Nationwide;Amazing reward for loyalty...yawn

bristolleedsfan

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

And 70.00 ish from a Cashback Site for doing very little.

bristolleedsfan

derrick wrote: »

I don't think it is worth the hastle, and don't forget that 5% is only for 12 months then drops to 1%,
.

1% could be a top easy access savings rate in 12 months time. :eek:

A_Flock_Of_Sheep

Savings rates are falling again in September. You'll be lucky to get 2% even with a "bonus" soon.

innovate

A_Flock_Of_Sheep wrote: »

Savings rates are falling again in September.

Wow, where did you buy your crystal ball?

derrick

bristolleedsfan wrote: »

And 70.00 ish from a Cashback Site for doing very little.

Can only do that if I use Nationwides switching service, which I am very reluctant to do.

From Quidco: -
"Get £70 for an approved and opened new Nationwide FlexDirect account when you transfer to Nationwide from a non-Nationwide current account using their Account Transfer Service"


.

A_Flock_Of_Sheep

innovate wrote: »

Wow, where did you buy your crystal ball?

No ball or hocus pocus. NS&I have already announced a drop in rates from September and I also had a similar letter from Monmouthshire Building Society.

For the person who has saved and not squandered and relies on their savings to supplement their income this is lean pickings nowadays.

bristolleedsfan

derrick wrote: »

Can only do that if I use Nationwides switching service, which I am very reluctant to do.

From Quidco: -
"Get £70 for an approved and opened new Nationwide FlexDirect account when you transfer to Nationwide from a non-Nationwide current account using their Account Transfer Service"


.

Doesn't say that anything in particular has to be switched though or even that anything at all has to be switched.

Four current accounts you hold, beggars belief that none of them can be used as a switching account maybe just containing one or two inconsequential standing orders for lead quality value.

derrick

bristolleedsfan wrote: »

Doesn't say that anything in particular has to be switched though or even that anything at all has to be switched.

Four current accounts you hold, beggars belief that none of them can be used as a switching account maybe just containing one or two inconsequential standing orders for lead quality value

Actually only have 3, (thought I had 4), having said that it is more like 5, let me explain.

Halifax, 3 Reward accs, one of them being my main account and the other 2 just for the fivers.

Co-op, have had this for years, there are no SO's or DD's but it does give me access to a free legal advice line.


Coventry, this was set up so I could move money by FP from a savings account I have with them to others that was not my nominated CA with them, but as above have no SO's or DD's. I suppose I could set up a couple of DD's to Tesco bank for nominal sums then switch, after that I could see no reason why I could not just open another Coventry CA. Does that sound feasible?


.

YorkshireBoy

derrick wrote: »

I suppose I could set up a couple of DD's to Tesco bank for nominal sums then switch...

If you're (ab)using Tesco DDs, like many of us are, to meet the Reward account T&Cs (on your other two), I wouldn't add any more at Tesco. Reason being they must be wise to us all doing that these days...for example, I use Tesco for 3 x Reward accounts and 3 x LTSB accounts (for the 4% rate special offer)...a total of 11 DDs spread over 2 Tesco accounts.

Why draw attention to yourself when you could just as well set up 2 or 3 SOs to your other accounts and maybe a couple of bill payments and switch these...and still meet the requirements?

derrick

YorkshireBoy wrote: »

If you're (ab)using Tesco DDs, like many of us are, to meet the Reward account T&Cs (on your other two), I wouldn't add any more at Tesco. Reason being they must be wise to us all doing that these days...for example, I use Tesco for 3 x Reward accounts and 3 x LTSB accounts (for the 4% rate special offer)...a total of 11 DDs spread over 2 Tesco accounts.

Why draw attention to yourself when you could just as well set up 2 or 3 SOs to your other accounts and maybe a couple of bill payments and switch these...and still meet the requirements?

Yes I see where you are coming from, but as you say "they must be wise to us all doing that these days", so I don't see how me setting up 2 DD's from The Coventry will hurt, and as I need to transfer the account it is the easiest for me to do, and once it is all set up I will then open another CA at The Coventry.

Having said that, do SO's count re switching? I thought they only accepted DD's for that.

.