Nationwide FlexDirect - 5% interest, free overdraft

YorkshireBoy

billn wrote: »

Can somebody who has had this account for a while clarify when money has to be put in, is it a calender month or from the date the account was opened (as with Santander)?

From your account T&Cs...

“month” means calendar month

http://www.nationwide.co.uk/~/media/C008113D5F0A469295195CC9901B65C9.ashx

innovate

It's calendar month at Nationwide but they, like most others, don't count weekends and holidays. Avoid depositing your £1K in the last and first couple of days each month and you'll be ok.

It doesn't matter if you lose out on a day's or two interest on £2,500 - it's pennies only.

YorkshireBoy

innovate wrote: »

Avoid depositing your £1K in the last and first couple of days each month

It shouldn't matter at the start of the month surely? I mean, if the first of the month is a Saturday then the deposit may be dated Monday (or even Tuesday if the Monday is a Bank Holiday)...and still fall within the "calendar" month.

I agree about the end of the month though, if that falls on a weekend/Bank Holiday Monday.

Archi_Bald

It could matter, for example if for some reason the depositor had decided to make their regular monthly deposits right at the end of a month (because that might be when they get paid etc etc). For exactly the reasons you stated, their deposit could count as next month's, when they really wanted it to count as this month's.

purplestar133

I have recently opened a second FlexDirect account. I received a letter today saying I will only receive the 5% interest on the first account, and the interest rate on the second account will be changed to 1% after two months from the date of the letter.

I know this is in accordance with the t&cs but I also know that others on here are receiving 5% on more than one account. Is this a new approach for Nationwide, actually carrying out the terms as they set them out, or did everyone receive this letter when they opened their second/third/fourth accounts and get 5% regardless? Or are you all receiving this letter now? Or I am just the unlucky one?!

Archi_Bald

Seems they are enforcing their T&Cs for everyone now: https://forums.moneysavingexpert.com/discussion/4815847

The MSE massive strikes again.

purplestar133

Archi_Bald wrote: »

Seems they are enforcing their T&Cs for everyone now: https://forums.moneysavingexpert.com/discussion/4815847

The MSE massive strikes again.

Thanks, hadn't seen that thread. I'll have to make other plans then. I'm only putting in what I can spare at the end of each month so had only just filled the first £2500 of the first account.

Moneygrabber24

Yes, I have also received the dreaded letter stating that only my first flexdirect account will receive the 5% interest for the whole year. The other 3 flexdirect accounts that I opened at the same time as the first will cease to receive 5% interest in 2 months time.
Looks like they've just realised that loads of people were receiving 5% interest on more than just one flexdirect account. Ha. We'll we should all be thankful for the extra interest that we've earned, since in the letter they have stated that they won't be deducting any interest from the extra flexdirect accounts.....whoooopee

Chjaka

We got the expected letter this morning informing us which accounts were to remain at 5%. It mentions on the letter that you can hold one sole account and one joint account at this rate but we only received letters relating to two of the sole accounts so it will be interesting to see if the joint account continues at the higher rate.

MABLE

NW have now increased my overdraft facility to £3,000 on the flex direct sole account and £2,500 on the joint account. So can transfer out and enjoy the interest earned on that money. However unlike some money savers I make sure a reasonable amount goes into these accounts each month and then transfer out again immediately.