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

carlo_koko

tushingham wrote: »

hi

I opened 3, all on the same day and have now funded them all up to the £2.5k to wait and see if they'll give the full 5% on all 3 of them.

I opened all 3 online as Im already a nationwide customer and it was easy enough to do. Just did one after the other after the other!

t

Funded 3 accounts ? Means £2500 have to sit there (frozen) for 12 mth x each ? the £1000 in and out x each? Worth it?
I guess if you do the match that :Yearly £125x3 ?

Speculator

carlo_koko wrote: »

Funded 3 accounts ? Means £2500 have to sit there (frozen) for 12 mth x each ? the £1000 in and out x each? Worth it?
I guess if you do the match that :Yearly £125x3 ?

It's a current a/c. You can take the money out whenever you like.

Interest is paid monthly so you will know by 1st April whether you will get 5% on all three a/c.

Speculator

I opened three a/cs but if they decide to pay 5% on only 1 a/c, I have no way of knowing which a/c is paying 5%.

Therefore, I will FP £1000 in and out of each a/c now and pay in £2500 into each account for two days only on 25th of March. (29th is a Bank Holiday so pay in 25th, withdraw to Lloyds Vantage 27th March)

In the meantime, the money will be sitting in my 4% Lloyds Vantage a/c.

Speculator

chris1 wrote: »

Did anyone who has managaed to open more than one account, do them on the same day? (I think someone said they had opened four.)

Yes, I actually opened four on the same day.

I opened one in the morning and three in the afternoon.

Only the three that I opened in the afternoon has appeared on my online banking.

carlo_koko

Speculator wrote: »

I opened three a/cs but if they decide to pay 5% on only 1 a/c, I have no way of knowing which a/c is paying 5%.

Therefore, I will FP £1000 in and out of each a/c now and pay in £2500 into each account for two days only on 25th of March. (29th is a Bank Holiday so pay in 25th, withdraw to Lloyds Vantage 27th March)

In the meantime, the money will be sitting in my 4% Lloyds Vantage a/c.

So,NW will have x amount of £2500 accounts @5% and use all available frozen amount to fund:lending,overdraft etc...@19.59% even at 30%? this is the way they cab afford not just aircon @ every branch...:;)

rb10

carlo_koko wrote: »

So,NW will have x amount of £2500 accounts @5% and use all available frozen amount to fund:lending,overdraft etc...@19.59% even at 30%? this is the way they cab afford not just aircon @ every branch...:;)

No. Only a small amount of lending from banks is at 15-20%. I don't know that Nationwide have anything at 30%.

The vast majority will be lent out on mortgages. They are paying 3-4% at the moment.

Gromitt

carlo_koko wrote: »

So,NW will have x amount of £2500 accounts @5% and use all available frozen amount to fund:lending,overdraft etc...@19.59% even at 30%? this is the way they cab afford not just aircon @ every branch...:;)

That would be a risk, as the accounts are instant access, so you may withdraw cash at any time. The banks far prefer giving you 3% for a 5 year plan where you can't withdraw.

Then of course if the people they lend the money to default, they have lost the cash, but still have to pay you back with interest.

If you are willing to risk your funds, then you can get the same kind of interest rates as the banks will be getting, but a lot of people seem to want "No risk" savings.

innovate

carlo_koko wrote: »

According to Halifax T&C ,want you to set up at least 2 DD.to get the £5 x m.I agree with you to open an account with both (NW and Hfax) then set fast payment IN and OUT and let both banks work for you.feasible?

You can transfer the £1K between the two but it will not count as a DD at Halifax, so you still need to find those to qualify for the Halifax fivers.

carlo_koko

innovate wrote: »

You can transfer the £1K between the two but it will not count as a DD at Halifax, so you still need to find those to qualify for the Halifax fivers.

Sure, that will not count as DD.But still count as right move.
1k bouncing between the NW and Hfax,using fast transfer,to be on safe side.At the end I'll qualify for the 5% (NW) and the £5 (Hfax)
I'm right?
cheers

gallygirl

Yes you're right, but if I do as a SO I leave the money in overnight as I worry about the SO leaving the account before they register it as arriving.

Is it worth it? Otherwise the 2.5k would save me £37.25 interest if left in offset. So, £37.25 extra (as I'm higher rate tax payer. The 1k needed to fund it is the same 1k that pops into Halifax to earn me £60 and part of the 1.5k that pops into FD to earn me 8% on Regular Saver. Happy Days :T.

It takes a few minutes to set up SO's or, assuming you use internet banking, 2 minutes a month to cycle funds. Less than 1/2 hour a year. If someone offered you £125 gross for 1/2 hours work to be done sitting on your sofa with the footie on would you really turn it down .