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Nationwide FlexDirect - 5% interest, free overdraft

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Comments

  • flossy_splodge
    flossy_splodge Posts: 2,544 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Thank you innovate.
    Sorry to be pedantic but does that mean you get nothing at all on any balance OVER the £2500?
    :o
  • MrSilk
    MrSilk Posts: 1,515 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    flossy_splodge wrote: »
    Thank you innovate.
    Sorry to be pedantic but does that mean you get nothing at all on any balance OVER the £2500?
    :o

    UPTO £2,5k. Anything over wouldn't earn interest. :D
  • 100saving
    100saving Posts: 314 Forumite
    edited 25 June 2013 at 1:41PM
    i have a question regarding the quidco cashback when opening this account. can anyone tell me what is involved in the full account transfer service as part of the online application process?

    i am going to open the account for the 5% but if i can get £70 i will do. i have a current account that i don't use with nothing in but i could put the £2500 in it.

    at the moment i am looking at leaving the Barclays Monthly Savings Account and moving all the £1500 to the Nationwide FlexDirect account.

    the Barclays Monthly Savings Account pays 3.25% before TAX but the Nationwide FlexDirect account pays 5% before TAX.

    I have worked out that after TAX the MAX the Barclays pays £42.08 and the Nationwide FlexDirect pays £100 so its does seem like the right thing to do?
    Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
    Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
    Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
    Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
  • typistretired
    typistretired Posts: 2,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    When you go through quidco it directs you to Nationwide online application for the flexdirect account where you have to complete details. One of the questions Nationwide ask is if you want to transfer your current bank account standing orders etc and make them your main current account holder. After you have applied you will receive an email from quidco asking you to confirm your application to Nationwide you have to log into your quidco account to do this.
    "Look after your pennies and your pounds will look after themselves"
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    100saving wrote: »


    at the moment i am looking at leaving the Barclays Monthly Savings Account and moving all the £1500 to the Nationwide FlexDirect account.

    Nationwide will be looking to switch a current account, not a savings account. I doubt they could do anything with a savings account because "switching" generally means moving your DDs and SOs, nothing else.
  • 100saving
    100saving Posts: 314 Forumite
    edited 25 June 2013 at 6:40PM
    innovate wrote: »
    Nationwide will be looking to switch a current account, not a savings account. I doubt they could do anything with a savings account because "switching" generally means moving your DDs and SOs, nothing else.

    i was going to close the savings account and move the money to the current account that i have but there is no DD or SO on that account. does that mean i can't get the £70?

    is using the switching service a lot of work? can you tell me more of whats involved?
    Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
    Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
    Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
    Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Ah ok, starting out with a Current Account sounds fine.

    I have only ever used one switcher service myself and didn't find it much help - - but if you HAVE to use one to get a reward, you have to use one. The fewer DDs and SOs you have, the easier it will be, because the less can go wrong, and the less you have to check that they got things right.

    I don't know whether Nationwide will pay up if their switcher service finds no DDs or SOs to switch. You could help them by setting up a couple of SOs, or may be even a couple of DDs. Or one of each. Some DD ideas here: https://forums.moneysavingexpert.com/discussion/4168667

    BTW, a switcher service will (at least for now) not close your old account. So you can keep it for another day, and another opportunity, may be.
  • 100saving
    100saving Posts: 314 Forumite
    do you think they would pay up for say 2 SO's? because i can set these up in no time.

    i am right in thinking that there is no fee to run the account and no need to have DD or SO on the Nationwide account?
    Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
    Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
    Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
    Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    100saving wrote: »
    do you think they would pay up for say 2 SO's? because i can set these up in no time.
    probably
    100saving wrote: »
    i am right in thinking that there is no fee to run the account and no need to have DD or SO on the Nationwide account?
    no fee, and no need for any SOs/DD - - but if you have some switched, they are obviously there and need to be managed one way or the other

    For the full T&Cs, please check the Nationwide website
  • 100saving
    100saving Posts: 314 Forumite
    edited 25 June 2013 at 7:02PM
    innovate wrote: »
    probably

    no fee, and no need for any SOs/DD - - but if you have some switched, they are obviously there and need to be managed one way or the other

    For the full T&Cs, please check the Nationwide website

    what i was thinking of doing was to setup two SO at say £1 each and then once i have the £70 cancelling them but keeping the account and use it like a savings account for any extra money.
    Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
    Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
    Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
    Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
This discussion has been closed.
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