Nationwide FlexDirect - 5% interest, free overdraft

typistretired

Chjaka wrote: »

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.

You are allowed to have one joint account so you will not receive a letter about it and will continue to receive 5% until the year is up.

a&akay

Got the standard letter today but no mention of withdrawing the £9400 worth of my ODs stoozed in OH's accounts. However, I'll reverse these on the 2 month's notice of her 4 accounts that'll revert to the 1% and transfer the small excess to her 123. All credit to Nationwide for their warning letters. Good while it lasted.

veryintrigued

5% paid 30 mins ago on six accounts. Such a shame this one is disappearing.

100saving

sorry if this has been covered before but am i right in thinking i could open a second Flex direct account and get the 5% interest on one and withdraw £2500 free on another?

so two accounts:
1 with £2500 earning 5%
1 with -£2500 free for 12 months?

Would this effect my credit rating / chances of getting a mortgage in the next 12 months?

YorkshireBoy

100saving wrote: »

sorry if this has been covered before but am i right in thinking i could open a second Flex direct account and get the 5% interest on one and withdraw £2500 free on another?

Possibly*. There's nothing in the T&Cs (or the recent letters they've been sending out) - specifically - about only getting a fee-free O/D on one account.

Would this effect my credit rating / chances of getting a mortgage in the next 12 months?

Yes it would, because...


1) Your credit report would show you living in the overdraft, and


2) The mortgage provider will deduct an amount from your salary (to cover the servicing costs of this overdraft) before applying their lending multiple calculation.




* With a £19K salary it's highly doubtful (especially if you've no history with them) that they'll grant a £2.5K facility.

derrick

I got the letter two weeks ago re the interest reduction.

Re the accounts I have open:-

1) opened 19-09-13
2) opened 23-09-13
3) opened 18-11-13
4) opened 22-11-13

Interest paid until end of November:-
1) 5%
2) 5%
3) 1%
4) 5%

Funny how the third one got the reduced interest and not the fourth.


.

Dan:_4

Hi,

I have a joint FlexPlus account.

Can I open a joint FlexDirect account and get the 5% interest and close my FlexPlus?

Archi_Bald

Dan: wrote: »

Hi,

I have a joint FlexPlus account.

Can I open a joint FlexDirect account and get the 5% interest and close my FlexPlus?

Yes you can. But assuming you don't already have 4 Nationwide current accounts, you don't have to close the FlexPlus.

Dan:_4

Archi_Bald wrote: »

Yes you can. But assuming you don't already have 4 Nationwide current accounts, you don't have to close the FlexPlus.

Thanks for the info.

I will close the FlexPlus after I have set up my FlexDirect because I have no need for the benefits anymore.

rb10

Dan: wrote: »

I will close the FlexPlus after I have set up my FlexDirect because I have no need for the benefits anymore.

You can in fact just convert your FlexPlus into a FlexDirect, which is much simpler than closing one account and opening another.

This way your account number and sort code will stay the same, and you won't have to transfer standing orders/direct debits etc from one account to the other.

It can be done by phone - 01793 656789.