Upgrade Flexaccount?

NowRetired

I have £2000 savings in a BOS savings account that is shortly to be downgraded from it's current interest rate.

I also have a BOS vantage account which varies between £4000 to £4999, which is my main joint account, any extra goes into the savings account.

I also have an old Nationwide flexaccount.

Could I upgrade the Nationwide flexaccount to the 5% account and put my £2000 savings in it, then transfer £1000 every month VIA my Halifax reward account to get my £5 every month, which I have just transferred a couple of DDs to and 5% on my £2000 without any DDs from my upgraded Nationwide flexaccount?

innovate

sure, why not?

Seems you aren't using the FlexAccount, so you won't be missing the travel insurance.

You seem to be on top of diarising interest rate drops - so you will no doubt be loccking for a new home for your money when the FlexDirect rate drops to 1% in 12 months.

Gromitt

No DDs are required for FlexDirect. Only 1K via an external source, which you seem to have sorted.

If you would like to use any of the features of the FlexAccount (such as travel insurance), it would be better to open a new FlexDirect rather than upgrade, and it would also be quicker.

I'd also diarise to dump the FlexDirect in 12 months time when the interest drops to 1%.