Nationwide Flex Direct - £1000 requirement

lycanmoon

I'm looking to apply for a Nationwide Flex Direct account to take account of the 5% interest rate (up to £2.5k) and the cashback through Quidco.

I have an old HSBC current account with 2 active DDs on it that I'm going to use for the switch - so this account can also be closed at the same time.

The question I have is - do I need to transfer an automated credit of £1000+ to qualify for this or can I satisfy this criteria by just setting up a SO of £1000+ from one of my other (non-Nationwide) current accounts?

Thanks

grumbler

I don't know what "an automated credit" is, but any transfer from other bank is fine. And IIRC, you don't need any DDs at Nationwide, but they will do no harm.

In fact you don't need to transfer/close the old account and can keep it.

Anagran

The question I have is - do I need to transfer an automated credit of £1000+ to qualify for this or can I satisfy this criteria by just setting up a SO of £1000+ from one of my other (non-Nationwide) current accounts?

Thanks[/QUOTE]

I have been looking into doing the same thing.

I am not 100% sure what you mean but automated credit, but if you mean £1000 balance needing to be moved during the switching process, I wouldn't think so. If you set up an SO I think that should meet the requirements as far as I can see, that is what I am planning to do.

I think the OP is wanting to use the switching service with 2 DDs to meet the quidco requirements for cashback even although this is not required just to get the account benefits.

Hazzanet

A standing order is an automated credit.

grumbler

A standing order is an automated debit, not credit.
The receiving part doesn't know that it's a standing order on the other side.

YorkshireBoy

By "automated credit", I think the OP is referring to BACS Direct Credits, ie payment of salary/pension/benefits.

Hazzanet

grumbler wrote: »

A standing order is an automated debit, not credit.
The receiving part doesn't know that it's a standing order on the other side.

It's an automated debit on the drawer side, and an automated credit on the payee side.

The Payee sees it as either a faster payment inwards, or in exceptional circumstances, a BACS Direct Credit. Both of which are 'automated credits'.

innovate

lycanmoon wrote: »

..... can I satisfy this criteria by just setting up a SO of £1000+ from one of my other (non-Nationwide) current accounts?

Yes you can. It's exactly what a lot of people here are doing successfully.

grumbler

Hazzanet wrote: »

The Payee sees it as either a faster payment inwards, or in exceptional circumstances, a BACS Direct Credit. Both of which are 'automated credits'.

Don't know abut exceptional circumstances, but I don't see any reasons for calling an incoming FP 'automatic'.

Hazzanet

grumbler wrote: »

I don't see any reasons for calling an incoming FP 'automatic'.

Automatic: working by itself with little or no direct human control.

i.e. the account holder does not need to take any action and the credit is applied to the account without their direct intervention.

noh

grumbler wrote: »

Don't know abut exceptional circumstances, but I don't see any reasons for calling an incoming FP 'automatic'.

The word used was "automated" ie not a manual payment.

A BACS credit is automated, a FP in is automated, a cash payment over the counter is not.