We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What the hec...Nationwide FlexDirect overdraft? free but cant apply?
Options
Comments
-
What do you want - the 5% interest or the overdraft? Seems it was the overdraft you were after but you were declined. Nobody has a right to an overdraft, and nobody was unreservedly promised an overdraft. Time to move on.
i was after both actually... oh well!
also is interest daily and paid daily or is it paid monthly?0 -
juanmanuelmarquez wrote: »i was after both actually... oh well!
also is interest daily and paid daily or is it paid monthly?
Sounds like a right roller coaster you were looking for - 5% interest on positive balance one day, and use of an overdraft the next. Granted, this is how you might want to operate a current account.
Interest is calculated daily and paid monthly.
EDIT: to be precise, this is how they do it:How we pay interest: On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We normally pay you this interest 'net' of any tax, which means we deduct any tax due and pass it to the government for you.0 -
Sounds like a right roller coaster you were looking for - 5% interest on positive balance one day, and use of an overdraft the next. Granted, this is how you might want to operate a current account.
Interest is calculated daily and paid monthly.
well i wanted to use the 5% to build up some cash, and in the meantime find out how i can apply for an arranged overdraft so in a few months i can apply. but so far its blocked me out completly already, so might have to wait a couple of months and if not forget it. i suppose the 3.8% - 3.99% net rate works out better than any cash isa rate i suppose and it can be withdrawn anytime unlike a cash isa. it will do the job for now, until some other bank propose anything better...0 -
juanmanuelmarquez wrote: »i suppose the 3.8% - 3.99% net rate works out better than any cash isa rate i suppose and it can be withdrawn anytime unlike a cash isa.
3.8% - 3.99%? How do you calculate that? It's 5% AER, so 4% AER after tax for a basic rate tax payer. Better AER than any currently available ISAs pay. But on £2,500 only. Any ISA will pay you its rate on £5,760 - thus the FlexDirect is only better up to £2.5K.
What do you mean by "... it can be withdrawn anytime unlike a cash isa..." --- that cash ISA offers cannot be withdrawn? Or that the money cannot be withdrawn from an ISA?0 -
3.8% - 3.99%? How do you calculate that? It's 5% AER, so 4% AER after tax for a basic rate tax payer. Better AER than any currently available ISAs pay. But on £2,500 only. Any ISA will pay you its rate on £5,760 - thus the FlexDirect is only better up to £2.5K.
What do you mean by "... it can be withdrawn anytime unlike a cash isa..." --- that cash ISA offers cannot be withdrawn? Or that the money cannot be withdrawn from an ISA?
yes thats what i mean upto 2.5k its better deal. i mean that money can be withdrawn anytime without having to worry about losing the isa allowance, there is no allowance here other than ensuring money is going in out of £1k a month if no money is in the account then you dont get the interest rather than worrying about losing the yearly allowance and waiting until next year! although the isa allowance is bigger than 2.5k, its still good for 2.5k than any other bank or building society!0 -
juanmanuelmarquez,
From memory (I've read a lot of your posts...you seem to be on an account opening frenzy at the moment!), you don't actually work/have an income (other than your part time waiter job alongside your studies)?
Bit of a long shot, but I'm guessing that's why you don't qualify for overdraft facilities.0 -
YorkshireBoy wrote: »juanmanuelmarquez,
From memory (I've read a lot of your posts...you seem to be on an account opening frenzy at the moment!), you don't actually work/have an income (other than your part time waiter job alongside your studies)?
Bit of a long shot, but I'm guessing that's why you don't qualify for overdraft facilities.
lol, thats true but non of my accounts are in the red, all my accounts have money circulated in and out, so i dont see what the problem is...0 -
YorkshireBoy wrote: »juanmanuelmarquez,
From memory (I've read a lot of your posts...you seem to be on an account opening frenzy at the moment!)
Note: NationWide and FirstDirect are temporary accounts only for a year!0 -
I think the account with the 5% is one that you have to stay in credit for. They Do two Flex AccountsLightbulb Moment - November 20120
-
I suspect that all your account opening activity has resulted in so many credit searches that they don't wish to offer you any credit at this stage.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards