Nationwide FlexDirect - 5% interest, free overdraft

onzey

@10_66
When I phoned customer services a while back about multiple FlexDirect accounts I was left with the impression early adopters will get the interest on all accounts (assuming £1000 going in each of course), but I jumped to the conclusion it meant all accounts had to be opened in the first week or so of the launch. So as far as I know you will have the last :laugh:

Alas it was too late for me so just have the one

Edit: Just remembered the initial customer services agent was uncertain on the situation and it was on a callback (which I requested) by someone else who left the impression I stated above.

YorkshireBoy

onzey wrote: »

So as far as I know you will have the last :laugh:

Alas it was too late for me so just have the one

If you don't speculate you can't accumulate!

My 3 accounts were all opened in the first week of April...long after the account was launched.

But rather than draw attention to myself by ringing up, and risk them putting some sort of flag on my accounts, I kept quiet and funded all the accounts.

When I saw I'd got 4.89% gross p.a. on all 3 (and no charges incurred/notified for the 3 days I was overdrawn) I emptied all the accounts, including £7.5K of O/D facility, and dumped it elsewhere to make more money overall.

I'd even go as far as to suggest that if anyone opened 3 or 4 accounts now, they'd get the 4.89% gross p.a. rate on them all. Any takers?

Vladislavs

YorkshireBoy wrote: »

If you don't speculate you can't accumulate!

My 3 accounts were all opened in the first week of April...long after the account was launched.

But rather than draw attention to myself by ringing up, and risk them putting some sort of flag on my accounts, I kept quiet and funded all the accounts.

When I saw I'd got 4.89% gross p.a. on all 3 (and no charges incurred/notified for the 3 days I was overdrawn) I emptied all the accounts, including £7.5K of O/D facility, and dumped it elsewhere to make more money overall.

I'd even go as far as to suggest that if anyone opened 3 or 4 accounts now, they'd get the 4.89% gross p.a. rate on them all. Any takers?

haha interesting.
Ive opened 2 accounts at the end of april, funded first one full, and put on a second account 10£, so if on 1st of june i wil get 0.01 (right?)or somehing like that on a second account, that means interest works on both!
will let you know

10_66

onzey wrote: »

@10_66
When I phoned customer services a while back about multiple FlexDirect accounts I was left with the impression early adopters will get the interest on all accounts (assuming £1000 going in each of course), but I jumped to the conclusion it meant all accounts had to be opened in the first week or so of the launch. So as far as I know you will have the last :laugh:

Alas it was too late for me so just have the one

I had opposing information from various Nationwide CS when I rang to ask, so opened them anyway, as there was nothing to lose (apart from a bit of time opening them, and the credit checks being made). Unless you don't want to for a particular reason, I'd try, even now.

BaxUk

So long as the requirements are met for the 5% - £1000 credit from an external source - interest is paid on all of the FlexDirects you hold.

DJBenson

BaxUk wrote: »

So long as the requirements are met for the 5% - £1000 credit from an external source - interest is paid on all of the FlexDirects you hold.

Source?

Nationwide's own terms state that the rate is only guaranteed on the first account...

(Yes I know they are paying it on multiple - I have two - but that doesn't mean they will continue to do so).

Jaxer

Can someone clarify how/when interest is credited to the account?

I opened a new account in April and transferred in a total of £2,500 from external accounts in the first week of May. I've just had the first statement notification up to 15 May 2013 but looking at it, there's no interest shown.

Is the interest credited in arrears, ie. will this month's £1000 transfer-in trigger the interest credit?

BaxUk

DJBenson wrote: »

Source?

Nationwide's own terms state that the rate is only guaranteed on the first account...

(Yes I know they are paying it on multiple - I have two - but that doesn't mean they will continue to do so).

I believe their current stance is to pay on all FlexDirects meeting the requirements, however, they have kept the 'may' within the T&Cs so that should they wish to withdraw this and only offer on one account in the future, the original T&Cs that you agree to would still apply.

DJBenson

BaxUk wrote: »

I believe their current stance is to pay on all FlexDirects meeting the requirements, however, they have kept the 'may' within the T&Cs so that should they wish to withdraw this and only offer on one account in the future, the original T&Cs that you agree to would still apply.

On reflection I tend to agree with you - I've just applied for another two accounts (one in my name and one in the wifes).

The short terms when you sign up no longer mention the rate only applying to the first account so maybe you're on to something :j

purplestar133

Jaxer wrote: »

Can someone clarify how/when interest is credited to the account?

I opened a new account in April and transferred in a total of £2,500 from external accounts in the first week of May. I've just had the first statement notification up to 15 May 2013 but looking at it, there's no interest shown.

Is the interest credited in arrears, ie. will this month's £1000 transfer-in trigger the interest credit?

Your first interest payment will be at the end of May. Interest is paid monthly at the end of the month. You only receive interest when you have met the £1000 funding requirement in that month.