Nationwide FlexDirect - 5% interest, free overdraft

DJBenson

Super. (Not quite) conclusive proof that Nationwide are paying interest on all FlexDirect accounts?

innovate

The only conclusive proof you have is that you have been paid. It says nothing about whether you will be paid again. Let's just keep our heads under the radar and it might continue for a while.

DJBenson

innovate wrote: »

The only conclusive proof you have is that you have been paid. It says nothing about whether you will be paid again. Let's just keep our heads under the radar and it might continue for a while.

The post was tongue-in-cheek but thanks for the reply :beer:

Chjaka

DJBenson wrote: »

Super. (Not quite) conclusive proof that Nationwide are paying interest on all FlexDirect accounts?

I opened a third account each for myself and my wife on the 29th May and yesterday they both paid two days full interest. I'm going for the full quota of 4 accounts each now but they seem to be taking a little longer to process these applications than the last pair (hopefully they'll be showing up online tomorrow).

Fingers crossed they'll carry on paying as is, but, if they don't what have I lost.

AndyPK

does anyone know the net interest rate on these ?
or what interest they are getting on the top ballance?

I assume I don't need any direct debits?

And I can move the £1000 straight out again ?

Thanks

YorkshireBoy

AndyPK wrote: »

does anyone know the net interest rate on these ?

4.89% x 0.8 = 3.91% net of tax

...but if you're well under the £2.5K max interest earning balance this will compound up to 4% AER

or what interest they are getting on the top ballance?

You've lost me there!

I assume I don't need any direct debits?

Why assume anything? The T&Cs are on their website.

And I can move the £1000 straight out again ?

Yes.

mrchagle

Re: Everyone with multiple FlexDirect accounts.

How did we all do this month? All interest or no fees for OD fee's taken for multiple accounts?

Personally I have 4 and was paid what looks like the full 5% (less tax) on every account :-).

10_66

mrchagle wrote: »

Re: Everyone with multiple FlexDirect accounts.

How did we all do this month? All interest or no fees for OD fee's taken for multiple accounts?

Personally I have 4 and was paid what looks like the full 5% (less tax) on every account :-).

Yep, interest paid on all 4 of mine.

innovate

I reckon it is safe to assume that everyone got what they expected to get if they don't come on here to say they didn't. Sometimes it's better to just keep schtum.

AndyPK

How long does it take to recieve paperwork/email following an application?

I applied 1 week ago online.

Thanks