Nationwide flex won't pay interest on more then one account.

innovate

BugsyBrowne wrote: »

I know you will be keeping one Flex Direct account but When are you closing your other three down;)

Three?................................

BugsyBrowne

innovate wrote: »

Three?................................

Thought you opened 4 up.

Gromitt

mulronie wrote: »

There's a (slim) chance their systems aren't clever enough to count how many FlexDirect accounts I have when making the daily interest accruals.

There's a far higher chance that the interest is calculated at account opening. So the first is opened at 5% and any subsequent ones opened at 1% and then the system simply uses the interest allocated to that account from day 1. During daily batch processing, if the account age exceeds 365, automatically set interest to 1%. Its the way I would do it.

innovate

BugsyBrowne wrote: »

Thought you opened 4 up.

Not sure what makes you think that. I did not open 4.

a&akay

Hedged my bets on my 4 by applying for the maximum overdraft on each. If the only 1 account is true, which I don't doubt, I'll put the 3 overdrafts that don't pay into my saver for just under the anniversary.

innovate

a&akay wrote: »

Hedged my bets on my 4 by applying for the maximum overdraft on each. If the only 1 account is true, which I don't doubt, I'll put the 3 overdrafts that don't pay into my saver for just under the anniversary.

Why do you think you would get 4 overdrafts?

Hominu

a&akay wrote: »

Hedged my bets on my 4 by applying for the maximum overdraft on each. If the only 1 account is true, which I don't doubt, I'll put the 3 overdrafts that don't pay into my saver for just under the anniversary.

Thats assuming a lot.

If they give you the maximum overdraft on one account, they are unlikely to offer it for the other 3 unless they see all 3 applications and give you a smaller overdraft on each.

Lets assume they'll give you £750 per account, thats £2250, assuming 3%, thats £67 minus tax, or about £50 after tax.

innovate

It would surprise me if new customers get a lot more than £250 overdraft (a bit like with FD).

a&akay

Hominu wrote: »

Thats assuming a lot.

If they give you the maximum overdraft on one account, they are unlikely to offer it for the other 3 unless they see all 3 applications and give you a smaller overdraft on each.

Lets assume they'll give you £750 per account, thats £2250, assuming 3%, thats £67 minus tax, or about £50 after tax.

Accepted. It's still £x for 2 minutes' work, once confirmed, and 2 minutes just before the aniversary to pay it back. I'll take that.

chickenboy

anyone found out for sure yet? (i.e. interest credited in more than one account at 5%?)