Nationwide FlexDirect - 5% interest, free overdraft

BaxUk

theianfox wrote: »

I don't think they should market this as a bank account if it doesn't have all the standard features supplied by all the other banks.

Not many people require weekly SO's, why would they invest in setting up this feature when there isnt the demand for it?

sabretoothtigger

To qualify for monthly interest on this account does it need to be funded externally with 1000 every month

AndyPK

yes...........

100saving

anyone got their £68.25 recently from Top Cash Back? I have had the texts from Nationwide about the DD transfer even tho i only have a £5 SO setup on the account. whats that all about?

i verified my name and address on TopCashBack the same night i opened the account. but the stats has not changed online.

can anyone tell me if it is normal for a new customer opening this account not to receive any post or emails about the account apart from the text saying they are doing the transfer?

ic

100saving - I received a letter to sign and send back about a week or so later. After that I didn't receive anything - it turned out that their systems had fished out an old address from my credit record and sent everything there. This has since been sorted and I've been recompensed.

I am however still waiting on my Quidco cashback - I applied in early May. The expected payment date slips daily by one day, with the transaction marked as "tracked". I'd actually like to upgrade to the FlexPlus account to benefit from the breakdown and holiday insurance - but holding off whilst I wait for the cashback.

100saving

this is going to sound stupid to some people and it has prob been asked before on here but i just want some people thoughts.

i am thinking of setting up two SO for £1000 from my flexdirect account to my first direct 1st account and then back again for the same day each month to get the 5% and save me doing it manually.

what happens if first direct sends the £1000 before nationwide sends the £1000 as i don't keep £1000 in my first direct account so the funds would not be available and i don't have an overdraft on either account.

MoneySaverLog

You'll get stung with OD charges. Use Faster Payment it's safer. Once a month I do all the merry-go-rounds then

100saving

MoneySaverLog wrote: »

You'll get stung with OD charges. Use Faster Payment it's safer. Once a month I do all the merry-go-rounds then

sorry but what do you mean? can you explain a bit more on why and how i do this?

pqrdef

100saving wrote: »

i am thinking of setting up two SO for £1000 from my flexdirect account to my first direct 1st account and then back again for the same day each month to get the 5% and save me doing it manually.

SOs in and out on the same day should work if

-- the amount is covered by your balance, or
-- the amount is covered by your arranged overdraft limit, or
-- you've got one of those banks that will hold fire, maybe send you a text, and try the payment again in the afternoon, or
-- the amount is covered by your unarranged overdraft, maybe, though some banks will charge for using that even if the money arrives 5 minutes later.

So far as I know, HSBC/FD isn't in the obliging categories here, so no luck.

pqrdef

100saving wrote: »

sorry but what do you mean?

He means, do it manually.

You can do an SO from the end where the money is. Then you have to figure out what day it will actually go, which will be the specified date or the first banking day after that. (They go at about 00:01 Mon-Fri excluding Bank Holidays). Log in on this day, you should see the money has arrived and you can send it back.

Stupidly, there's no way to automate that. If you really want to use SOs both ways, the worst case is when the date of the first falls on Good Friday. Then the payment is made on Tuesday morning and the return SO isn't safe before Wednesday, so you need a 5-day interval.