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

amictus

YorkshireBoy wrote: »

I've replied there.Yes.£2.5K (but subject to status of course).

Great. Thanks!

Megabloks

With the limit now set at 1 account to get the 5% (or one offer as the t and c's say), is the one offer also the same as the fee free overdraft for a year...or could I have four fee free overdrafts?

The T and Cs arent particularly clear on that point....

YorkshireBoy

Megabloks wrote: »

With the limit now set at 1 account to get the 5% (or one offer as the t and c's say), is the one offer also the same as the fee free overdraft for a year...or could I have four fee free overdrafts?

The T and Cs arent particularly clear on that point....

The T&Cs are very clear in my opinion...

1.5 You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product.

The 12 month fee-free overdraft facility is an "offer"/"introductory offer" (depending on how you read it).

Whether they apply the T&Cs remains to be seen, for those like me who came to the party late.

Megabloks

YorkshireBoy wrote: »

The T&Cs are very clear in my opinion...
The 12 month fee-free overdraft facility is an "offer"/"introductory offer" (depending on how you read it).

Whether they apply the T&Cs remains to be seen, for those like me who came to the party late.

Fair point on the T and C's, perhaps splitting hairs but I see the 5% as an "offer" but the fee free overdraft is almost standard for people switching these days, at least for a few months...

I too am late to the party, just trying to work an angle on it!

Let me know how you get on.

mrchagle

... has anyone here opened multiple accounts and applied for OD - Then used that OD for funding savings high interest savings accounts..

It's something I'm considering.... free money perhaps.. for a year at least!

MoneySaverLog

Yes used the OD for a few days last tax year to top up my ISA subscription, then settled the OD in the new tax year (To avoid losing the allowance). Though I believe the OD was free of charge to use, I've not had any charges added yet ;-)

YorkshireBoy

mrchagle wrote: »

... has anyone here opened multiple accounts and applied for OD - Then used that OD for funding savings high interest savings accounts.

Accounts opened, £7.5K (3 x £2.5K) of O/D facility obtained, but as yet haven't used it.

Plan to create max debit balance for a couple of days late this month, then re-credit and see if I'm charged next month.

If I'm not, then I'll withdraw everything.

mrchagle

YorkshireBoy wrote: »

Accounts opened, £7.5K (3 x £2.5K) of O/D facility obtained, but as yet haven't used it.

Plan to create max debit balance for a couple of days late this month, then re-credit and see if I'm charged next month.

If I'm not, then I'll withdraw everything.

I like your style! :-)

Jevvers

mrchagle wrote: »

... has anyone here opened multiple accounts and applied for OD - Then used that OD for funding savings high interest savings accounts.

What high interest savings accs? This is the highest around unless you have £40k.

Or do you mean you would earn more interest overall b/c you have more to save?

YorkshireBoy

Jevvers wrote: »

What high interest savings accs? This is the highest around unless you have £40k.

Or do you mean you would earn more interest overall b/c you have more to save?

Neither of the above!

Can't speak for mrchagle (although I suspect he's thinking along the same lines as me), but in my case I have two options:

Transfer £7.5K from Halifax Online Saver paying 2.8% gross p.a/AER into FlexDirect paying 4.89% gross p.a (can't use 5% AER as interest won't be compounded).

Or...

Take a free £7.5K from FlexDirect O/D and put it in the Halifax Online Saver* to make 2.8% gross p.a./AER.

The first will make me £7,500 x 2.09% = £156.75 gross.

The second will make me £7,500 x 2.8% = £210 gross.




* Until June, by which time my Santander 123 account will be up and running. The 'profit' is even larger then, as the 123 account pays 2.96% gross p.a.