Nationwide FlexDirect - 5% interest, free overdraft

teabody

Thanks all,
I have just upgraded to Flex direct online!

mannaroth

I wast just about to submit my application for this account, but I noticed something in the fees and charges leaflet:

UK / overseas electronic transfers: £25 each time

http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/p7430-rate-and-charges.pdf

Does that mean any time I wanted to make an online bank transfer I'd have to pay a £25 fee?

veryintrigued

mannaroth wrote: »

I wast just about to submit my application for this account, but I noticed something in the fees and charges leaflet:

UK / overseas electronic transfers: £25 each time

http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/p7430-rate-and-charges.pdf

Does that mean any time I wanted to make an online bank transfer I'd have to pay a £25 fee?

If it was overseas then yes.

Archi_Bald

veryintrigued wrote: »

If it was overseas then yes.

And any UK transfers that you ask a person in Nationwide to do for you. Commonly known as CHAPS transfers.

You can make any number of faster payments yourself, to pay bills or people in the UK, using online banking, and totally free of charge.

100saving

i am coming up to the 12th month in the flex direct account can i just close this one and open a new one to get another with 12 months at 5%?

If not which i think is the answer where are people putting the money? think i will need to set up a 123 current account as i should be saving 20k next tax year.

Archi_Bald

100saving wrote: »

i am coming up to the 12th month in the flex direct account can i just close this one and open a new one to get another with 12 months at 5%?

You can do a joint FlexDirect. Otherwise the T&Cs say

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.

100saving wrote: »

If not which i think is the answer where are people putting the money? think i will need to set up a 123 current account as i should be saving 20k next tax year.

TSB are launching their Plus account on March 30. 5% on max 2 x £2K. Lloyds etc are also rumoured to launch new account imminently.

sabretoothtigger

The tsb 3% one now doesnt need direct debits just 1k deposit, will the new one be similar

close this one and open a new one

close now and you can open another in 12 months time if they still offer 5%
no sooner afaik

omkarv

A big warning to everyone:

:mad::mad::mad:

As has been said earlier the FlexDirect account is not strictly an upgrade from the FlexAccount, despite being referred to as an upgrade.

For example you will lose your travel insurance benefit when you switch to a FlexDirect account.

I unfortunately fell for the 5% in credit hook that the FlexDirect account offered, but at the same time lost both my travel insurance benefit that FlexAccount offered PLUS a £100+ upgrade I paid to make my travel cover worldwide/ long-stay.

Not happy with them as the Flex Direct account was definitely marketed as an upgrade..

anoncol

omkarv wrote: »

A big warning to everyone:

:mad::mad::mad:

As has been said earlier the FlexDirect account is not strictly an upgrade from the FlexAccount, despite being referred to as an upgrade.

For example you will lose your travel insurance benefit when you switch to a FlexDirect account.

I unfortunately fell for the 5% in credit hook that the FlexDirect account offered, but at the same time lost both my travel insurance benefit that FlexAccount offered PLUS a £100+ upgrade I paid to make my travel cover worldwide/ long-stay.

Not happy with them as the Flex Direct account was definitely marketed as an upgrade..

Why didn't you just have both? Who says its an upgrade?

omkarv

There was an upgrade to Flex Direct icon / promo overlaid on my Flex Account entry in the My Accounts section of online-banking, so I was naive enough to think there was only a choice Flex acccount between Flex Direct, and not an option to have both.

I had assumed that its not possible to qualify for both benefits and only one could be your "main current account" - am I wrong ?

Additionally, in order to meet the requirements to qualify for both the free travel insurance (FlexAccount) and the 5% interest deal for balances up to £2500 (Flex Plus), you have to pay in >£750 a month and >£1000 into each of the accounts separately (excluding internal transfers).

This is doable through transferring in money using another bank account, but just a bit of a faff.