Nationwide Flex Direct

Simon7685

I believe I have read and understood how this account works but if some of the wise sages of MSE could just confirm for me, I would appreciate it.:D

I have been looking around for somewhere to put £2k to earn a few quid and after searching for savings accounts and ISA's I have given up as they are all offering around the same, a crappy 1 to 1.5%.

So I started looking at some of the current accounts out there. Santander I won't touch with a barge pole for purely personal reasons, they ripped me off once and won't get a second chance:mad: So I have looked at the Nationwide Flex account.

If I open one of those and stick my £2k in there they will pay me 5% for the first 12 months, in return for me paying in £1000 a month.

Can I cycle the £1000 a month from my Halifax current account into my flex account and then back over to my Halifax account? Or would this be classed as an internal transfer?

As far as I can make out I can do this to qualify for the 5% on the £2k I will leave in there, hopefully building it to the max £2.5k during the year.

If I am correct could someone who has experience of Nationwide Flex direct and how it works please let me know if my plan will work?

Thanks in advance:D

YorkshireBoy

Your plan will work, but you'll be looking for somewhere else this time next year. Have you considered TSB Plus? Get yourself 2 accounts, fund them from each other (£500) each month, and that will cover £4K (at £2K each).

Simon7685

Thanks for the confirmation on the flex direct, I will go and look at the TSB one now.

Dobbibill

I opened a Flexdirect account last year and each payday I moved my wages from my Vantage acc to my Flexdirect effectively triggering the interest on each account, then paid all my pots within minutes and this worked for me and generated my interest each month. As it's a current account I don't think they expect money to stay in there long. Interest is paid on balance :j :j :j


DB

Dobbibill

YorkshireBoy wrote: »

Your plan will work, but you'll be looking for somewhere else this time next year. Have you considered TSB Plus? Get yourself 2 accounts, fund them from each other (£500) each month, and that will cover £4K (at £2K each).

This is true though, it does only last for 12months

Simon7685

Thanks guys, I have just looked at TSB and it does sound a better option, I think I will opt for that one, especially as they pay the interest monthly as well, which I assume is a better option than annually?

I can't actually believe I am looking at being able to do something like this at long last. The word SAVE has never been a word I could afford...........

YorkshireBoy

Simon7685 wrote: »

Thanks guys, I have just looked at TSB and it does sound a better option, I think I will opt for that one, especially as they pay the interest monthly as well, which I assume is a better option than annually?

Both accounts under consideration pay interest monthly.


But why would you think this was a "better option"?

Simon7685

I don't know to be honest, I just thought monthly interest was better than annually paid. I guess it just seems better to get something being added every month, rather than having to wait for a full 12?

Simon7685

Once I have the £2k in the account to leave alone, can I transfer the £500 needed each month from the Halifax and then back again straight away, or do I need to leave it for a day?

Thanks

butterflymum

Straightaway transfer should work just fine.

Simon7685

Ok thanks, just one final question, which I think I know the answer to but it doesn't hurt to make sure:D

If I didn't have the spare £500 or £1000 to cycle through the account in one lump, could I say cycle the same money over and over to make it up to the required amount?

I can't see me not having it in one amount and can't see why I can't but just to be sure.............

Thanks everyone:D