Nationwide FlexDirect - 5% interest, free overdraft

Dan:_4

rb10 wrote: »

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.

Will I get the 5%

This account started as a FlexDirect but I upgraded to FlexPlus and now want to go back - but I would prefer a new 12 month at 5% if possable.

bevally

Quick funding Q please.
Both myself & hubby have Flex Direct accounts. For 'external' funding requirements can hubby's acct fund mine?? Or is that classed as 'internal' funding as it's from another Nationwide account??
Initially thought it would be ok, but now not sure...... anyone know?!
Thanks

veryintrigued

bevally wrote: »

Quick funding Q please.
Both myself & hubby have Flex Direct accounts. For 'external' funding requirements can hubby's acct fund mine?? Or is that classed as 'internal' funding as it's from another Nationwide account??
Initially thought it would be ok, but now not sure...... anyone know?!
Thanks

This...........

bevally

Thanks, and having check my online banking it is listed as a 'transfer' Have now made payment from non-Nationwide account!

myth123

Got a letter through to remind me my 5% rate ends on 28 Feb - can't believe it's been 12 months already - time to go on the hunt for another account. Not much use for this account once the % drops so I think I'll revert it back to the bog standard flexaccount.

mrchagle

myth123 wrote: »

Got a letter through to remind me my 5% rate ends on 28 Feb - can't believe it's been 12 months already - time to go on the hunt for another account. Not much use for this account once the % drops so I think I'll revert it back to the bog standard flexaccount.

I wonder if you cancel/close the account, then open another one? Lot of messing about I guess?

AlwaysLearnin

From page 15 of T&Cs

"1.4 You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement."

YorkshireBoy

AlwaysLearnin wrote: »

From page 15 of T&Cs

"1.4 You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product. If you have previously held the same Nationwide current account product in the last 12 months, you will not be entitled to the introductory rate or offer under this agreement."

That may well be the case, but I'll be chancing my luck* at the end of April once I've closed down my 3 FlexDirect accounts.


* The same T&Cs said I wouldn't get 5% AER on more than 1 account, but I did for 10 months...and hopefully £5K of overdraft stoozing for the remaining 2 months.

innovate

myth123 wrote: »

Got a letter through to remind me my 5% rate ends on 28 Feb - can't believe it's been 12 months already - time to go on the hunt for another account. Not much use for this account once the % drops so I think I'll revert it back to the bog standard flexaccount.

Agree, it's disappointing that all they can offer is 1% on up to £2.5K. Though that is still 1% more than a lot of other current accounts offer these days.

Only Lloyds, TSB, BOS and Santander offer this sort of rate. Many banks don't pay a penny in interest, so staying with Nationwide FlexDirect looks a sensible deal for the short term if you don't have more than £2K on average in your account, and are maxed out at Santander, Lloyds, BOS and TSB. http://forums.moneysavingexpert.com/showpost.php?p=63510774&postcount=1Even some of Nationwide's own Flexclusive deals (e.g. FlexClusive Saverr issue 5 if you qualify for it) look a tad better.

I don't think I'd want to be the Manager in charge of the Nationwide FlexDirect accounts as they come up to their first anniversary. A huge number of account holders will move their money elsewhere. FlexDirect accounts will be deserted and embed a failure inside Nationwide.

LittleVoice

myth123 wrote: »

Got a letter through to remind me my 5% rate ends on 28 Feb - can't believe it's been 12 months already - time to go on the hunt for another account. Not much use for this account once the % drops so I think I'll revert it back to the bog standard flexaccount.

Only 10 months so far I think, so you do have those final two months to make the most of the 5%.

Why do you want to revert to the Flex? To get the European travel insurance? To pay in £750 rather than £1,000 a month?

[I simply opened the FlexDirect while keeping the Flex account open so I maintained the insurance cover. I use Lloyds as my most used account but might still park a little in the FlexDirect for short periods from time to time. Even 1% is better than nothing.]