Nationwide FlexDirect - 5% interest, free overdraft

DragonQ

DJBenson wrote: »

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.

Agreed on all points.

Speculator

adindas wrote: »

Great thanks.
So far I just see one person confirm about this e.g."Speculator". in this post.

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

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.

See post # 276 & 277

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

Speculator

Not going to risk £7500 paying 1% this month so I'll leave 2.5k in the 1st a/c and reduce the rest to £10.00

I'll keep the money in my 3 x Lloyds Vantage 4% for now until I am confident Nationwide will pay 5% for all 4 a/cs.

YorkshireBoy

Speculator wrote: »

Not going to risk £7500 paying 1% this month so I'll leave 2.5k in the 1st a/c and reduce the rest to £10.00

I'll keep the money in my 3 x Lloyds Vantage 4% for now until I am confident Nationwide will pay 5% for all 4 a/cs.

At what point will you be "confident" though?

After they've paid it for 3 consecutive months...4...5...as reported on here? What if they stop paying it the month you pile in?

It doesn't matter when you start/resume maxing them out, you're only ever one month away from 'losing' a lot of interest.

Speculator

YorkshireBoy wrote: »

At what point will you be "confident" though?

After they've paid it for 3 consecutive months...4...5...as reported on here? What if they stop paying it the month you pile in?

It doesn't matter when you start/resume maxing them out, you're only ever one month away from 'losing' a lot of interest.

I prefer not to lose a lot of interest so as soon as I've maxed our Lloyds 4% x 5 and funded our various 3.75%, 4%, 4.5% and 5% and 6% regular savers I will start transferring any surplus money into these Flexdirect a/cs.

I will at worst lose 1% gross bearing in mind the best instant access account available only pay 2% and the Flexdirect accounts pay at least 1%.

sharkei

Speculator wrote: »

I prefer not to lose a lot of interest so as soon as I've maxed our Lloyds 4% x 5 and funded our various 3.75%, 4%, 4.5% and 5% and 6% regular savers I will start transferring any surplus money into these Flexdirect a/cs.

I will at worst lose 1% gross bearing in mind the best instant access account available only pay 2% and the Flexdirect accounts pay at least 1%.

Unless you've got a Santander 123 account paying 3% on balances over £3,000.

DragonQ

I wish I had enough money to worry about this. Once I've deposited my 2013-2014 ISA allowance next week and paid six months rent in advance for my new place, I'll barely have enough left to trigger the 4% rate on my Vantange!

YorkshireBoy

DragonQ wrote: »

I wish I had enough money to worry about this. Once I've deposited my 2013-2014 ISA allowance next week and paid six months rent in advance for my new place, I'll barely have enough left to trigger the 4% rate on my Vantange!

In credit interest is only one benefit of this account.

Make an application, asking for the max £2.5K O/D facility.

Then move this out and into your savings account.

DragonQ

YorkshireBoy wrote: »

In credit interest is only one benefit of this account.

Make an application, asking for the max £2.5K O/D facility.

Then move this out and into your savings account.

Heh, could do. I already have a £1000 interest free overdraft though, would opening another affect my credit rating? I already declined overdrafts from Halifax and Nationwide.

Half of my bills aren't applicable to the cashback on the 1-2-3 account either. I think I worked out that it'd gain me less than a tenner a year, and I would happily pay a tenner to avoid Santander being my main bank!

Gromitt

YorkshireBoy wrote: »

At what point will you be "confident" though?

I has been stated on another thread that accounts opened before the conditions were made clear (8th March) will receive the 5% for the full 12 months. Accounts opened after this date will not receive the promotional rate.

Whether this actually happens is anyone's guess, as usual.