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

Alex92_2

tushingham wrote: »

just done the application. it gives a loading page where it tells you its doing the credit check during your application. only after this do you get the option of saying you dont want an overdraft

t

Hominu wrote: »

FlexDirect is a full current account, therefore you can go overdrawn whether or not you apply for an overdraft, like any other full current account. The only difference is if you apply for one and stay within the limits, its fee free for the first 12 months.

So like I said before, a current account is an application for credit, whether you use it or not.

Cheers guys. Got the nationwide bits through the post today. Need to send a signature off to them via freepost and then wait 2 weeks from today for all my login details to come through the post for online banking. Will start setting up some accounts after that.

ColdIron

I had to talk to Nationwide an hour ago and since I was on the phone I thought I'd ask them about the FlexDirect

According to the chap I spoke to, the 5% would be paid on all accounts. I also asked him how many accounts you could have and he couldn't find it in the T&Cs so his position was that you can have as many as you want but as you have to pay £1,000 into each he didn't think many people would open more than one

Make of that what you will

Gromitt

So some staff members are saying you can have as many as you like @ 5% and others are saying only one will get 5%

So someone/some people in Nationwide is/are giving out incorrect info.

In this case, it's probably best to just open 2 and see what happens, then request closure if you only get 1%.

£1000 should give you £3.33, which considering its currently getting me £1.86/month, I think I might try it as its only a £1.20 loss if I only get 1%.

MoneySaverLog

So everything is the same in terms of benefits between the flex and direct accounts apart from the European Travel Insurance is not available anymore on the Direct account.

Still the number of times I've been to Europe in the last 10 years equates to a big fat zero. It was nice to have as a just in case but really travel insurance is cheap from what I hear anyway, which is why Nationwide probably gave it as an incentive.

innovate

MoneySaverLog wrote: »

So everything is the same in terms of benefits between the flex and direct accounts apart from the European Travel Insurance is not available anymore on the Direct account.

That's one of the differences - there are others.

http://www.nationwide.co.uk/current_account/compare-accounts/default.htm

But anyway, you don't have to choose either or, you can have both.

tushingham

For those keeping the account full at the £2.5k limit and doing a SO monthly cycle of cash from other accounts, how do you deal with the interest paid into the account each month?
It wont earn interest if balance over £2.5k so do you go in each month and transfer it out manually or is there another clever way to get round it and earn interest on all your cash?

thanks
t

innovate

tushingham wrote: »

It wont earn interest if balance over £2.5k so do you go in each month and transfer it out manually

yeah

tushingham wrote: »

or is there another clever way to get round it and earn interest on all your cash?

not in the FlexDirect. You need to skim off the excess into another interest-paying account each month.

Alex92_2

tushingham wrote: »

For those keeping the account full at the £2.5k limit and doing a SO monthly cycle of cash from other accounts, how do you deal with the interest paid into the account each month?
It wont earn interest if balance over £2.5k so do you go in each month and transfer it out manually or is there another clever way to get round it and earn interest on all your cash?

thanks
t

Are you sure that it wont pay interest on the full amount say £2510?
I was under the impression it would be similar to other banks, so that anything OVER £2500 would not get any interest on. So if you had £2510, the £10 wouldnt get any interest on it.

Manually skim it off and drip feed it into another account, perhaps a regular saver, ISA or another current account.

I will probably put all interest into one of my lloyds CV accounts and when it builds up from all income, to above £2k, will probably setup a new account with nationwide and put into that, as the interest rates will be better.

veryintrigued

Alex92 wrote: »

Are you sure that it wont pay interest on the full amount say £2510?
I was under the impression it would be similar to other banks, so that anything OVER £2500 would not get any interest on. So if you had £2510, the £10 wouldnt get any interest on it.

Manually skim it off and drip feed it into another account, perhaps a regular saver, ISA or another current account.

I will probably put all interest into one of my lloyds CV accounts and when it builds up from all income, to above £2k, will probably setup a new account with nationwide and put into that, as the interest rates will be better.

You may want to revist the site and read up:

In plain English this means, you'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.

http://www.nationwide.co.uk/current_account/flexdirect/rates-fees-charges.htm

MoneySaverLog

Alex92 wrote: »

I will probably put all interest into one of my lloyds CV accounts and when it builds up from all income, to above £2k, will probably setup a new account with nationwide and put into that, as the interest rates will be better.

I doubt 5% will be available for long though.