Nationwide Flex Direct

Archi_Bald

When you think about it, it's really amazing that MoneyBox even contemplated inviting this guy, never mind actually having him on the programme. Don't people use their brains?

I am not convinced, however, that this guy was the trigger for Nationwide's clampdown. Much more likely that they just had a lot more takers than their business plan allowed for, and/or it took them several months to update their systems to allow them to enforce the limits (that had been published from day one).

Also, the boasting on MSE is a lot worse than a MoneyBox appearance and an article in the Telegraph. It never ceases to amaze me that there still seem to be people on here who think people from the industry don't read (and post on) MSE just like the rest of us do.

NewMoneySaver13

Recieved my letter yesterday from NW. Including the 2 months from the date of the letter I would have recieved 5% on my 2 accounts for 4 months. Just need to re-consider what to do with the 2nd account once the interest has ended.

purplestar133

I got my letter after only just opening my second account. Bad timing for me! If only I had enough money to have been making the most of 5% in multiple accounts for a while...:D

Can anyone point me to a list of alternative decent interest rate accounts? I've seen them mentioned on here but am looking for a few more details, interest rates, min deposits etc.

I haven't used my ISA allowance this year. The plan was to save into the FD to get 5% and transfer into an ISA at the end of the tax year. Only just reached the £2500 in my first FD. I can only put in about £200 a month, so haven't got a lump sum to deposit. Are the interest rates on the other 'high interest' current accounts still any better than ISA rates at the moment?

eskbanker

purplestar133 wrote: »

Can anyone point me to a list of alternative decent interest rate accounts? I've seen them mentioned on here but am looking for a few more details, interest rates, min deposits etc.

[...]

Are the interest rates on the other 'high interest' current accounts still any better than ISA rates at the moment?

Since you have "MSE is my bible" as your signature and the relevant institutions and accounts are all covered regularly (including post #31 five posts before yours on this thread), surely you should be able to find this information pretty readily?

purplestar133

eskbanker wrote: »

Since you have "MSE is my bible" as your signature and the relevant institutions and accounts are all covered regularly (including post #31 five posts before yours on this thread), surely you should be able to find this information pretty readily?

As I said, I have read various posts where they are mentioned. I wondered whether there was an article listing them with details or a forum post - similar to Kazza's ISAs list - that I haven't seen.

I suppose it was too much to ask for help on a forum.

I turn to the MSE forums for advice and reassurance as I don't have much confidence in my own understanding of terms and conditions of accounts or how best to utilise them to my advantage. That's why MSE is my bible.

I hope that posting that comment made you feel better and that you enjoy the rest of your day as your curt reply has ruined mine.

innovate

Since you have clocked up over 1,100 posts on the forum, I would think you know that it is often beneficial to read a few existing posts, and may be doing a search, before you ask your question. If only out of courtesy to your fellow posters who have spent time discussing a given subject before.

In the precise case you are complaining about, you were even pointed at exactly the post that lists all the possible accounts. You could more than easily have found this post if you had made just a bit of an effort.

If you feel we would all benefit from a "Kazza-like" post for current accounts, how about you taking the initiative?

The forum, a bit like life, is all about give and take. If you only want to take and not give, you will get disappointed again and again.

bristolleedsfan

Got my letter today

vixen1500

Got ours today - letter dated 18th November which takes us upto 18th January. Accounts opened March/April so that's still around 9 months at 5% - original offer is only for 1 year so cant really complain. 3 accounts will run for the full 12months and we will just close/empty the other 4 early.


Anyone know if there is a minimum amount you need to keep in the account to keep it open?


Also would you still need to feed it with a monthly minimum?


Think I'll just close them.

rb10

vixen1500 wrote: »

Anyone know if there is a minimum amount you need to keep in the account to keep it open?

Anything. Can be positive, can be zero, can be negative (but you'd be charged for the overdraft...).

Remember it's just a normal current account.

vixen1500 wrote: »

Also would you still need to feed it with a monthly minimum?

No, as your FlexDirect that's retaining the 5% would still give you eligibility for the Flexclusive savings accounts.

innovate

Sigh, had my letter today as well. It was really good going whilst it lasted. And it's going to last for another couple of months, thank you, Nationwide, fair dos.

Once some of the accounts revert to 1%, I will close all but the remaining 5% account. That remaining one will also be closed once the 12 months are up because I don't care about a 1% AER account, and I also do have a FlexPlus that I am planning to keep for as long as the terms don't get any worse.