Nationwide FlexDirect C/A - 5% on 2K5 no fee

ctdctd

As title, open for business from today.

5% on 2K5 is fixed for a year. Need to deposit £1K per month to get it.

You can upgrade from old Flex account if you have done £750 per month for the last three months.

http://www.nationwide.co.uk/current_account/default.htm

See the Banking thread as well - https://forums.moneysavingexpert.com/discussion/4472901

Speculator

Will upgrading to Flexdirect affect the Flexclusive regular saver?

"The travel insurance and promotional offers that come with your FlexAccount will stop when you upgrade to FlexDirect. "

ctdctd

Speculator wrote: »

Will upgrading to Flexdirect affect the Flexclusive regular saver?

"The travel insurance and promotional offers that come with your FlexAccount will stop when you upgrade to FlexDirect. "

Good point.

The FlexDirect account also has Flexclusive offers so I will assume the RS carries over until someone shatters my delusions!


"To get access to our range of Flexclusive offers you must either:
1) Hold a FlexAccount with a Visa debit card (not cash card or cash card+) and:

• have been paying in £750 a month for the last three months (excluding internal transfers); or
• complete an account transfer for us (from a non-Nationwide account) using our Account Transfer Service or have done so in the last four months.

For the loans offer, the account transfer must be requested via branch or telephone and the account must be eligible for an overdraft; or
2) Hold a FlexDirect account.
The rate offered will depend on the amount you wish to borrow and your individual circumstances.
Qualifying conditions vary by offer."

Carpi09

I don't think it's worth setting up a new account to only be allowed to have up to £2500 to get the 5%. Or am I misunderstanding?

ctdctd

Carpi09 wrote: »

I don't think it's worth setting up a new account to only be allowed to have up to £2500 to get the 5%. Or am I misunderstanding?

Depends - if you were looking to beat the best instant access rates of say 2%, it would give you an extra £60 a year after tax.
Every little helps as the Nationwide don't say!

Or if you already have a FlexAccount as I do, it's easy to upgrade it.

If the offer is reasonable, I have no problem with multiple current accounts - I've got 2 x Halifax for the £5 a month and a First Direct for opening bonus plus the 8% reg saver! Others have several more.

DreamerV

Carpi09 wrote: »

I don't think it's worth setting up a new account to only be allowed to have up to £2500 to get the 5%. Or am I misunderstanding?

That's £125 (- tax) multiplied by however many FlexDirect accounts you open (if you keep the balances at £2500 and cycle £1k in and out).

Carpi09

ctdctd wrote: »

Depends - if you were looking to beat the best instant access rates of say 2%, it would give you an extra £60 a year after tax.
Every little helps as the Nationwide don't say!

Or if you already have a FlexAccount as I do, it's easy to upgrade it.

If the offer is reasonable, I have no problem with multiple current accounts - I've got 2 x Halifax for the £5 a month and a First Direct for opening bonus plus the 8% reg saver! Others have several more.

DreamerV wrote: »

That's £125 (- tax) multiplied by however many FlexDirect accounts you open (if you keep the balances at £2500 and cycle £1k in and out).

Thank you, how many accounts can you open and do they require any SS or DD?

May well think about opening this then. I read it briefly and mentioned excluding internal transfers, am I correct in thinking transferring between two current accounts internally would not work for the 1000 pm?

ctdctd

Carpi09 wrote: »

May well think about opening this then. I read it briefly and mentioned excluding internal transfers, am I correct in thinking transferring between two current accounts internally would not work for the 1000 pm?

Don't get your hopes up - they may only allow one account to have bonus interest.

From the T&C's here :-

"1.5
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."

Carpi09

ctdctd wrote: »

Don't get your hopes up - they may only allow one account to have bonus interest.

From the T&C's here :-

"1.5
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."

So we could treat this current account as a savings account and after 12 months, close it?

I don't plan on moving to Narionwide. First Direct are my main bank.

Old_Slaphead

Presumably you have to give up the 'free' Euro travel insurance if transferring from FlexAccount ?

ctdctd

Old_Slaphead wrote: »

Presumably you have to give up the 'free' Euro travel insurance if transferring from FlexAccount ?

Yes, or open a new account and keep the old one as well?