just opened 2 nationwide accounts

colsten

dggar wrote: »

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

You misunderstand / haven't read the details as published by Nationwide / confuse it with their Regular Saver. The FlexDirect is a current account, so you can put into it as much as you like, whenever you like.

The £1,000 is a minimum monthly deposit needed if you wish to earn any interest. You are able to earn interest on up to £2,500. If you have any more in the account, you won;t be paid interest on that excess. If you do not make the minimum monthly deposit, you do not get any interest in that month. The interest rate is 5% AER for 12 months, then getting reduced to 1%.

Steve_xx

phona wrote: »

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.

Yes I understand your implication. However, post #2 reads grammatically that no interest would be paid if the balance exceeds £2500.

phona

YorkshireBoy wrote: »

Longer than you perhaps think. It was around for 6 months (from October to April). Time flies!The early bird always catches the worm!

Time flies and I'm getting older Thanks for the reminder...

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.

Good tip. Terms tend to get less favourable rather than more so. I'll admit I only have one TSB so far, but I'll look to address that sooner rather than later!
A possible exception is an account such as the FlexDirect since the rate is for a year so you'd want to fill it up from day one to make the most of it.

phona

Steve_xx wrote: »

Yes I understand your implication. However, post #2 reads grammatically that no interest would be paid if the balance exceeds £2500.

I agree, it's quite ambiguous. I was trying to clarify the point; I could tell by your post that you understood but other readers may not.

Remember to transfer the interest out that you receive each month, as if it takes the account over £2500 it won't get any interest.

Rather depends on how you interpret the second it: it means the extra over £2500 but it could also mean the account.

YorkshireBoy

phona wrote: »

A possible exception is an account such as the FlexDirect since the rate is for a year so you'd want to fill it up from day one to make the most of it.

Not necessarily. I opened 3 of these at launch, each with a £2.5K overdraft facility. Since the overdraft was (and still is) fee-free for the first 12 months, I removed £7.5K and saved it elsewhere, thereby making 3% on their money!

the_boy_with_no_name

thanks for the replies guys, it's much appreciated.


yep I have a Clydesdale current account direct as my main current account.


thanks again

castle96

have missed funding this one, so did it today. £80 cashback via quidco, it seems.
Used my M&S account (bought wine with the £100 from them). Their little macine (M&S Pass) packed up as well.....