Nationwide FlexAccount or FlexDirect?

Yawn

Hi everyone,

I was just wondering if any one has any comments on the following plan:

I have a monthly saver that's about to expire at the end of this month with £3,600 in it. I used up my ISA allowance already so I am looking for a place to park it. I currently have a FlexAccount and love the free travel insurance, but I'm thinking of upgrading to FlexDirect and catch the 5% interest? (Santander 123 is no good because I don't have any direct debits.)

Any other suggestions? I can't have a FlexAccount and a FlexDirect one at the same time, can I? I saw some people were going for multiple FlexDirect ones at the same time...

Any comments welcome! Thanks,

Yawn

Archi_Bald

You can have both, a FlexAccount and a FlexDirect.

It's also easy to set up some DDs for the 123 (or any other account that needs DDs): https://forums.moneysavingexpert.com/discussion/4168667

Gromitt

I have both the FlexAccount and FlexDirect, so yes, you can have both. You can even have a FlexAccount and multiple FlexDirects

GlamGirlie

Sorry to hijack this thread, but does anyone know if you are credit scored when upgrading from the Flex Acct to the Flex Direct?

I'm quite keen to upgrade but with mortgage application to be made later this year I don't want to risk anything.........

Archi_Bald

Probably - they will tell you on the upgrade form if they do because they have to ask for your permission. You can just abandon the upgrade if you don't like a credit check done. Though I think just one credit check won't be adversely impact a mortgage application.

GlamGirlie

Thanks Archibald.

rb10

GlamGirlie wrote: »

Sorry to hijack this thread, but does anyone know if you are credit scored when upgrading from the Flex Acct to the Flex Direct?

I'm quite keen to upgrade but with mortgage application to be made later this year I don't want to risk anything.........

I would be very surprised if you were - you keep the same account, same overdraft, so there's no point.

They aren't going to decline you for a FlexDirect (as there's no more risk than the FlexAccount you've already got).

Archi_Bald

rb10 wrote: »

I would be very surprised if you were - you keep the same account, same overdraft, so there's no point.

Some outfits even credit-check people if all they want to do is reduce their overdraft, or their credit limit for their CC. I don't have an example to hand for reducing overdrafts but I have seen people reporting about it. For CCs, AMEX for one did a full credit check when I asked them to reduce my credit limit from £13K to £1K. Probably just due to shoddy programming, but it happens.

Not sure about Nationwide in that regard.