Nationwide FlexDirect - 5% interest, free overdraft

anamenottaken

jayjay21 wrote: »

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?

Debit card and PIN definitely came separately. Cheque book arrived a more than a week later from other items.

Rob_192

For those like me who still haven't received their card reader, you may like to know you can still log in to your account using your memorable information, provided you set this up at the point of registration. I only found this out when I phoned NW to chase the card reader and the lady explained this was not necessary, just use the customer number and password plus the necessary answer to one of your memorable date/place/name etc. It all appears to work fine.

MoneySaverLog

You can also use any other bank card reader you may have with your nationwide card as they are all generic.

anna42hmr

hello all

I applied for this account the other week (new customer) the only thing I have received so far is the new debit card, so I now know the account number and sort code. Do you think its ok to credit the account with the money now (as opened for the interest rate etc) or should I wait till the rest of the documentation is received? its not like I need to withdraw the £2,500 quickly etc? Just wondering as don't want to mess up the application process etc.

Also in relation to £1k per month does it have to be paid in one go (or an accumilaton) and do their account months run from callender month ie 1st to end of month, or would it be a statement period which can run any time? I am going to add this account to the£1k cycling I do for Halifax and Lloyds, so usually around 4th or 5th of the month (as do it after the interest and rewards) as the account has been open in the last week, and will be paying the 2.5k straight in, I should be ok for the interest if I start it in the 1k cycle from april shouldn't I?

10_66

anna42hmr wrote: »

hello all

I applied for this account the other week (new customer) the only thing I have received so far is the new debit card, so I now know the account number and sort code. Do you think its ok to credit the account with the money now (as opened for the interest rate etc) or should I wait till the rest of the documentation is received? its not like I need to withdraw the £2,500 quickly etc? Just wondering as don't want to mess up the application process etc.

As far as I'm aware you can fund as soon as you have the account and sort code numbers.

anna42hmr wrote: »

Also in relation to £1k per month does it have to be paid in one go (or an accumilaton) and do their account months run from callender month ie 1st to end of month, or would it be a statement period which can run any time? I am going to add this account to the£1k cycling I do for Halifax and Lloyds, so usually around 4th or 5th of the month (as do it after the interest and rewards) as the account has been open in the last week, and will be paying the 2.5k straight in, I should be ok for the interest if I start it in the 1k cycle from april shouldn't I?

You can pay £1,000 in multiples of £'s, and it's calendar month (I haven't seen anything to suggest it's anniversary month instead).

anna42hmr

Thanks for the reply i appreciated it. Have paid the money in. Hopefully get the rest of the stuff soon

goaroundnow

Just opened a new FlexDirect in addition to my Flex account and was surprised to be offered a generous overdraft on the new account.

That means I could have potentially had 2 overdraft facilities with Nationwide which I found a bit strange.

Just a thought, really.

Gromitt

adindas wrote: »

Those who open multiple A/Cs did you get 5% on each account or just one account ?

All of them, but only the first is guaranteed, so future months may or may not receive interest.

innovate

https://forums.moneysavingexpert.com/discussion/4486689

https://forums.moneysavingexpert.com/discussion/4473319

Answer is "on each".

DJBenson

adindas wrote: »

We just want to make this is a general policy and make sure that this was not a mistake which let them to change the interest after a lot of people open multiple interest by refering back to T&C.

The T&C's state they will only guarantee interest on one account, you can hold up to four accounts but they will only pay interest on one of them.

The fact that they are paying interest on all accounts is a bonus should not be viewed as a long-term savings strategy as Nationwide can (and probably will) suspend interest payments on the additional accounts - I for one hope they don't but they are well within their rights to.