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

Alex92_2

Will be interested in this once someone can confirm (officially) how many accounts you can open.

Can I open these online? Or do I need to go in branch?

Do I need to have been banking with nationwide for X amount of time before this? I have only just opened a flexiaccount with them the other day.

innovate

Alex92 wrote: »

Can I open these online? Or do I need to go in branch?

Do I need to have been banking with nationwide for X amount of time before this?

Have you been to the Nationwide website? Have you read the thread?

innovate

johnmoney05 wrote: »

At the final confirmation page which they will give you the account number and the interest rate. So I can't see they can just give you 1% interest rate.

The T&Cs would overwrite anything a confirmation screen says.

I haven't actually read the T&Cs myself yet (pretty negligent of me since I opened 2 FlexDirects already, lol). Will do asap, definitely before I deposit any money.

Speculator

Interest is paid monthly so if I open say 4 a/cs, the earliest I will know if they are all paying 5% will be after one month.

Maybe I will open one now with £2500 and open the other three near the end of the month in case they are only paying 1%. (I am hoping I can still open a flexdirect in 3/4 weeks time)

johnmoney05

innovate wrote: »

The T&Cs would overwrite anything a confirmation screen says.

I haven't actually read the T&Cs myself yet (pretty negligent of me since I opened 2 FlexDirects already, lol). Will do asap, definitely before I deposit any money.

I just did 3 new applications and 1 upgrade. But they do a credit search for every application. So I guess sooner or later, they will reject my application. And I don't need any mortgage or loan application any time soon. So, not much harm even they don't honor the 5%.

From the account numbers they gave me, this account seems going quick!

mary

I was told 5% on each of the 4 accounts and repeated the question about 3 different times during my application. Same answer So, time will tell.

I have to say it does not give a very professional image to the bank when they have to contact the Boss on his day off. You would have thought the "i"s were dotted and the "t"s crossed in the Rule Book before they went live!!

Speculator

Speculator wrote: »

Interest is paid monthly so if I open say 4 a/cs, the earliest I will know if they are all paying 5% will be after one month.

Maybe I will open one now with £2500 and open the other three near the end of the month in case they are only paying 1%. (I am hoping I can still open a flexdirect in 3/4 weeks time)

I've decided to open 4 now and fund one with £2500 and fund the other 3 later in the month.

ColdIron

A couple of questions

If I upgrade my FlexAccount will they issue a new debit card or does it retain its Sort/Account No? Would the PIN Sentry work on a new card?

I've opened 3 current accounts in the last few months and don't know if this has a negative effect on your credit rating. I want to open another with Metro Bank for the fee free overseas debit card and don't know whether to do that first, any ideas?

Alex92_2

ColdIron wrote: »

A couple of questions

If I upgrade my FlexAccount will they issue a new debit card or does it retain its Sort/Account No? Would the PIN Sentry work on a new card?

I've opened 3 current accounts in the last few months and don't know if this has a negative effect on your credit rating. I want to open another with Metro Bank for the fee free overseas debit card and don't know whether to do that first, any ideas?

If its anything like lloyds, you will keep the same information on card, it will simply be updated on their electronic system. Remember, you wont have to get cards for every account - its optional.

I cant see how it owuld have a negative effective on CR, unless you constantly hit/use overdraft and dont repay it?

ColdIron

I've just upgraded and it does say you keep your Sort/Account No but they will send a new card presumably with a different number

I never hit the overdraft but I have read about people being rejected for current accounts and other people suggesting opening too many too quickly has a negative impact. Obviously since I've just upgraded this is a slightly moot point now but I am curious. Do banks do credit checks for savings accounts?

BTW My upgrade weekend is the 9th, which is nice