just opened 2 nationwide accounts

the_boy_with_no_name

I have a quick question guys.
I have just opened a nationwide flex direct account for myself and my wife to take advantage of the 5% interest offer.


I am waiting on the paperwork coming out to sign and once it is opened there will be £2500 going into each account straight away.


I was planning on doing a bank transfer from my Clydesdale account every month for £1000 to my nationwide account, leave it a day then send it back to my Clydesdale account then send it to my wifes nationwide account and send it back to the Clydesdale the next day.


is this the correct way to ensure that we get the 5% intrest???


sorry if this is a stupid question, but its the first time ive done anything like this.


cheers

CathA

I had one of these accounts What I did was set up a standing order from another account at another bank of £1000 (think that was what you have to pay in each month?) At the same time I set up £1000 standing order from the Nationwide account to go back into the other bank account on the same day, so in and out on the same day from both accounts. Set up similar s/o's a day or so later on your Clydesdale account to the other account, again in and out on the same day. Remember to transfer the interest out that you receive each month, as if it takes the account over £2500it won't get any interest. Also if either of you are non tax-payers, make sure you've filled out an R85 form.

phona

I wouldn't wait a day to transfer the money back to Clydesdale. The requirement is to pay in £1000, it doesn't matter if it disappears again straight away. The pay in and pay out are different money to them.
You can transfer the money between them all in one day, too.

Assuming you have Clydesdale's Current Account Direct, this will also satisfy their £1000 pay in requirement for the 4% interest; so two birds one stone.

Coincidentally, I also just opened the FlexDirect and will be moving money between it and my CB account too. Today I got Nationwide's paperwork. They want to see documents, so it's the first time I've been glad CB insist on sending paper statements!

Steve_xx

[QUOTE=CathA;66531077__Remember_to_transfer_the_interest_out_that_you_receive_each_month,_as_if_it_takes_the_account_over_£2500it_won't_get_any_interest.[/QUOTE]

Don't you mean that you wont get any interest on the balance that is in excess of £2500? The way you have written it kinda implies that once the account balance exceeds £2500 that you don't get interest on any of the balance!

Steve_xx

phona wrote: »

Assuming you have Clydesdale's Current Account Direct, this will also satisfy their £1000 pay in requirement for the 4% interest; so two birds one stone.

Have I missed something here? When I look at this account on Clydesdale's website I can see that it only pays 2%?

YorkshireBoy

Steve_xx wrote: »

Have I missed something here? When I look at this account on Clydesdale's website I can see that it only pays 2%?

When Clydesdale (and Yorkshire) Bank launched these accounts at the back end of 2013, they were paying 4% AER until March 2015, and then 2% AER.


The 4% rate was withdrawn months ago now.


Sorry!

Steve_xx

YorkshireBoy wrote: »

When Clydesdale (and Yorkshire) Bank launched these accounts at the back end of 2013, they were paying 4% AER until March 2015, and then 2% AER.


The 4% rate was withdrawn months ago now.


Sorry!

Many thanks for the clarification.

phona

YorkshireBoy wrote: »

The 4% rate was withdrawn months ago now.

It didn't really last long. There was heavy advertising (at least here in Scotland, and I assume in Yorkshire too) for a while but when that stopped the 4% rate was unavailable within a month or so. Glad I got it when I did :T

Compare that to Nationwide's 5% offer: that's been around for ages and I haven't seen an advert for it in some time.

Steve_xx wrote:

Don't you mean that you wont get any interest on the balance that is in excess of £2500? The way you have written it kinda implies that once the account balance exceeds £2500 that you don't get interest on any of the balance!

The maximum balance that gets interest paid on it is £2500. Any amount over that does not get interest paid, but you will still get the interest on the £2500.
It's best to pop in and remove the interest just so that £8-10 or so can earn interest elsewhere.

YorkshireBoy

phona wrote: »

It didn't really last long.

Longer than you perhaps think. It was around for 6 months (from October to April). Time flies!

Glad I got it when I did.

The early bird always catches the worm!


Eg, with Tesco and TSB, if you're allowed 2 accounts then always open 2 accounts...even if you can't immediately fill them. There's always the possibility of them introducing restrictions later, ie Santander with their 1-2-3 account and, going back a while, Halifax with their Reward account.

dggar

the_boy_with_no_name wrote: »

I have a quick question guys.
I have just opened a nationwide flex direct account for myself and my wife to take advantage of the 5% interest offer.


I am waiting on the paperwork coming out to sign and once it is opened there will be £2500 going into each account straight away.


I was planning on doing a bank transfer from my Clydesdale account every month for £1000 to my nationwide account, leave it a day then send it back to my Clydesdale account then send it to my wifes nationwide account and send it back to the Clydesdale the next day.


is this the correct way to ensure that we get the 5% intrest???


sorry if this is a stupid question, but its the first time ive done anything like this.


cheers

Are you allowed to deposit £2500 straight away.
I thought the maximum monthly deposit was £1000.

YorkshireBoy

dggar wrote: »

Are you allowed to deposit £2500 straight away.
I thought the maximum monthly deposit was £1000.

It's not a regular saver! It's a current account.


One of the account conditions is that you must credit the account with "at least" £1K per month.