Nationwide FlexDirect - 5% interest, free overdraft

Vladislavs

Gromitt wrote: »

Doubtful, they didn't make it clear when the account was launched beginning of March, so they said they would honour those accounts, but not those opened after they made it clear.

ok i see, another question, im trying to find out what sort of overdraft i ve got with this flexdirext, since it said 12 month fee free!
But it tells me that:
We're sorry, your account is not eligible for an overdraft limit.

So does it mean im not eligible for overdraft at all? how is that possible if one of the main advantages of flexdirect is exactly fee free overdraft!

AlwaysLearnin

Did you ask for one during the application? There was a question as to whether you want one or not.

Vladislavs

AlwaysLearnin wrote: »

Did you ask for one during the application? There was a question as to whether you want one or not.

hmm cant remember that question to be honest, maybe just missed it.
Do you think its worth to ask them for it now? anyone used it?
seems like a good offer 12 months fee free

AlwaysLearnin

Some people are stoozing, taking the overdraft and putting it elsewhere to get slightly more that they would with the 5% on £2.5k

sabretoothtigger

Try using the account first. The credit interest is not paid unless its funded with 1k a month, I expect overdraft could relate similarly

YorkshireBoy

sabretoothtigger wrote: »

Try using the account first. The credit interest is not paid unless its funded with 1k a month, I expect overdraft could relate similarly

I got a £2.5K facility on all 3 of my FlexDirect accounts.

In my experience of current accounts, if you don't take it, or get it offered, during the application, they'll want to see a period of account activity first before granting O/D facilities. Could be many months...up to a year even. Chances are improved if BACS Direct Credits (ie salary, pension, etc) coming in and bills (ie DDs) being paid etc.

IGetMoney

What counts as a monthly deposit into the account? (in terms of dates)

I opend with 2.5k on 04/04/13 and have just done another credit of greater than 1k on 04/05/13, is it once within each calender month or slightly different?

Thanks

YorkshireBoy

IGetMoney wrote: »

What counts as a monthly deposit into the account? (in terms of dates)

I opend with 2.5k on 04/04/13 and have just done another credit of greater than 1k on 04/05/13, is it once within each calender month or slightly different?

Your account T&Cs define what a "month" is...

http://www.nationwide.co.uk/pdf/btp/P857_ImportantInformation-TermsAndConditions.pdf (page 9)

innovate

Vladislavs wrote: »

So does it mean im not eligible for overdraft at all? how is that possible if one of the main advantages of flexdirect is exactly fee free overdraft!

They are not obliged to give anyone an overdraft. Just as they are not obliged to accept everybody for the actual account.

Overdrafts, and overdraft limits, are personal. Many people who did apply for overdrafts got varying limits. Your limit for now seems to be zero. May be ask again in a few months time whether they will give you a better limit. You should be able to request it online. Be aware though that a request for an overdraft will involve a full credit check.

Pantera_Fan

Vladislavs wrote: »

ok i see, another question, im trying to find out what sort of overdraft i ve got with this flexdirext, since it said 12 month fee free!
But it tells me that:
We're sorry, your account is not eligible for an overdraft limit.

So does it mean im not eligible for overdraft at all? how is that possible if one of the main advantages of flexdirect is exactly fee free overdraft!

I have the same thing. Cant remember if I requested one or not at application. I tried contacting them through the secure messaging and got some generic response about it being a cash plus account. When I queried this they responded saying sorry ignore last message and you have a full account. Didnt pursue any further. Had the account for 3 1/2 months now with all DD's and salary going in and still showing same message.

I have subsequently got a select credit card from them with a decent limit so that maybe worth a try if you need a back up.