Nationwide Flex Direct Monthly Interest

colsten

Broken_Biscuits wrote: »

what day is interest paid? Only recently set mine up and nothing earned as yet.

Nationwide usually credits interest late on the last day of a month.

If you have not received any interest for January 2015, you will not have met the pre-requisites - i.e. £1,000 was not paid into your FlexDirect from a non-Nationwide account during January 2015.

Broken_Biscuits

cheers. After checking, Got my days muddled. It would have been feb 1st i transferred the money.

DREKLY

Hi to all you experienced MSE gurus, what I did with my Flex direct account was to keep 1500 in it, and transfer the required 1000 from another account that bears no interest
(I know, YorkshireBoy! HSBC)
and left it there to bring the balance up to 2K5 for most of the month.
then back to HSBC for 3 days
- this way I only tied up 1K5 in the nationwide account, and got my gross interest usually around 10.00 each month -
I have not seen anyone else trying this approach ?

colsten

DREKLY wrote: »

Hi to all you experienced MSE gurus, what I did with my Flex direct account was to keep 1500 in it, and transfer the required 1000 from another account that bears no interest (I know,YB, HSBC)
and left it there to bring the balance up to 2K5 for most of the month.
then back to HSBC for 3 days
- this way I only tied up 1K5 in the nationwide account, and got my gross interest usually around 10.00 each month -
I have not seen anyone else trying this approach ?

Not sure I understand correctly what you did. Keeping £2.5K in your FlexDirect all month long, and just swapping £1K with another current account on one day each month will satisfy the Nationwide T&Cs. I currently see no benefit in keeping more than £1 in an HSBC current account. YB is a little different as the YB Current Direct can pay up to 4% for accounts taken out a while ago, and 2% for currently available accounts. But there are of course many better paying current accounts.

DREKLY

Hi Colsten, YB = YorkshireBoy, whom I was expecting to pick up on my odd method, but not as yet !