Nationwide Flex Direct

Voyager2002

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).

Not quite, because the 500 has to come from outside TSB. The OP could move the 500 from one TSB account to Halifax, then to the other TSB account, but not directly.

Voyager2002

Simon7685 wrote: »

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

Immediate transfer does work.

Voyager2002

Simon7685 wrote: »

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

Yes, that is fine. The requirement is that you pay in a total of 500 each month.

YorkshireBoy

Voyager2002 wrote: »

Not quite, because the 500 has to come from outside TSB.

You're wrong. ...for two reasons:


1. It doesn't say anything about external funding in the T&Cs, and


2. I've done internal funding (as have many others on here) since account launch and have received interest of 4.89% gross p.a. each month.

Simon7685

Thanks for all the valuable info guys, I have successfully opened the TSB Classic Plus Current Account. Just got to wait for it all arriving in the post now and then all systems go and 5% interest on my money.:j

YorkshireBoy

Simon7685 wrote: »

Thanks for all the valuable info guys, I have successfully opened the TSB Classic Plus Current Account. Just got to wait for it all arriving in the post now and then all systems go and 5% interest on my money.:j

Did you opt for paperless statements during the application?

noh

Voyager2002 wrote: »

Not quite, because the 500 has to come from outside TSB. The OP could move the 500 from one TSB account to Halifax, then to the other TSB account, but not directly.

There is no requirement for external funding with the TSB Plus accounts. The £500 can be flipped between two accounts and the requirements to earn the 5% interest satisfied.
Why do you think otherwise?

Simon7685

YorkshireBoy wrote: »

Did you opt for paperless statements during the application?

I think I did but if not I will change it as soon as my information comes through in the post.

Simon7685

Just checked on internet banking and yes I have opted for paperless statements. I just need to fund the account now.

If I was to put £2k into it today would I also still need to cycle through another £500 this month, or would it be covered as the balance has gone from nil to £2k?

innovate

A deposit of £2,000 covers the requirement for a minimum of £500 for one month.