Switching from Nationwide

flergalwit

I am considering opening a Santander account to get the 3% interest rate, but my understanding is that you need to switch to them for this, using the official switching process. Might this lead to a loss of benefits in my current main account, Nationwide FlexDirect? The FlexDirect account gives me 5% interest and I also have a Nationwide regular saver and an ISA (both no longer available). Will all these remain the same if I switch?

ColdIron

Don't switch, there is no requirement for you to do so. Just open it in addition to your present FlexDirect and transfer the utility direct debits you want with Santander yourself. It only takes a phone call per organisation. Easy peasy

Archi_Bald

The only reason why you would want to do an official switch is if you are desperate for the Quidco/TCB signup cashback. Otherwise there is no reason / requirement to switch, or to tell Santander anything about any of your Nationwide accounts.

You are allowed up to 4 FlexDirects, so you could always open another one (or a current account at a different bank alltogether), for the sole purpose of switching it to Santander via Quidco/TCB, and hoping to get the cashback.

flergalwit

Thanks for the replies! I had read

Now, this is a bit bizarre! The Santander 123* current account is actually the top paying easy-access savings account. If you've between £3,000 and £20,000 in it, you get 3% AER on the whole amount - then if the balance drops, so does the rate.

The rub is, you need to operate it like a normal current account. This means switching to it, and paying in £500/month (equivalent to a pre-tax annual salary of at least £6,000).

(emphasis added)
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

and assumed it meant that switching was a condition. I hadn't checked it out myself yet.

Unfortunately I don't pay bills myself - though I contribute to them via rent - so I won't be getting cashback that way. I'm doing this for the 3% interest rate...

apt

If you don't get any cashback it might be better to open Lloyds or BOS Vantage current accounts which also pay 3% but have no monthly charge, or open additional Nationwide flexdirect accounts and see if they pay 5%.

YorkshireBoy

flergalwit wrote: »

Unfortunately I don't pay bills myself - though I contribute to them via rent - so I won't be getting cashback that way. I'm doing this for the 3% interest rate...

You still need to set up 2 x DDs (and meet the other T&Cs) in order to earn the 3% interest.

ColdIron

flergalwit wrote: »

Unfortunately I don't pay bills myself - though I contribute to them via rent - so I won't be getting cashback that way

As YorkshireBoy says you'll still need 2 DDs but you might be able to get cashback on one of them if you have a mobile phone contract, they get 3%

Archi_Bald

DDs are easy to set up - look at that thread for some inspiration.