwide card reader FAQ: http://www.nationwide.co.uk/internetbanking/onlinesecurity/howtousecardreader/cardreaderfaqs.htm

Thanks

someone wrote: »

The battery died in mine so requested a new one and used the faulty option, never been charged.

Posh Answer thanks

Prof_FrinkProf

What are the restrictions with this account?

I currently have Lloyds and BOS Vantage accounts but I'm thinking of applying for some of these to get the 5%.

Is there a requirement of paying in so much a month?

Thanks