Nationwide Flex Direct after 1 year

bjbyorkshire

Thanks for the info, Yorkshireboy and Polymaff.

It now appears that Nationwide has a new 5% regular saver so instead of closing our two flex direct accounts I can use these to use as the basis to open 2 regular savers. Will it be necessary to keep a balance in a flexdirect account once the regular savers are set up?

It's all go looking after your savings isn't it? I don't think I could go out to work and do all the money juggling that now seems to be necessary to earn a bit of interest.

I really appreciate your help as reading lots of terms and conditions is a bit befuddling but to have you folks guidance on a need to know basis is so very helpful.

colsten

bjbyorkshire wrote: »

It's all go looking after your savings isn't it? I don't think I could go out to work and do all the money juggling that now seems to be necessary to earn a bit of interest.

Surely you have 10, 20 or 30 minutes once a month to help your money to make the best return for you? Or, to go even further, to mke sure you do get the best return for four money?

Kendall80

polymaff wrote: »

We each have two Internet Savers so that the 2 DD pulls applied to a target account look more like two independent DDs (one by each IS).

Another suggestion. Don't make the DDs too small. It has been reported on MSE that wise guys setting up 99p DDs have been kicked out by Tesco which, once you've become dependant on this mechanism would be bad news indeed. We use £5.x9 - looks like a bona fide pull and, after all, you can always claw it back.

Our Tesco internet savers pull just 4x 50p DDs from our Club Lloyds accounts. No issues so far.

polymaff

bjbyorkshire wrote: »

It now appears that Nationwide has a new 5% regular saver so instead of closing our two flex direct accounts I can use these to use as the basis to open 2 regular savers. Will it be necessary to keep a balance in a flexdirect account once the regular savers are set up?

It's all go looking after your savings isn't it? I don't think I could go out to work and do all the money juggling that now seems to be necessary to earn a bit of interest.

Do bear in mind that with the Nationwide Regular Saver, at the end of the 12 months you don't get 5% interest on the final balance - more like something a bit over 2.5% of that balance - as not all of the money is there all of the time. This isn't a problem for those saving from regular income - the folk that this product is meant for - but may not be so attractive to someone with a lump sum of £6k being bled into the Regular Saver. It is all a case of doing your sums.

Yes, I accept that we get a bit obsessive. On the other hand, I expect we all do dafter things with our spare time - certainly less remunerative things.

polymaff

Kendall80 wrote: »

Our Tesco internet savers pull just 4x 50p DDs from our Club Lloyds accounts. No issues so far.

Hope that my second paragraph doesn't come back to haunt you.

bjbyorkshire

Colsten, it may take you 10, 20, or 30 minutes to juggle your money once a month but it actually takes me a lot longer. I have hubs and mine to do and I know I could set up more standing orders to go out at the beginning of the month but I like to see that my outgoing funds are not getting close to making my originator account go overdrawn, so I do it the long way of sending some to2 accounts then sending it back before sending some to a different account and sending that back again. I don't feel comfortable doing all the transfers out in one swoop and because each bank wants different amounts transferred in then the interest gets mopped up before the return journey plus I make sure there is always enough left to pay the direct debits and still leave maximum funds in each account.

I may be slow and steady but I don't know many of my friends who can say they have never been charged a bank fee for being overdrawn or for not paying off a credit card in full every month. I might be Mrs over cautious but it has worked for me.

Thanks for all your helpful replies. When I'm absolutely clear that I understand the requirements then I feel confident in opening an account.

Only problem I have is that I am running out of years in which to spend the money I have saved. When I am gon my son will soon see it spent after I have carefully slogged at saving and maximising my money.

Thanks

hamski

I have already posted this on the referers board (by mistake) so apologies if youve already seen this
Will this work if i open a flexdirect account if i already have a flexplus account, my wife would refer me.Already have an old vantage account ready to switch to m & s but the combination of £200 plus tcb would be better.
I had 2 replies saying opposite things ,i have read the terms and conditions and cant find anything to exclude this scenario .Anybody had success in these circumstances.
Thanks
update ,had another look and found this -


Yes, you can. If your friend has a Nationwide current account but they use an account held with another provider as their main transactional account (for example having their salary paid in or bills paid from), they can complete a full Current Account Switch, transferring at least 2 Direct Debits across to us (the Direct Debits must be transferred as part of the switch, not transferred afterwards)
They will then qualify for the offer. See also the offer's terms and conditions (This link will open in a new window) for more details regarding eligibility criteria.




so it looks like it is allowed