Nationwide FlexDirect - "Pay in £1000/month"

Stephen_C.

If I simply transfer £1000 into my FD account and then move it out the next day, will I be eligible for interest?

I don't want to keep the £1000 in there if I've already reached above £2500.

grumbler

Yes, if the transfer isn't from NW.

Stephen_C.

grumbler wrote: »

Yes, if the transfer isn't from NW.

Thanks. And I assume there's no way for them to tell if that £1000 is the same £1000 I withdrew the last month?

le_loup

Yes, because the notes will have your fingerprints on them.

Stephen_C.

le_loup wrote: »

Yes, because the notes will have your fingerprints on them.

In hindsight that was a stupid question! But I just wanted to check that I could continue benefitting from this even if I stopped receiving a salary to pay into it.

Do you have any experience with requesting another account to earn 5% on more than £2500?

dreaming

In fact, you don't have to leave the cash in there overnight. I move cash between my Nationwide and Santander accounts on the same day. I actually have two tabs open and as soon as I see the transaction hit one account (usually within seconds) it gets moved back again - this fulfilling the requirements of both accounts for a couple of minutes effort.

ceredigion

dreaming wrote: »

In fact, you don't have to leave the cash in there overnight. I move cash between my Nationwide and Santander accounts on the same day. I actually have two tabs open and as soon as I see the transaction hit one account (usually within seconds) it gets moved back again - this fulfilling the requirements of both accounts for a couple of minutes effort.

I do the exact same thing, although, always wondered as to the time of day interest is calculated and if it is possible to actually get interest on both accounts with the same money on the same day.

dreaming

ceredigion wrote: »

I do the exact same thing, although, always wondered as to the time of day interest is calculated and if it is possible to actually get interest on both accounts with the same money on the same day.

I don't technically get interest on the "transferred" money as I already keep the maximum in both accounts. My pension gets paid into Nationwide but is less than the 1k needed so I transfer £500 to my 123 and then £250 back to Nationwide (the cash left at Santander covers my direct debits). The balance over £2500 at Nationwide is then moved into savings but also used as and when required for daily expenses.
I guess that to get interest on the same cash might be possible but would require some clever timing. I bet there is someone in this forum who knows.

innovate

Stephen_C. wrote: »

Do you have any experience with requesting another account to earn 5% on more than £2500?

The 5% is limited to one account, and Nationwide are now rigorously enforcing this. See their website and T&Cs for further details.

innovate

dreaming wrote: »

I guess that to get interest on the same cash might be possible but would require some clever timing. .

Can you explain further what you mean by the same cash?

YorkshireBoy

innovate wrote: »

Can you explain further what you mean by the same cash?

Different banks have different end of day cut-off times (for interest earning purposes).


You're playing with fire though, as accounts can and will be closed if you're caught!