Nationwide flex account 5% interest one

matttye

innovate wrote: »

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

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

Thanks!

It's pretty much a no brainer then, free money

innovate

BobQ wrote: »

So even if you set up a regular monthly amount each way the banks see nothing wrong with this absurd yet profitable activity?

it's nowhere near as "absurd" as how the banks make their money, and we are talking tiny amounts on the scale of the financial service industry

BobQ wrote: »

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

why? The bankers will find it dead easy to spot the "£1K rotators", and identify them a such, totally harmless creatures. Money launderers wouldn't be content with paying £1K a month from the same account to the same account. Not unless they are stupid. Fraudsters wouldn't move the same amount of money from one of their accounts to one of their accounts once a month. Not until they are completely daft.

innovate

matttye wrote: »

Thanks!

It's pretty much a no brainer then, free money

Quite :cool:

AlwaysLearnin

innovate wrote: »

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.

with the possible exception of the Halifax Reward acct, where you get £5 regardless of balance as long as you satisfy the (increasing) criteria

Have a look round the boards and you'll see plenty (not aimed at you innovate - you're clearly well aware! )

wolvesinwales

Does anyone know offhand the interest rate on balances above the £2500 ? Struggling to find an answer on Nationwide.

pinkdalek

Nationwide.........why just not become a bank, afterall you act like one.

matttye

wolvesinwales wrote: »

Does anyone know offhand the interest rate on balances above the £2500 ? Struggling to find an answer on Nationwide.

0% - only pays interest on balances up to £2,500.

If you have more than £2.5k in the account I presume you'll still get interest but only on the first £2.5k.

anamenottaken

wolvesinwales wrote: »

Does anyone know offhand the interest rate on balances above the £2500 ? Struggling to find an answer on Nationwide.

From the Nationwide website

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.

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

matttye

Thinking about it, it probably makes more sense to wait until I have 2.5k to put into the account given that the 5% interest rate only lasts for a year.

YorkshireBoy

matttye wrote: »

Thinking about it, it probably makes more sense to wait until I have 2.5k to put into the account given that the 5% interest rate only lasts for a year.

Two questions:

1. How much are you making on your savings at the moment?

2. How long, in it's current guise, do you think the account will be available for?