Moving money around to get the 5% from nationwide

dazanteney4

Hello Everyone!
I currently have two current accounts, one is with First Direct and the other is with Nationwide (flex account).
I prefer to use my first direct account for my wages etc but i would like to take advantage of the 5% nationwide offer for current account balances.

My question is - Once my pay goes into my current account with FD can i transfer the whole amount to nationwide to meet the min £1000 paying in, then transfer it back to FD the same day?

Thanks

apt

Yes. No problem.

dazanteney4

apt wrote: »

Yes. No problem.

Would it go against me later when applying for credit (mortgages etc) if FD can see all my wages going out then coming back in?

jimjames

dazanteney4 wrote: »

Would it go against me later when applying for credit (mortgages etc) if FD can see all my wages going out then coming back in?

I can't see any reason why. It may even go in your favour having 2 current accounts that you have managed sensibly.

cwal

I have been doing the above since March and was able to succesfully apply for a CC recently, so I don't think it should count against you.

thenudeone

Yes - you can transfer it straight back out again if you like.

No - Information like this doesn't get reported to credit reference agencies and doesn't affect "credit scores"

haycorns

my wages go on a tour of several accounts!
flexaccount - my main account
Halifax £5 per month
Santander 1-2-3 - for the cashback and 3% ( leave some here to pay utilities
flexdirect for the 5%
then back home for the rest of the bills

dazanteney4

haycorns wrote: »

my wages go on a tour of several accounts!
flexaccount - my main account
Halifax £5 per month
Santander 1-2-3 - for the cashback and 3% ( leave some here to pay utilities
flexdirect for the 5%
then back home for the rest of the bills

Takes quite a tour then! Lol don't some of those accounts need direct debts open?

ayayay

I think you might be misunderstanding how this works. The 5% interest payment on flexaccount balances is based on balance over the whole month. Pay the money into the flexaccount and withdraw it a day later and you're only going to earn 1days worth of interest ie about 0.013%. Withdraw it the same day as you pay in and you get nowt

lurkylurky

I think haycorns will keep £2500 in the account and then transfer in £1000 each month to meet the eligibility conditions, and then transfer out that £1000.

I've just opened an account and that's what I'm going to do.

haycorns

lurkylurky wrote: »

I think haycorns will keep £2500 in the account and then transfer in £1000 each month to meet the eligibility conditions, and then transfer out that £1000.

I've just opened an account and that's what I'm going to do.

Exactly that.