Nationwide Flex Direct after 1 year

polymaff

bjbyorkshire wrote: »

I do have the original flex account thanks, I had it before the Flex direct accounts but hardly ever use it, there's no interest on that account and the travel,insurance is no good for us.

How can you keep swapping bank accounts for the switching bonus? As far as I was aware they ask you to move all your pensions, salaries, debits etc to your new account and I really don't want to do that.

Might still be worth holding onto it to maintain membership benefits associated with Loyalty accounts - although the Nationwide current loyalty accounts are not that attractive.

They aspire to have you treat the new account as your main account, and judge this by the cash flow through the account. Payments out by DD is something easy for them to monitor - so they do. Payments in is a greyer area which doesn't seem to be policed that heavily - just, once accepted, follow the T&Cs.

Don't look for rationality in all this! Heaven knows why all the banks carry on with this switching bonus thing. I asked, as a shareholder, how profitable this whole thing was and the grimace on the face of the lady I was talking to said it all.

colsten

You need to distinguish between Tesco current and Tesco instant access savings accounts.

The latter are brilliant for DDs, the former pay decent interest on a limited sum of money.

I haven't looked at any Tesco 3-year savings account but I doubt it makes it into the best buys, and they will be useless for DDs.

polymaff

bjbyorkshire wrote: »

Open 2 Tesco accounts because the interest is good plus there is also the 3 year Saver available there. I know I don't need the Tesco accounts to open the Tesco 3 year saver but I would like to keep my banking a bit streamlined so several accounts with Tesco seem to make sense to me. I also read that with Tesco accounts I can pull Direct debits as I need some of these to run the Santander accounts once the house is sold as I will be losing at least 2 debits when not paying house insurance/gas/ electric/etc for this house. I need some more direct debits to run my Santander accounts..

Small point, but it is Tesco Internet Saver accounts that do the DD-pulling

colsten

bjbyorkshire wrote: »

Colsten, Why would you have 4 Nationwide Flex accounts if there is no interest pain on them?

There are many reasons, but the easiest one is that I want to have some current accounts ready for any forthcoming switching offers.

polymaff

bjbyorkshire wrote: »

Colsten, Why would you have 4 Nationwide Flex accounts if there is no interest pain on them?

Freudian slip there

bjbyorkshire

Polymaff, stupid iPad replaces words as it sees fit, I obviously didn't read and correct before pressing send.

I have looked on Tesco website and haven't so far come across anything about direct debits so I will now go read the Internet saver account and see what that says about direct debits. They are my main problem with regard to setting up new accounts.... No direct debits available to use now. I think I might be able to set up one from my Halifax current account to my Halifax Credit card for a small amount each month, that would give me one more.

colsten

bjbyorkshire wrote: »

I have looked on Tesco website and haven't so far come across anything about direct debits so I will now go read the Internet saver account and see what that says about direct debits.

You might be over-thinking/over-researching. It's all dead simple. A Tesco savings account lets you pull in money in money from one or more current accounts in one-off, regular or irregular intervals. These pull ins are all processed as DDs. That's all there is to it.

bjbyorkshire

Colsten, so .......if for example..... I need another direct debit paying out on my Santander account in order to get my interest and have .2 d/d's paying out how does setting up a d debit with Tesco savings account make this work for my Santander account??

You are right I probably am over thinking it but I just don't understand?

Speak to me slowly and with a hammer and chisel in your hand please.

Maybe I've just got it. D debit set up with Tesco to take £10 per month from Santander is working the same way a DD's would if Yorkshire water was asking for the £10??
Am I getting it now?

YorkshireBoy

bjbyorkshire wrote: »

Maybe I've just got it. D debit set up with Tesco to take £10 per month from Santander is working the same way a DD's would if Yorkshire water was asking for the £10??
Am I getting it now?

Yes. You, yourself, are acting as a (pseudo) DD originator.

But, remember, Santander DDs don't need to pay out every month, merely be "set up" on the Santander account.

bjbyorkshire

Flipping Heck, I now get it,

one very very last question as there was a bit of conflicting advice above re which Tesco account I could use for setting up these direct debits from. Tesco Internet account, Tesco saver or which? and can I set up more than one d debit on the Tesco account to pull from for instance Santander and Halifax?
I know... That's 2 questions.