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

KTF

You can cycle it through a non-nationwide account.

gallygirl

Was thinking about the 1k funding requirement. Rather than transfer 1k in then out again I will just manually transfer out 1k, then as soon as it arrives elsewhere (i.e instantly or after an hour)transfer it back in. Is there an issue with that?

KTF

None at all. Its what many people are doing (myself included).

Moneygrabber24

Hominu wrote: »

Opening the account without any overdraft is still asking for credit as you can still spend what you don't have.

Applying for a current account without an overdraft is not 'asking' for credit. You may use the debit card to pay for more than what you have in your current account ie. go into negative balance but you will be charged for this service immediately in the form of fees. Thus it's not classed as credit. If you apply for an overdraft then you are directly asking for a credit facility. I had already confirmed this a year ago with a Nationwide manager

innovate

Moneygrabber24 wrote: »

Applying for a current account without an overdraft is not 'asking' for credit. You may use the debit card to pay for more than what you have in your current account ie. go into negative balance but you will be charged for this service immediately in the form of fees. Thus it's not classed as credit. If you apply for an overdraft then you are directly asking for a credit facility. I had already confirmed this a year ago with a Nationwide manager

Seems the Nationwide Manager gave you wrong info, or you misunderstood what the Manager said.

The facts remain like Hominu said, and therefore a full credit check will be carried out (by all providers) whenever you apply for a current account. It doesn't matter at all whether you want or don't want an overdraft.

Moneygrabber24

innovate wrote: »

The facts remain like Hominu said, and therefore a full credit check will be carried out (by all providers) whenever you apply for a current account. It doesn't matter at all whether you want or don't want an overdraft.

I'm not disputing the fact that a credit check will be done, of course it will be, to check your identity and financial stability with other banks. This doesn't mean that you're 'asking' for credit as Hominid put it. When you sign up to a gym membership they'll probably check your credit file.....does that mean you're asking the gym for credit!?
The fact that an organisation checks your credit file doesn't necessarily mean that you're asking for credit

ccbrowning

ctdctd wrote: »

Nope - it would probably allow it and you then be running an unauthorised overdraft. That's what bank accounts do.

Ahhh, thanks! I've never done that so wasn't sure...seemed to make sense to me since I have a credit card for when I feel like spending more than my balance.

On the topic at hand, I applied for the FlexDirect account but it said:
Thank you Miss xxx. We are sorry but we are unable to offer you an account today based on the information you have given us.

Thank you for taking the time to apply today.

My credit report is flawless and I have a FlexAccount with them already.

badger09

le_loup wrote: »

You may have now opened two accounts. Check now!

I'd be happy if I had opened two accounts

Moneygrabber24 wrote: »

The only reason I can think of why existing customers' applications aren't going through straight away is if you have applied for an overdraft which is essentially applying for credit and may therefore slow things down and will have an impact on your credit file/score especially if you are applying for an overdraft on every flexdirect application in such a short period of time.
In the 3 flexdirect applications I applied for I didn't ask for an overdraft and got the accounts opened straight away as an existing customer......I don't know if this is the reason? I'm guessing so....

Only 1 application, and I definitely didn't ask for an overdraft.

Just spoken to Nationwide. She didn't know what was going on :rotfl: but said there was no problem with my application. She has to send out some paperwork for my signature - despite the fact that I already have a joint FlexAccount, 2 ISAs and a Flexclusive Regular Saver, all of which have my signature recorded.

I also asked about multiple FlexDirect Accounts. Her understanding is that I can have only 1. Here we go again

veryintrigued

badger09 wrote: »

She has to send out some paperwork for my signature - despite the fact that I already have a joint FlexAccount, 2 ISAs and a Flexclusive Regular Saver, all of which have my signature recorded.

Ditto here. Received paperwork to provide signature even though I've got four other accounts with them.

Hey ho.

brenda10

innovate wrote: »

You need to fund the FlexDirect monthly from a non-Nationwide source.

Does the £1000 have to be from your employer or can it be 1000£ cash from other bank Thanks for help.

I use 2 dds for halifax, tesco credit card, pay it off as i spend on it leaving £1 to pay by dd, if you have mobile fone contract, electric bill, rates, seemingly will only have to pay in 750£ each month to halifax reward acc, mine goes in and out in a second then back in and out to our joint one=£10 mth. Looking forward to the nationwide 1 each for husband and me and daughter.:rotfl::rotfl::rotfl: