How many 123 accounts can a couple have?

YorkshireBoy

irishjohn wrote: »

Do you pay a monthly fee for each of the 4 flexdirect accounts?

No.

what impact does that have on the interest earned on a maximum of £2500 balance?

None! See above.

plunt

i talked to nationwide and they said the cutoff date for being allowed more than 1 5% account was 26/3/2013. other on the forum have said 8/3/2013. I have called them and also sent an internal mail and they have confirmed i am fine with my 3 as i opened them on 1/3/2013. so for those thinking of doing it , please be careful and make sure you have a plan b!. Alternatively open it up on the phone and maybe you can blag it that they told you that you would get 5% on the one you opened!

chamelion

plunt wrote: »

i talked to nationwide and they said the cutoff date for being allowed more than 1 5% account was 26/3/2013. other on the forum have said 8/3/2013. I have called them and also sent an internal mail and they have confirmed i am fine with my 3 as i opened them on 1/3/2013. so for those thinking of doing it , please be careful and make sure you have a plan b!. Alternatively open it up on the phone and maybe you can blag it that they told you that you would get 5% on the one you opened!

I opened all 5 of mine in may/june/july, get 5% in all. Suggestion would be stop contacting them, just try opening it, depositing a few hundred quid at the tail end of the month, see if you get interest. if you do, great, if you don't, close the account.

talexuser

rochja wrote: »

You dont need multiple accounts to make the 3% on everything - just run a parallel esaver account that pays 3% too and transfer between them as necessary.

I fail to understand how transferring to an esaver (even if you could get 3% now) prevents you paying £24 a year (which reduces the effective interest rate) on each 123 account. The only thing that mitigates the yearly 123 charge is to have cashbacks on your direct debits, where with enough spend you may end up ahead of an effective 3%.

BobQ

Onawingandaprayer wrote: »

Can't imagine a couple getting 3.

I can imagine each getting two 123 CAs as individuals.

soulsaver

talexuser wrote: »

I fail to understand how transferring to an esaver (even if you could get 3% now) prevents you paying £24 a year (which reduces the effective interest rate) on each 123 account. The only thing that mitigates the yearly 123 charge is to have cashbacks on your direct debits, where with enough spend you may end up ahead of an effective 3%.

He means poster (with £40k)'d avoid the necessity of an additional 123 ac if used an esaver at 3% - actually academic as esaver dont offer 3% anymore.