Best strategy for shuffling between Nationwide savings accounts?

innovate

By some complete but potentially convenient coincidence, both FlexAccount and Halifax Reward want monthly deposits of £750. Set up a couple of monthly paying DDs on the Reward, and you get not just travel insurance but also £60 a year. If, of course, you manage to make the monthly minimum deposits........

jimjames

itm2 wrote: »

One potential issue is that the £750 that I need to put into my Flex account every month to qualify for the travel insurance CANNOT be an internal transfer. So presumably I'd need to ping-pong funds between Nationwide and another bank just to give the illusion that the income is hitting my account from an external source every month. Is that what people generally do to take advantage of these accounts?

Yes. I have 3 accounts that need £750 or £1000 per month going through them so a S/O moves it between them a few days apart.

All automated so no hassle at all and boosts up your interest nicely.

itm2

innovate wrote: »

By some complete but potentially convenient coincidence, both FlexAccount and Nationwide Reward want monthly deposits of £750. Set up a couple of monthly paying DDs on the Reward, and you get not just travel insurance but also £60 a year. If, of course, you manage to make the monthly minimum deposits........

I'm curious about "Nationwide Reward". I've just Googled it but not sure I found what you were referring to - do you mean the "simply rewards" scheme that offers discounts for Nationwide c/c customers?

innovate

DOH! Halifax Reward is what I was meant to say. Sorry

itm2

innovate wrote: »

DOH! Halifax Reward is what I was meant to say. Sorry

Ah OK thanks. As a matter of interest, what's the main appeal of the Halifax Reward account for you - is it the £5/month or the cashback deals??

innovate

£5 for me. They aren't even offering me cashbacks since I am not using the debit card. I prefer the 123 credit card and the Nationwide Select card for cashbacks.