Nationwide flex account 5% interest one

chili1496

i have just opened up this account, struggling to get a internet pin number from them that i can read from the security tab, apparently they have problems with the printers, fortunatly i have a card reader from the rbs that works.

anyway my question is about the interest my plan is to transfer £2000 into the nationwide then a couple of days later transfer it back to my other bank. Is this all i need to do to meet their reqirements to gain the interest?
or could i just leave the £2000 in their for the full 12mth duration and collect the interest that way?

many thanks, sorry if this seems rather lame question i am new to banking transfers and getting interest from them.

YorkshireBoy

You only earn interest on money if it's in the account (at the close of business each day)!

Gromitt

To get the maximum benefit, you need to leave £2500 in the account for the full 12 months, depositing £1000 each month and withdrawing £1000 + the interest (probably about £10/month).

matttye

YorkshireBoy wrote: »

You only earn interest on money if it's in the account (at the close of business each day)!

You don't need to leave the 1,000 deposit in though do you?

For example, if you had 2,000 in the account, paid 1,000 in and then moved that 1,000 to another account, you should still get interest on the 2,000? Is that right?

BobQ

I find it strange that any bank is unwilling to pay the 5% for leaving £2500 in the account alone but is content to do so if you move £1000 in and out for one day each month.

matttye

BobQ wrote: »

I find it strange that any bank is unwilling to pay the 5% for leaving £2500 in the account alone but is content to do so if you move £1000 in and out for one day each month.

^^ That's what made me ask. It sounds too good to be true.

I'm thinking about opening a Nationwide Flex Account, filling it with £2.5k and have that as my main current account where my wages go each month. Then I'll fill my existing Lloyds Vantage Account with £5k and then finally a Santander 123 account. Would make sense to do it in that order as you only get interest on balances of £2.5k, £5k and £20k respectively so that's the order I would fill the accounts fastest.

Would I really get interest on all three accounts by paying £1k into my Natwest account, then moving it into my Lloyds account and then into my Santander account?

innovate

matttye wrote: »

Would I really get interest on all three accounts by paying £1k into my Natwest account, then moving it into my Lloyds account and then into my Santander account?

Yes sure. Just join the club and do it :cool:

Though of course, at each bank/BS, you will only get interest on the money that is in your account at the end of every day.

matttye

innovate wrote: »

Yes sure. Just join the club and do it :cool:

Though of course, at each bank/BS, you will only get interest on the money that is in your account at the end of every day.

Great stuff! Yeah I understand that; I would plan on filling each account with the maximum balance you can earn interest on, and then I will probably change my main current account to the one I am trying to fill at the time, so that I can move my money into the other accounts to get the interest and then it can just sit in my main account.

Should've done this money saving thing years ago rather than peeing my money up the wall

BobQ

innovate wrote: »

Yes sure. Just join the club and do it :cool:

Though of course, at each bank/BS, you will only get interest on the money that is in your account at the end of every day.

So even if you set up a regular monthly amount each way the banks see nothing wrong with this absurd yet profitable activity? Madness, the club membership must be growing ................

Edit: Surely all these transactions must make it more difficult to spot money laundering and fraud?

matttye

innovate wrote: »

Yes sure. Just join the club and do it :cool:

Though of course, at each bank/BS, you will only get interest on the money that is in your account at the end of every day.

Just to make it abundantly clear: can you move the balance through each account immediately or does it have to sit in each account overnight or something?

Edit: I'm talking about fulfilling the deposit criteria, not actually gaining interest on the £1,000 that is moving through the accounts.

innovate

matttye wrote: »

Just to make it abundantly clear: can you move the balance through each account immediately

yes, you can move the £1K in and out quickly. You have to keep the balance on which you want to earn interest.

matttye wrote: »

or does it have to sit in each account overnight or something?

no - not unless it says so in the T&Cs