Nationwide FlexDirect - 5% interest, free overdraft

Archi_Bald

LittleVoice wrote: »

.... I use Lloyds as my most used account ....

Just in case you are unaware: you are allowed up to 3 Vantage accounts. Any Vantage account pays more than the 1% Nationwide think is enough to retain our custom after the 12 months are up.

myth123

LittleVoice wrote: »

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?

Just thought that free euro travel insurance is worth more than the 1% which can be beaten elsewhere, I suppose I could keep both, cycling money through isn't too much hassle, but i think I might end up opening a Lloyds Vantage or Santander 123 as I would be as well cycling through those and earning a little bit extra interest on a larger deposit sum.

Like you say though, still got 2 months to go on the 5% so no rush really. Might even have some nice ISA rates come mid-March to consider... (I wish! :rotfl:).

Speculator

I received the letter about the interest rate reduction for 4 of my 5 Flexdirect accounts on 22nd Nov 2013 (letter dated 19th Nov).

It stated the rate will be reduced two months from the date of the letter so I am assuming 17th Jan because 18/19 Jan is a weekend. Therefore, the best day to withdraw the funds will be Thursday 16th Jan because the 17th is a Friday and any funds deposited into a high interest a/c on a Friday normally wont start earning interest until Monday, the next working day.

YorkshireBoy

Speculator wrote: »

Therefore, the best day to withdraw the funds will be Thursday 16th Jan because the 17th is a Friday and any funds deposited into a high interest a/c on a Friday normally wont start earning interest until Monday, the next working day.

If the funds are deposited before the end of day cut-off, typically anywhere from 20:30 to 23:59, you'll earn interest from that day...in any bank.

nimdy

What are people doing with their Flexdirect accounts once they hit 1%?

I've got three accounts. I'm thinking I'll move £5K from the accounts to a Vantage account and leave the two NW accounts as 'donor' accounts for any future account switching deals (although I have exhausted them all to date - Santander, Halifax, First Direct).

System

Worth noting that having a FlexDirect account entitles you to a one-off £50 discount on Nationwide's car insurance, which is actually provided by the highly-rated LV (Liverpool Victoria) Insurance Company.

I am already with them and my renewal notice had just came through at £206.45, fully comp, protected no-claims, £250 excess.

I did a normal quote online and got it to £191.08.

Rang through to the quoteline (the only way to claim the discount) and was re-quoted, using the same details, at £130.03 with the discount. A veritable bargain!

Thought someone might find this useful.

10_66

scgf wrote: »

...Rang through to the quoteline (the only way to claim the discount) and was re-quoted, using the same details...

I'm with LV (not due until later this year but interested just in case). Would it mean having to lapse existing policy and starting a new one with N'wide or would LV deduct the £50 off an existing policy if got in touch with them instead?

System

No, it's only on a new policy, but might be worth asking. I started a new policy from the expiry date of the old one (31 Jan) and they spotted I was already with them so put me through to the department which could cancel the auto-renewal of the existing policy. The person I spoke to just said, 'OK, did you get a cheaper quote from us online?' - made it sound perfectly normal.

fiendishlyclever

scgf wrote: »

No, it's only on a new policy, but might be worth asking. I started a new policy from the expiry date of the old one (31 Jan) and they spotted I was already with them so put me through to the department which could cancel the auto-renewal of the existing policy. The person I spoke to just said, 'OK, did you get a cheaper quote from us online?' - made it sound perfectly normal.

I phoned LV who couldn't do me the Nationwide price at renewal and went through the phone line quoted on the NW website to get the £50 discount. You lose out on the online discount of 10% but get the £50 - and they didn't even check I actually was a genuine NW customer so anyone with a bit of cheek could probably use the discount code.

SuperAllyB

Any experience on how long paperwork takes to come through the post if that's what you're told when applying?

I applied early last week and still nothing. Can't for the life of me find the reference or account numbers that I wrote down - must be on the back of something else that has either been shredded or filed!

There is a helpline for new accounts but only until 8pm and I missed that tonight.