Flexdirect from Nationwide

NowRetired

I have an ordinary FlexAccount with Nationwide and applied online to upgrade the account to FlexAccount to get 5% on £2,500 and whatever other benefits I get.

I got a letter today, saying my account had been upgraded, but on logging on to my account it looks just the same.

So when should I transfer my £2,500 to that account and then £1,000 a month?

£1,000 from Vantage to Reward to Flexdirect to Vantage. At least it is an extra £185 a year for a few minutes work once a month.

I have to do something when I'm not on holiday :rotfl:

matttye

Do you mean that you upgraded it to a FlexDirect account? FlexAccount is the one with free travel insurance, FlexDirect is the one with 5% interest.

http://www.nationwide.co.uk/current_account/flexdirect/FAQs.htm

Q: "When will I receive my interest?"

A: "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."

I would imagine you just deposit any time during the month, but I would do it on the 1st just to be safe, just in case it only starts counting interest after you have made the £1k deposit!

grumbler

NowRetired wrote: »

...I got a letter today, saying my account had been upgraded, but on logging on to my account it looks just the same.

So when should I transfer my £2,500 to that account and then £1,000 a month?

Don't rush with the transfer. I've done this after receiving the letter, but a few days later, when the account was really converted, it balance in the statement originated from an "Internal transfer", so I had to repeat the mandatory £1K external credit.

Nationwide name (that you can change) has to be "FlexDirect Account".