Nationwide;Amazing reward for loyalty...yawn

planteria

bristolleedsfan wrote: »

Issue 1 - 15 Year Loyalty - Instant Access - Still paying 2.6% Gross

you have one of those bristol:question:.....if so, you didn't debag entirely afterall;)

Gromitt

alanq wrote: »

My Flex Direct is earning 5% on £2500. Any excess funds I can transfer online to the Loyalty saver and when the Flex dips below £2500 I can top it up from Loyalty Saver.

Thats exactly what I do, but I get 2.6% and also dip into it at the beginning of each month to transfer £250 to my 6% Nationwide Regular saver.

bristolleedsfan

planteria wrote: »

you have one of those bristol:question:.....if so, you didn't debag entirely afterall;)

Yip and maxed out on Flexi-Directs :cool:


Didnt say I ditched my savings just 100.00 Carpetbagging Accounts;)

http://forums.moneysavingexpert.com/showpost.php?p=62229015&postcount=150

derrick

Have just looked at this account, but when reading the FAQ's and phoning Nationwide, it turns out that transfers out from the account cannot be done via faster payments to my Halifax account, (but can be done by FP into the account!), the only way this can be done is to go into a branch and do a CHAP's for a rip off charge,(they tell be BACS isn't available on this account), or a cheque, both of which require a visit to a branch, this seems a very antiquated way of doing things. I know I could open a Nationwide current account, but I am happy with my current account arrangements as they are and don't want/need another CA.

I have amongst others, savings accounts with The Derbyshire BS and The Coventry BS, both of which do FP both ways.

Whilst I am not intending to use the account as a daily money moving account, I do feel that with internet banking/savings that the Nationwide should enter the 21st century and allow faster payments online, obviously this would require a nominated account, but that is how others do it.

Looks like I will have to pass on this account.


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Gromitt

Don't forget however that its supposed to be for existing customers, so most people don't care that you can't FP out of the account and just transfer to a FlexAccount/FlexDirect and FP from there.

typistretired

It is also aimed at savers only too. I haven't received any information through the post yet but when I logged into my account today they had opened a 15 years account for me. I only had savings until 2001 when I opened a flexaccount. Therefore, they include how long you have saved with them too.

Don't understand why nobody would refrain from opening a flexdirect account which pays 5% on up to £2,500 savings. My main account is first direct but it is easy enough to send £1000 to your flexdirect account once a month and then send it back to first direct.

derrick

Gromitt wrote: »

Don't forget however that its supposed to be for existing customers, so most people don't care that you can't FP out of the account and just transfer to a FlexAccount/FlexDirect and FP from there.

But I am an existing customer, turns out I have had an account with them since 1990, I also have a 3 year FRISA that is about to mature.

As far as I know most savings accounts operate BACS in and out as well as FP, The Derbyshire do so and are part of Nationwide! But this account won't let you, funny how they will allow a CHAPS, oh no it isn't because they charge a hefty fee for that!

As I said in my earlier post, "I am not intending to use the account as a daily money moving account", but trying to obtain a reasonable interest rate, but would like the simplicity to move it quickly if a better rate comes along elsewhere.

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derrick

typistretired wrote: »

Don't understand why nobody would refrain from opening a flexdirect account which pays 5% on up to £2,500 savings. My main account is first direct but it is easy enough to send £1000 to your flexdirect account once a month and then send it back to first direct.

I don't think it is worth the hastle, and don't forget that 5% is only for 12 months then drops to 1%, also: -"Rates may be withdrawn without notice."
http://www.nationwide.co.uk/current_account/compare-accounts/default.htm

1 FlexDirect gives you access to 5.00% AER (4.89% gross p.a.) interest on your in-credit balance up to £2,500. This rate is fixed for first 12 months and then reverts to 1.00% gross p.a./ AER variable afterwards. You must pay £1,000 or more (excluding internal transfers) into your account each month to receive in-credit interest with FlexDirect. Rates may be withdrawn without notice. Under the terms and conditions of this account, customers are only guaranteed the 5% AER promotional credit interest rate on one FlexDirect account.

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innovate

derrick wrote: »

As I said in my earlier post, "I am not intending to use the account as a daily money moving account", but trying to obtain a reasonable interest rate, but would like the simplicity to move it quickly if a better rate comes along elsewhere.

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So why not open a FlexDirect and cash in on the 5% interest for a year? Can you not move money from that savings account to your FlexDirect?

Edit: you beat me to it with your answer........which I don't understand, but each to his own

derrick

innovate wrote: »

So why not open a FlexDirect and cash in on the 5% interest for a year? Can you not move money from that savings account to your FlexDirect?

Edit: you beat me to it with your answer........which I don't understand, but each to his own

I already have 4 current accounts, don't need another, and for the sake of £40-50 after tax, (being the difference in the rates), is it really worth it?

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