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

veryintrigued

BugsyBrowne wrote: »

I knew about the new Nationwide interest account opening up before anyone else on MSE did.I also know the new Nationwide packaged account comes next week before anyone else and if you were a betting person would you bet against me that I'm wrong.

Replace 'anyone else' with 'most' and you'll probably have more people on your side.

Potentially scores of people will know this sort of info before its rolled out - from policy makers, analysts, some board members to IT project manager and programmers. Any number of these I'd bet will be MSE lurkers!!

Keep the info coming and am sure you'll have many more thanking you for this good work.

In the mean time - I'll say 'thanks' for the info.

a&akay

Just checked my 2,3, 4 FlexDirects and the max overdrafts I applied for are all showing on Overdraft Options. The screen says 'If you confirm, your money will be transferred. Your account will then be overdrawn, but the balance will be within your current overdraft limit. Confirm that you want to continue'. Naturally I said yes.

Mike_J

Halifax account has now changed their T&Cs so you must have two DDRs per month going out as well as £1000 going in. Nothing to stop you having wages paid in, tfr £1000 to N Wide, tfr £1000 back to Halifax. Use this as your currrent account and get both moneys and just have £2500 sat in N/Wide at 5%.

innovate

Mike_J wrote: »

Halifax account has now changed their T&Cs so you must have two DDRs per month going out as well as £1000 going in. Nothing to stop you having wages paid in, tfr £1000 to N Wide, tfr £1000 back to Halifax. Use this as your currrent account and get both moneys and just have £2500 sat in N/Wide at 5%.

It isn't actually correct that Halifax have changed their T&Cs. Right now, you only need £1K monthly deposit to receive your monthly fiver.

They will be changing their T&Cs from May 1, when the minimum monthly deposit will be reduce to £750 but 2 monthly DDs are needed to continue having Reward accounts and receiving the fiver. See separate thread on this change.

I do agree, however, that the same £1000 could be used to meet the monthly funding requirements for both, Halifax Reward and FlexDirect. And a whole host of other current accounts.

gallygirl

innovate wrote: »

I do agree, however, that the same £1000 could be used to meet the monthly funding requirements for both, Halifax Reward and FlexDirect. And a whole host of other current accounts.

£1500 to FD. Drop off £300 for reg saver, £1200 to Halifax. Drop off £30 for 2 DD's, £1170 to NWide Flexdirect. £500 to Flexaccount for 2 x £250 reg savers, leave remaining £670 in Flexdirect till I reach the £2,500 (won't be long, there will be some money coming from elsewhere) then it will be homeless and will get rehoused in the best cash ISA. Then when that is full look to see what else is about or OP mortgage. And breathe. Poor £1,500. It will be exhausted :T.

Alex92_2

gallygirl wrote: »

£1500 to FD. Drop off £300 for reg saver, £1200 to Halifax. Drop off £30 for 2 DD's, £1170 to NWide Flexdirect. £500 to Flexaccount for 2 x £250 reg savers, leave remaining £670 in Flexdirect till I reach the £2,500 (won't be long, there will be some money coming from elsewhere) then it will be homeless and will get rehoused in the best cash ISA. Then when that is full look to see what else is about or OP mortgage. And breathe. Poor £1,500. It will be exhausted :T.

Which 2x£250 Monthly Savers are you using?

My plan was £1500 to FD, £300 to FD reg saver, £1000 from FD to Halifax Reward Account, then £1000 to Nationwide 5% account, then £1000 from nationwide to Santander 123 account.

If the only things I am trying to fill up are Santander 123 account and First Direct Monthly Saver then this is probably best for me.

Will have my Direct Debits going to Santander E-Saver and Tescos Saver, then standing order from them each month back to Santander 123 account. All interest from all accounts will be fed back into Santander 123 account to help fill that up quicker.

ctdctd

My FlexAccount was due to be upgraded to FlexDirect yesterday.

How do I know it's been done as it looks the same in online banking and is still called FlexAccount?

Anyone else been upgraded and noticed any indication it's been done?

Gromitt

Alex92 wrote: »

My plan was £1500 to FD, £300 to FD reg saver, £1000 from FD to Halifax Reward Account, then £1000 to Nationwide 5% account, then £1000 from nationwide to Santander 123 account.

What are you doing with the other £200 ? Leaving it in FD seems little daft considering they offer no interest.

Alex92_2

Gromitt wrote: »

What are you doing with the other £200 ? Leaving it in FD seems little daft considering they offer no interest.

I need to re-plan that actually. Going to use my FD 1st account as my main account now (ironically, as I was only planning on pretending to do that for the switch). I have been so impressed with their customer service, help, and online banking service that I have decided to stick with them for now.

Currently was using one of my Lloyds classic vantage accounts as my card account. Had 2 accounts with £6k on the dot, and another with around £6.5K in. I would use this for rent, credit card direct debits (from petrol) and any day-to-day spending. Just easier that way I think. That way I could sort of forget about my 4% lloyds accounts and let them do their thing.

Other option I guess would be to continue using lloyds account, but let it go from 6K-5.5K so getting like a few pence worth of interest a month, but anything over £6k (like im currently doing) is getting 0 anyway. Then using the £300 or so that I was going over by each month into a monthly saver.

I dont know tbh. It's really hard planning this all out until after Payday when I will HAVE to start moving money around. Also have my 21st on the 20th, so will probably get some money for that.

Perks of using FD 1st account as debit card
*Only spend about £250-300 a month (excluding petrol which I will leave as D/D on lloyds account as its lloyds platinum card).
*Not walking around with £6.5K in pocket effectively.
*Better customer service and support than Lloyds.

Perks of using Lloyds vantage as debit card
*What im used to
*If I start with £6K at start of month in there, will still get 3.2% interest on balances upto £6K.
*Never had a problem having 6.5k in pocket before.

How much should I keep in FD 1st account if i continue using lloyds, like £1 ?

Gromitt

I always carry around my FD debit card. On payday it has my salary, then after SO to RS and paying off credit cards, I leave about £100 in. If I want to spend more than that on it, I have a fee free £250 overdraft. As much day to day spending as possible is done on credit cards, only using my debit card if there is a charge or restriction on the CC.

I have 3 4% accounts with Lloyds. These pay off the minimum payments on the CC, mobile phone bill, etc, for the required 6 DDs. Typical outgoing is less than £10 per month per account, so the interest pays all the DDs.

All my 'main' DDs are with BoS - I have 3 Vantage account with them as well, but they only get 3% interest. Its nice as they show up on my Halifax online banking, which I use for the free £5 each month, which then pays for my lottery via DD. Keep about £50 in this account.