Nationwide 5% clarification

softmind82

Do you have to have balance upto £2500 all the time to gain the interest or do you have to make new transaction each month to qualify for the deal.

Thanks

YorkshireBoy

I'm not sure I understand what you've written!

But taking a stab...as long as you credit at least £1K per calendar month you'll earn 5% AER on the first £2,500 in the account, and nothing on any amount over £2,500.

Vortigern

Another stab.

To get the maximum amount of interest from your Nationwide FlexDirect account, you should keep the balance as close to £2500 as you can.

You must pay in £1000 each month to qualify for the interest, but you can transfer that £1000 out again immediately, keeping your end-of-day balance at a steady £2500.

softmind82

YorkshireBoy wrote: »

I'm not sure I understand what you've written!

But taking a stab...as long as you credit at least £1K per calendar month you'll earn 5% AER on the first £2,500 in the account, and nothing on any amount over £2,500.

Sorry I was meant to say if I have 5k available in my account and this month I don't do any transfer in, should I still be getting paid the interest or do I must have to make 1k per calendar transaction?

softmind82

Vortigern wrote: »

Another stab.

To get the maximum amount of interest from your Nationwide FlexDirect account, you should keep the balance as close to £2500 as you can.

You must pay in £1000 each month to qualify for the interest, but you can transfer that £1000 out again immediately, keeping your end-of-day balance at a steady £2500.

Thanks

Let's say Transfer in 1k and have current balance of 5k. How much interest will be calculated.

Is that gonna be on 2.5k or 5k?

agrinnall

It's very clear, interest is only paid on balances up to £2500, anything more than that in the account will earn nothing. It's a waste of money to have more in it.

YorkshireBoy

softmind82 wrote: »

Let's say Transfer in 1k and have current balance of 5k. How much interest will be calculated.

Is that gonna be on 2.5k or 5k?

Haven't I already answered that question in post #2?

Apathy

How about after 1 year, Can you close the account and re-open another one?

anamenottaken

Apathy wrote: »

How about after 1 year, Can you close the account and re-open another one?

What you do is read the terms/conditions of the account - preferably before you open it. You then find the answer contained there.

Archi_Bald

You can but you won't be getting 5% interest on the new account unless you wait at least 12 months before applying again. Nobody has tried this in practice yet as the account hasn't been on the market for 2 years yet.

Vortigern

Apathy wrote: »

How about after 1 year, Can you close the account and re-open another one?

I think you'd have to wait 12 months after closing the account, by which time that rate may not be offered.

I don't recall anybody on here claiming to have benefited from this rate twice.