Open a Nationwide flexdirect instead of flexaccount

book12

Friend working part time and earn less than £1000 a month, and applied for Flexdirect instead of the flexaccount, and got accepted.

My friend applied for it as it's a self servicing account done through online and telephone banking, and provides limited branch access. My friend doesn't use a branch these days. The card color is better too. Also, she doesn't mind not getting the credit interest of 5% on the account. She doesn't need the free European travel insurance too.

It's worth other people applying for Flexdirect instead of a flexaccount, even if you don't puf £1000+ a month, want limited branch access, and don't need the free European travel insurance. £1000 deposit a month is just to qualify for the interest rate on your balance. Therefore, no matter what your salary is, you will be accepted (subject to usual credit checks).

eskbanker

Perhaps I'm missing the point here but what does a FlexDirect give her over and above what she'd get with a FlexAccount if she's not going to qualify for interest and doesn't need travel insurance?

Having said that, she should be able to qualify for interest with a little creativity by shunting money around....

Yorkshire_Pud

As the generous 5% interest rate is only for a fixed 12 month it would be a wasted opportunity IF you later had the funds to pay in £1000 a month to qualify.

Why waste that opportunity, better to get the normal FlexAccount, then a FlexDirect if/when have sufficient funds to get the 5%.

System

The 0% overdraft for 12 months and automatic qualification for the Flex offers. The savings for someone with little/no savings and with an overdraft elsewhere may make it worthwhile.

eskbanker wrote: »

Perhaps I'm missing the point here but what does a FlexDirect give her over and above what she'd get with a FlexAccount if she's not going to qualify for interest and doesn't need travel insurance?

Having said that, she should be able to qualify for interest with a little creativity by shunting money around....

EarthBoy

eskbanker wrote: »

Perhaps I'm missing the point here but what does a FlexDirect give her over and above what she'd get with a FlexAccount if she's not going to qualify for interest and doesn't need travel insurance?....

She gets a more attractive debit card according to the OP:

book12 wrote: »

.. The card color is better too. ...

LOL

book12

Heng_Leng wrote: »

The 0% overdraft for 12 months and automatic qualification for the Flex offers. The savings for someone with little/no savings and with an overdraft elsewhere may make it worthwhile.

This is another reason why she opened a flexdirect, due to the automatic qualification of the flex offers. With the flexaccount, £750+ needs to be deposidd to qualify.

_________________________________

My thread is to say that you don't need to put £1000+ a month to get accepted for the account. It is a better than cash card account and flexaccount. I know some people assume £1000 deposit a month is a compulsary requirement to open, and if they don't put that amount in, and apply for it the pplication will be declined.

planteria

FlexAccount comes with the European travel insurance.
FlexDirect doesn't.

[Deleted User]

EarthBoy wrote: »

She gets a more attractive debit card according to the OP:

C'mon then... MSE tradition... someone now has to post 27 photos of each card from every angle :P