Nationwide FlexDirect - 5% interest, free overdraft

typistretired

derrick wrote: »

Are all 4 of yours paying interest?

.

All of my Nationwide Flexdirect Accounts are paying interest.

derrick

typistretired wrote: »

All of my Nationwide Flexdirect Accounts are paying interest.

OK cheers.

Have just applied again for an extra one, after filling everything in and "we can offer you this account", I got the same message, "will contact you within 5 working days".

Will wait a week and see if they do send something this time.

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typistretired

I received the same message and eventually received a letter for each application, asking me to sign stating I had read the terms and conditions. I kept checking online and spotted the new opened accounts before I received the confirmation letters, debit cards etc.

derrick

typistretired wrote: »

I received the same message and eventually received a letter for each application, asking me to sign stating I had read the terms and conditions. I kept checking online and spotted the new opened accounts before I received the confirmation letters, debit cards etc.

I got the forms to sign or the first 2 I opened online, but as I said in post #766 above, 4 weeks down the line and nothing "in the post" and no extra accounts online for the second two I was told "we can offer you this account", so will give it a week re the one I attempted yesterday and take it from there.

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Alex92_2

derrick wrote: »

OK cheers.

Have just applied again for an extra one, after filling everything in and "we can offer you this account", I got the same message, "will contact you within 5 working days".

Will wait a week and see if they do send something this time.

.

I have 3 but keep trying to apply for my 4th. Have done it a few times over the last few weeks and they send stuff in the post but it never shows up online. Will give them a call later on and hope they can sort it out for me.

[Deleted User]

Hi folks, I am new to all this so could do with some clarification. If I open the flex direct account and put in the full £2500 I still need to transfer in £1000 per month. Can I transfer this in from my main CA via internet banking and then just transfer it back again? How does it all work in practice?

Similarly for the Halifax to get the £5 per month do I just transfer money in from my main CA via internet banking and then transfer it back again. Any advice on this please?

DragonQ

Yes you can just transfer £1000 in and transfer it immediately back out again. It has to be from an external (i.e. non-Nationwide) account though.

Halifax is the same but I think it's like Lloyds and TSB in that the transfer can be from an internal account.

financialbliss

I’ll be totally debt free this month (mortgage and credit cards – 0% of course )

So, want to start building up a pot of savings. Looking at highest rates and working downwards, so FlexDirect looks like the best starting point. Already have a Flex account, so will upgrade that first.

What are the chances of getting 5% on an additional three accounts? These have not been opened yet and are likely to be opened a couple of months apart, eg January, March, April as the funds become available to put into each…

Can anyone confirm that they are getting 5% on accounts opened recently?

Much appreciated - trying to work out a savings strategy!

FB.

savetilibleed

[Deleted User] wrote:

Hi folks, I am new to all this so could do with some clarification. If I open the flex direct account and put in the full £2500 I still need to transfer in £1000 per month. Can I transfer this in from my main CA via internet banking and then just transfer it back again? How does it all work in practice?

Once you have added the £2500 that includes your £1000 for that month. Subsequent months, yes, you'll need to transfer £1000 in and out from an external CA. It is easier to set up standing orders to pay into NW then another from NW to pay back out to your CA.

[Deleted User] wrote:

Similarly for the Halifax to get the £5 per month do I just transfer money in from my main CA via internet banking and then transfer it back again. Any advice on this please?

I do manual transfers for my Halifax Reward as I have next to no balance in there. I don't want to risk overdrawing! I could I suppose have money in one day and out the next by SO.

typistretired

financialbliss wrote: »

I’ll be totally debt free this month (mortgage and credit cards – 0% of course )

So, want to start building up a pot of savings. Looking at highest rates and working downwards, so FlexDirect looks like the best starting point. Already have a Flex account, so will upgrade that first.

What are the chances of getting 5% on an additional three accounts? These have not been opened yet and are likely to be opened a couple of months apart, eg January, March, April as the funds become available to put into each…

Can anyone confirm that they are getting 5% on accounts opened recently?

Much appreciated - trying to work out a savings strategy!

FB.

It is quicker to open a new flexdirect account rather than upgrade your flex account.

At the moment I am receiving interest on all mine and my husband's flexdirect accounts but don't know how long they will allow as their conditions state interest paid on only one.

However, with the Lloyds group, Yorkshire Bank etc competing with them, with a bit of luck they will still pay the 5% interest for the whole year