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

sabretoothtigger

Does anyone know offhand what the Tesco internet saver interest is. The nationwide regular saver is what I was using for 2.5%

on the first account for early adopters only?

I hope not as it'd cost me in overdraft fees and I think the waters are too muddy to switching provisos around like that

YorkshireBoy

veryintrigued wrote: »

I wonder if NW have been 'good to their revised word' and only paid the 5% on the first account for early adopters only?

Am sure we'll find out.

I opened 3 FlexDirect accounts in very early April.

I've spent most of the month in credit, but then maxed out my (£7.5K total) overdraft facilities for 3 days last week.

I can confirm I've received:

1. 4.89% gross p.a. interest on all 3 accounts, and

2. No notification of any (50p per day) charges pending.

I'll now be emptying all 3 accounts, including the full O/D facility, into my 2.8% AER Halifax Online Saver.

Speculator

Just checked our 8 x Flexdirect accounts and all 8 have been paid 5% for the second month running. We opened our accounts very early March when the call centre staff were telling customers they can have 4 accounts each paying 5%.

pqrdef

veryintrigued wrote: »

£8.04 for me on one account - just paid this second!

The old Santander Preferred had the same deal, 5% AER on £2500, but they only paid out £8.02 for a 30-day month.

I reckon the days are slightly shorter in Spain, this time of year.

Hominu

YorkshireBoy wrote: »

I can confirm I've received:

1. 4.89% gross p.a. interest on all 3 accounts, and

2. No notification of any (50p per day) charges pending.

I'll now be emptying all 3 accounts, including the full O/D facility, into my 2.8% AER Halifax Online Saver.

You have the option of 4.89% gross p.a. and you are deciding instead to use your free overdraft to get 2.8% instead?

Am I missing something here or is this just crazy talk?

socrates

Hominu wrote: »

You have the option of 4.89% gross p.a. and you are deciding instead to use your free overdraft to get 2.8% instead?

Am I missing something here or is this just crazy talk?

I was wondering about that too

alexlv

Hominu wrote: »

You have the option of 4.89% gross p.a. and you are deciding instead to use your free overdraft to get 2.8% instead?

Am I missing something here or is this just crazy talk?

Yes, you are missing the fact that YB is using OD too.

It all depends how much his OD is. The bigger OD is the better to keep it somewhere else eg at Halifax 2.8%.

YorkshireBoy

Hominu wrote: »

You have the option of 4.89% gross p.a. and you are deciding instead to use your free overdraft to get 2.8% instead?

Am I missing something here or is this just crazy talk?

If I shift money from the 2.8% account to the 4.89% account my net benefit is 2.09% gross p.a.

If I take Nationwide's fee money I make 2.8% gross p.a.

On £7.5K it's only £40 or so extra for the year after tax, but given the choice I'd rather have it in my account.

YorkshireBoy

alexlv wrote: »

It all depends how much his OD is. The bigger OD is the better to keep it somewhere else eg at Halifax 2.8%.

The size of the overdraft facility doesn't matter.

We're talking interest rates, not pound notes, and 2.8 will always be bigger than 2.09 (see above)...irrespective of the sum involved.

alexlv

YorkshireBoy wrote: »

The size of the overdraft facility doesn't matter.

We're talking interest rates, not pound notes, and 2.8 will always be bigger than 2.09 (see above)...irrespective of the sum involved.

Are you saying that if you had £1 OD in Nationwide FD it would still be better to keep money in 2.8% account?

The size does matter