Nationwide FlexDirect - 5% interest, free overdraft

Vortigern

aliasojo wrote: »

Quick query....does the account have to be funded for a whole clear month before interest is paid?

No. I paid in £1000 on 20/09/13 and received 10 days interest at the end of the month. The account had been opened earlier in September and this was the first deposit.

YorkshireBoy

Vortigern wrote: »

I paid in £1000 on 20/09/13 and received 10 days interest at the end of the month.

A typo?

I'd have expected 11 days interest, unless you deposited very late in the day, ie after the cut-off?

aliasojo

YorkshireBoy wrote: »

Your assumption is wrong.

You're the second person to report this recently (see post 708), so it looks like they may have a problem. Suggest you contact Nationwide...providing the funding came from outside Nationwide, rather than an internal transfer?

Yes. I opened 2 accounts and transferred over £1k to each of them from the Halifax at the same time so both accounts showed a £1K+ balance at the same time.

I then withdrew some money from each a couple of days later but still left over half in each.

Thanks for replying, will look into it.

Vortigern

YorkshireBoy wrote: »

A typo? I'd have expected 11 days interest, unless you deposited very late in the day, ie after the cut-off?

Yes, you're right, 11 days. I never know whether to include both start and end dates when calculating intervals

£1000 deposit on 20 September
£1.18 net interest credited on 30 September.

£1000 x 4.89% x 0.8 / 365 x 11 = £1.18

James

rb10 wrote: »

It should be noted that there are some restrictions on what you can do in branch - basically anything that can be done using self-service (ATM/internet/phone) needs to be done that way.

I have a FlexDirect Chip and Signature Card. Therefore the only place I can carryout a cash withdrawal or make a deposit is in Branch.

Prior to opening the account I checked with Nationwide if I could make withdrawals in branch. The answer eventually was yes.

Nationwide T&Cs at present state:

If you ever have a transaction that can't be completed via our self-service options then our branches and UK call centres will be here for you.

I have it from Nationwide that they are going to alter their T&Cs early next year to accommodate Chip & Signature Card Holders.

I presume this is to comply with the (Disability Discrimination Act). Lets hope other Banks follow.

Hope this helps those who can't manage a PIN who may have been put off from opening this type of account.

Maybe the first posting could be altered to reflect this? (After of course confirming with Nationwide).

rb10

James wrote: »

Maybe the first posting could be altered to reflect this? (After of course confirming with Nationwide).

I don't understand what you are asking to be amended in the first post.

I've said that if you can use self-service, you have to.

For those people with a Chip & Signature card (whether due to disability or paranoia), they can't use self-service. Therefore, cash withdrawals become 'a transaction that can't be completed via our self-service options' and so can be done in branch.

Gromitt

I'd say whoever added the news story needs to be fired, or at least have their finger nails removed.

I'll copy and paste here:

Official MSE insert: We've now published a news story on this....

"This makes the Nationwide FlexDirect account one of the top current accounts on the market, but it can be beaten..."

Read the full story:

Lloyds' PPI mis-selling bill climbs to £6.8 billion

Err, what? MSE?

purplestar133

I'm considering opening a new FlexDirect account as I'm nearing the £2500 limit for the 5% interest rate now (I've been depositing a bit each month).

If I leave the account as it is and open a new one to continue depositing into each month do I still need to deposit £1000 each month into the first account to continue to receive the 5% interest?

Also, apologies, I know this has been asked before but...do you receive no interest on a balance above £2500 or above £2499.99?

chamelion

purplestar133 wrote: »

I'm considering opening a new FlexDirect account as I'm nearing the £2500 limit for the 5% interest rate now (I've been depositing a bit each month).

If I leave the account as it is and open a new one to continue depositing into each month do I still need to deposit £1000 each month into the first account to continue to receive the 5% interest?

Also, apologies, I know this has been asked before but...do you receive no interest on a balance above £2500 or above £2499.99?

you'll need to meet all the requirements of the new account including deposits - and maintain the same in your old account. just do some back and forth to an external account.

you get interest on £2500.

locky123

YorkshireBoy wrote: »

Your assumption is wrong.

You're the second person to report this recently (see post 708), so it looks like they may have a problem. Suggest you contact Nationwide...providing the funding came from outside Nationwide, rather than an internal transfer?

I opened an account mid Sept, paid in 2.5K from external acc immediately on opening and received no interest at start of Oct.

Still waiting for Nationwide to give full explaination by secure message why, and they seem do take ages to reply.