Nationwide FlexDirect - 5% interest, free overdraft

typistretired

Let's hope then that within the next 12 months we see some improvement in savings interest rates.

anoncol

typistretired wrote: »

Let's hope then that within the next 12 months we see some improvement in savings interest rates.

Its a bit depressing the lack of savings accounts in 12 months time.

andrewthomas2008

Hi All

I have a 4 current accounts now with £1000 floating between them.

I've opened a Flexdirect account for the 5% on balances of £2500 (this will be my 2nd account Flexdirect acc).

I'm planning to open another 2 accounts, including one more Flexdirect account (as I've seen from this site you can have up to 3 Flexdirect accounts) and then a Firect account so I can open up one of their Regular saver accounts that allow up to £300 a month.

What I'd like to know is whats the minimum number of days I need to allow when transfering between 7 accounts, to above missed payments through out the whole year including things like bank holidays, easter, christmas etc.

If possible could anyone write down the dates I should set up for each account. Also I may be able leave out 1 account from the list that needs the £1000 transfered into.

I hope I've made myself clear enough.

Also should I apply for the additional flexdirect account and Firectdirect account today? Just wondering whether too much recent activity will affect my credit rating and lead to a refusal as I've opened up a firstdirect acc today and a lloyds tsb vantage last month.

Also note all the new accounts are opened up without overdraft facilitites

Thankyou for your help in advance!

YorkshireBoy

andrewthomas2008 wrote: »

(as I've seen from this site you can have up to 3 Flexdirect accounts)

If you visit the Nationwide website you'll see you can have 4 FlexDirect accounts.

What I'd like to know is whats the minimum number of days I need to allow when transfering between 7 accounts

I cycle £1K through 13 of my accounts on the 2nd working day of each month...in less time than it takes to drink a cup of coffee.

Why mess with standing orders?

Archi_Bald

You can do all the transfers manually once a month. With Faster Payment, it usually doesn't take very long at all to do this.

If you want to do it by Standing Order, you should allow at least 2 working days between receiving money in an account, and then sending it to another account.

Archi_Bald

andrewthomas2008 wrote: »

Also should I apply for the additional flexdirect account and Firectdirect account today? Just wondering whether too much recent activity will affect my credit rating and lead to a refusal as I've opened up a firstdirect acc today and a lloyds tsb vantage last month.

Unless you intend to apply for a mortgage or a loan or a credit card or a big overdraft in the next 6-12 months, I wouldn't worry about credit ratings.

andrewthomas2008

So you guys suggest transferring money manually rather than using standing orders?

I always thought its easier to let standing order take control but now I'm building up multiple accounts I can see the pit falls as missing a standing order can be rather costly.

Okay just going to open up the 2 extra current accounts, hope they both go through

andrewthomas2008

YorkshireBoy wrote: »

If you visit the Nationwide website you'll see you can have 4 FlexDirect accounts.

Why mess with standing orders?

Oh just seen the statement below on the Nationwide website, do you know if I'm likely to get the 5% on the 2nd account I opened today. I did see at the end of the application something about getting 5% on it.

You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account.

Archi_Bald

I do mine manually since I have the time. If I had a more hectic lifestyle, I would probably use SOs.

YorkshireBoy

andrewthomas2008 wrote: »

Oh just seen the statement below on the Nationwide website, do you know if I'm likely to get the 5% on the 2nd account I opened today. I did see at the end of the application something about getting 5% on it.

You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account.

I've yet to see a post on here from anyone reporting not getting 5% AER on second and subsequent FlexDirect accounts.