Nationwide FlexDirect - 5% interest, free overdraft

xxdeebeexx

Help with multiple Flexdirect accounts !!

I opened 2 flexdirect accounts - I upgraded a Flexaccount and applied for a new Flexdirect.. (seemed like a good idea at the time)

I know that other people have got more than one Flexdirect , so....

If Nationwide will only pay 5% on one account, how do you know which one it will be?

What are your tactics for the first month?

tia

dx

Vortigern

xxdeebeexx wrote: »

If Nationwide will only pay 5% on one account, how do you know which one it will be?

Pay an equal amount into each account and wait for a month

Gromitt

xxdeebeexx wrote: »

If Nationwide will only pay 5% on one account, how do you know which one it will be?

The first one that was opened

xxdeebeexx wrote: »

What are your tactics for the first month?

Wait until next month and see how much interest I get. I only have one account, so shouldn't be a problem.

adindas

Prof_FrinkProf wrote: »

Thanks Innovate, it states that you need to pay £1000 in each month to keep the 5% interest rate active,

Yes people need to pay £1000 in each month to to get ongoing rate of 5%. The money will need to come from external source and not from NW.

Prof_FrinkProf wrote: »

I assume this is the same as Vantage accounts and doesn't need to stay in the account.

Exactly only that here you get 5% for the balance up to £2500. In Lloyd TSB you get 3%/4% for the balance of up to £5000/£6000 respectively

Prof_FrinkProf wrote: »

I intend to use it purely as a savings account with £2500 in for a year.

That is most of the people in this thread are doing, In addition people might also be benefiting interest free overdraft for the first year if the a/c comes with overdraft.

Yes people need to pay £1000 in each month to to get ongoing rate of 5%. The money will need to come from external source and not from NW.

mary

I'm new to NW and have received all the pin nos, telephone banking stuff and debit card. It all came pretty much in the same post. The only thing I'm missing is the Card Reader. How long does it take to come after the rest of the stuff? Anyone any experience please?

Andyt1981

mary wrote: »

I'm new to NW and have received all the pin nos, telephone banking stuff and debit card. It all came pretty much in the same post. The only thing I'm missing is the Card Reader. How long does it take to come after the rest of the stuff? Anyone any experience please?

Mine came a week after my card. I'd already ordered another one by then which arrived on the same day. Useful to have a spare though.

Vortigern

mary wrote: »

The only thing I'm missing is the Card Reader. How long does it take to come after the rest of the stuff? Anyone any experience please?

The letter attached to my most recent card reader was dated 27th Feb, it arrived 11th March. Perhaps Nationwide has been overwhelmed by the demand for these accounts.

You can use other bank's card readers (if you have one) with a Nationwide card.

xyz123

adindas wrote: »

Exactly only that here you get 5% for the balance up to £2500. In Lloyd TSB you get 3%/4% for the balance of up to £5000/£6000 respectively



.

4% was an old offer, which is not longer available to new customers, who can get 3% on betweek 3k and 5k only.. am i correct?

innovate

xyz123 wrote: »

4% was an old offer, which is not longer available to new customers, who can get 3% on betweek 3k and 5k only.. am i correct?

yes, 4% lasts a year and then is likely to go back to 3%, if you maintain a balance of between £3K and £5K (and fulfill whatever other pre-reqs). You can sign up to the 3% deal now, and get interest on max £5K. Checke Lloyds website for details.

Nationwide 5% will last a year, then go to 1%, on all of max £2.5k (and also has pre-req)

jayjay21

mary wrote: »

I'm new to NW and have received all the pin nos, telephone banking stuff and debit card. It all came pretty much in the same post. The only thing I'm missing is the Card Reader. How long does it take to come after the rest of the stuff? Anyone any experience please?

Mine also came in one batch of post, which is utterly dangerous, somebody could have committed identity theft and taken out loans etc with NW. Has anybody raised the issue with them? Or did everyone elses individual envelopes come in separate batches of post?