Nationwide FlexDirect - 5% interest, free overdraft

anoncol

zerog wrote: »

apply from your internet banking while signed in

Cheers, thats what i'll do then. Just need to time it so i can make the most of the 12 months. Current one will be fill next month

midge406

I'd like to open three Flexdirect accounts. I currently have a variety of accounts with Nationwide and a Smile account. I'm not sure how to qualify for the £1000 per month deposit for the third account.

For Flexdirect 1 the £1000 will be covered by my salary.

For Flexdirect 2 I thought I would transfer £1000 from Flexdirect 1 to Smile to Flexdirect 2 back to Flexdirect 1?

However, for Flexdirect 3 can I do as for Flexdirect 2 or would I need to open another external account from which to move the money backwards and forwards?

liamcov

The funding has to be from an external source. So you can use Smile to fund 2 and 3 as long as it is not part of NW?

YorkshireBoy

midge406 wrote: »

I'd like to open three Flexdirect accounts. I currently have a variety of accounts with Nationwide and a Smile account. I'm not sure how to qualify for the £1000 per month deposit for the third account.

For Flexdirect 1 the £1000 will be covered by my salary.

For Flexdirect 2 I thought I would transfer £1000 from Flexdirect 1 to Smile to Flexdirect 2 back to Flexdirect 1?

However, for Flexdirect 3 can I do as for Flexdirect 2 or would I need to open another external account from which to move the money backwards and forwards?

You can do the same with 3 as you do with 2.

Personally, I have a FlexAccount (for free travel insurance) and 3 FlexDirect accounts.

I send £750 from an external account to the Flex Account, then send £1,000 (plus interest) from each FlexDirect to the FlexAccount, then send the whole lot (£3,750 plus interest) back to the external account. And finally, send £1K back to each FlexDirect from the external account.

Takes a couple of minutes once a month.

aliasojo

Quick question please....what documents do they require for a new customer?

DragonQ

aliasojo wrote: »

Quick question please....what documents do they require for a new customer?

Typically proof of ID and proof of address. Whether you get asked for them when opening an account online with a new bank seems to be based on luck, but you'll definitely need them if you open an account in branch. Opening new accounts online at banks where you already have one or more accounts tends to not require further proof.

Alex92_2

I have one flexdirect. Just signed up for another using their online applying bit and got all the confirmations through etc.

Can anyone quickly tell me how long until this new account will be up on my "overview" bit and how long until I find out the sort/code account numbers so that I can deposit the money in. Once this is setup I will create two more.

Cheers,

Archi_Bald

Usually shows within 24 hours in your online banking, complete with sort code and acct number.

I have previously transferred money into a new account straight after the application finished (you get the sort code and account number at the end of the application).

Alex92_2

Archi_Bald wrote: »

Usually shows within 24 hours in your online banking, complete with sort code and acct number.

I have previously transferred money into a new account straight after the application finished (you get the sort code and account number at the end of the application).

Thanks for the reply. Do you think I should setup the other 2 accounts now so they all come through at the same time? or do them 1 at a time?

Probably been said in this thread already, but does the flexdirect have an expiring date that we know of yet?

zerog

Alex92 wrote: »

Thanks for the reply. Do you think I should setup the other 2 accounts now so they all come through at the same time? or do them 1 at a time?

Probably been said in this thread already, but does the flexdirect have an expiring date that we know of yet?

Well the 5% is only for the first 12 months of having the account.

And if you opened them all right now, you wouldn't know if you got 5% on the second and third accounts until the end of the month (but nobody has reported not getting it yet)