Close Nationwide FlexDirect

w00519772

I have a Nationwide FlexDirect account, which I opened on 04/11/2014. I earned 5% interest between 04/11/2014 and 04/11/2015. Now I earn 1%. On 04/11/2015 I transferred the balance to my Santander 123 account (which earns 3% interest).

They tell me I have to wait another year for the interest to increase from 1% to 5% again.

Shall I just close the Nationwide account now or shall I wait until the end of the month to be paid the last months interest?

masonic

Why wait? You will be paid the interest when you close the account.

YorkshireBoy

Why close the account? Simply downgrade it to FlexAccount, pay in at least £750 a month, and enjoy free EU travel insurance starting in 3 months time. Unless you already have it covered elsewhere?

ColdIron

If you want 5% now just open a TSB Plus

pjread

I'd switch or close it now if you don't want/need it.

w00519772

ColdIron wrote: »

If you want 5% now just open a TSB Plus

I already have one of these with a 2k balance.

w00519772

I guess I would need to transfer 1k in for November to get the last interest payment 01/11-04/11.

Futuristic

Why keep it open doing nothing? In a year you can apply again and get interest.

Switch the account to first direct or coop which gives £100 switch bonus or another interest account.

YorkshireBoy

w00519772 wrote: »

I guess I would need to transfer 1k in for November to get the last interest payment 01/11-04/11.

Only if you want the £1.07


But on a serious note, delaying 3 weeks now delays you 3 weeks this time next year if the account is still around and paying the same. And that's 3 weeks you could be making 5% AER on £2.5K...not 4 days!

AndyPK

as said use it to switch to another provider and make £100+

w00519772

Futuristic wrote: »

Why keep it open doing nothing? In a year you can apply again and get interest.

Switch the account to first direct or coop which gives £100 switch bonus or another interest account.

I was just going to close it. I already have a Santander account earning 3% and a tsb account earning 5%. I guess it makes sense to switch if the bonus is £100 as that is over one years interest.

Would you switch or just close the account?