Nationwide FlexDirect - 5% interest, free overdraft

callum9999

BugsyBrowne wrote: »

It does make you smile though its as if Banks including Nationwide are doing us all a big favour but its actually far from it they are all ripping us customers to shreds while these banks pay 1million salaries and 1million bonuses while we are all happy to get 5% with a balance maximum of 2.5k.

Yes it's better then nothing I agree but they ARE all still taking the Pi*s out of the customers yet we still carry on earning a few pence a year while the banks make 140 million a day.

Halifax for instance giving away silly fivers yet lloyds banking group made 3.5 billion last year.

Anyway I'm setting up Bugsy's bank.

Perhaps you could explain to me how not charging me a penny, giving me free European travel insurance (which is actually pretty good...) and now paying 5% interest is "ripping me to shreds".

BugsyBrowne

Max out 4 Flexi direct accounts 10k and that will bring you in £8 a week,No wonder the banks shareholders ride around in gold plated bentleys.

anamenottaken

OnePound wrote: »

I am looking at the Flexdirect account and wondering whether to upgrade (simpler? wholesale move of Fexaccount to Flexdirect), or create new account (can I have both and just use the Flexdirect to get the 5% interest, and still retain the 'free' travel insurance). For the second option could I have a SO move £1000 month each way? I do all my banking online anyway.

If you find the Travel Insurance valuable, keep the Flex account and open the new FlexDirect. The 5% is for one year only and you would lose the travel insurance (certainly in the short-term) if you "upgraded".

SOs within Nationwide won't work. For money into both the Flex and FlexDirect, the qualifying £750 or £1000 has to come from outside Nationwide.

BugsyBrowne

callum9999 wrote: »

Perhaps you could explain to me how not charging me a penny, giving me free European travel insurance (which is actually pretty good...) and now paying 5% interest is "ripping me to shreds".

Read the T&Cs flexi direct doesn't have FREE travel insurance.

grumbler

However, nothing stops you from having both Flex and FlexDirect and getting both the insurance and 5%

elantan

grumbler wrote: »

However, nothing stops you from having both Flex and FlexDirect and getting both the insurance and 5%

Yep that's what I have and am happy with

CRISPIANNE3

Upgraded today and will take effect on the 9 March 2013.

grumbler

DreamerV wrote: »

I upgraded my flex account, but it says it will go ahead on 23rd March. Bit of a wait.

CRISPIANNE3 wrote: »

Upgraded today and will take effect on the 9 March 2013.

"First-come, first-served" principle seems to not work at NW.

callum9999

BugsyBrowne wrote: »

Read the T&Cs flexi direct doesn't have FREE travel insurance.

I didn't say it did have FREE travel insurance...

adindas

OnePound wrote: »

I am looking at the Flexdirect account and wondering whether to upgrade (simpler? wholesale move of Fexaccount to Flexdirect), or create new account (can I have both and just use the Flexdirect to get the 5% interest, and still retain the 'free' travel insurance). For the second option could I have a SO move £1000 month each way? I do all my banking online anyway.

That is what I did. I have posted my personal Experience in Post #36.
I am aware standing order within Nationwide will not work

But there is a possibility of doing monthly manual internal transfer, but this is the think I am not quite sure whether this could work. What I am thinking is I will will just permute £1000 from FlexDirect to Flex Account and back to Flex direct.