FlexDirect - Paying in £1000

hailyso

Hey, I just wanted to ask a quick question if that is okay.

So I want to sign up to the Nationwide FlexDirect account (5% interest on balances up to £2500), and one of the requirements is that I have to pay in £1000 each month. My understanding is that you can just cycle it between different bank accounts.

However, would it be a bit too far if I just set up a standing order on the two accounts, sending £1000 each way? Maybe a day or so after each other.

Would they cancel my account for that or something?

Thanks in advance

Fruit_and_Nut_Case

That's fine, with the proviso that the other one can't be a Nationwide account too.

YorkshireBoy

hailyso wrote: »

Maybe a day or so after each other.

Why? I mean, if the account is full, ie £2.5K, you'll lose money. Set them up to 'cross-fire' on the same day.


Also, if you know someone else with a Nationwide current account they can refer you and you each get £50...but you'll have to switch (including at least 2 DDs) into it rather than simply open it.

hailyso

Fruit_and_Nut_Case wrote: »

That's fine, with the proviso that the other one can't be a Nationwide account too.

Okay thanks, yeah I was planning to use my Santander account

YorkshireBoy wrote: »

Why? I mean, if the account is full, ie £2.5K, you'll lose money. Set them up to 'cross-fire' on the same day.

Well, I was planning on making my Santander account go first, so it would send £1k making £3.5k in the Nationwide account, then the Nationwide account would send it back.

Since I'm planning to put more than £2.5k in there anyway, I might just do same day. Thanks

YorkshireBoy

hailyso wrote: »

I was planning on making my Santander account go first, so it would send £1k making £3.5k in the Nationwide account, then the Nationwide account would send it back.

Assuming you're talking about a 1-2-3 account(?)...if this £1K will be the only credit into Santander each month, be sure to avoid setting up SOs around your statement date. Suggest you set them up at least 7 days before or after the statement date.


If there are other qualifying monthly credits to Santander then ignore the above!

hailyso

YorkshireBoy wrote: »

Assuming you're talking about a 1-2-3 account(?)...if this £1K will be the only credit into Santander each month, be sure to avoid setting up SOs around your statement date. Suggest you set them up at least 7 days before or after the statement date.


If there are other qualifying monthly credits to Santander then ignore the above!

Yeah that's the one. Yeah the 1k will be the only monthly credit, at least until uni starts anyway.

Any particular reason I should aim for those dates? Quite new to this sort of thing.

Thanks

YorkshireBoy

hailyso wrote: »

Yeah that's the one. Yeah the 1k will be the only monthly credit, at least until uni starts anyway.

Any particular reason I should aim for those dates? Quite new to this sort of thing.

Santander operate on a 'statement month', rather than a calendar month (as Nationwide et al do), with regard to monthly funding.

Because SOs are not sent on non-bank working days there's a chance that you'll miss a month and credit twice the following month if your SO date is too close to the statement date and weekends/Bank Holidays get in the way. And if Santander is full that's £50 gross you've thrown away!

hailyso

YorkshireBoy wrote: »

Santander operate on a 'statement month', rather than a calendar month (as Nationwide et al do), with regard to monthly funding.

Because SOs are not sent on non-bank working days there's a chance that you'll miss a month and credit twice the following month if your SO date is too close to the statement date and weekends/Bank Holidays get in the way. And if Santander is full that's £50 gross you've thrown away!

Ah okay, I'll just aim for the middle of the month to be safe, since thats when I'm expecting my card anyway.

Thanks!

YorkshireBoy

hailyso wrote: »

I'll just aim for the middle of the month to be safe

Middle of the Santander statement month you mean (hopefully)...because without knowing your Santander statement date the above means nothing to me.

That's not too close to the end of the (Nationwide) calendar month though is it?

You need to strike a balance between the two if using SOs.

Or you could always avoid SOs and make immediate FPs instead.