Is it worth...

YorkshireBoy

LXdaddy wrote: »

if you change, yes you would need to move the direct debits etc (not sure if they would do this as an account switching service)

Since the sort code and account number remain the same, there's no need to "move the direct debits etc"...

http://www.nationwide.co.uk/support/support-articles/faqs/current-account-faqs/upgrade-faqs#xtab:will-my-sort-code-and-account-number-change-if-i-upgrade-my-account

LXdaddy

YorkshireBoy wrote: »

Since the sort code and account number remain the same, there's no need to "move the direct debits etc"...

Quite right - my mistake.


You can UPGRADE a Flex account to a Flex Direct or you can keep the open a NEW Flex Direct and either keep the Flex account or close it.


Probably easier to go the UPGRADE route.

YorkshireBoy

LXdaddy wrote: »

Probably easier to go the UPGRADE route.

...and then diarise to DOWNGRADE back to FlexAccount after 12 months.

Unless, of course, the OP wants/wants to retain the free EU travel insurance, in which case opening a new FlexDirect would be the better way.

Vxs

Ok, so I have just logged in to my account online and Upgraded My Account to a FlexDirect, that was easy

The account stays the same number/sort etc and i'll just get a New Card with the same pin within 7-10 days.

My salary is over 2k a month so I should be ok, and I have just put a reminder in my phone for a years time to tell me when my interest rate ends, if TODAY is the day it starts from as the online process said its done! my account name hasn't changed online but then I'm still logged in, maybe I need to re-login or wait for some house keeping over night or a few working days to go by to take effect.

bowlhead99

YorkshireBoy wrote: »

If you really can't use a calculator the answer is £122.25

EDIT: Just in case you're wondering why this isn't £125, it's because since the account is full you can't earn the AER of 5%, only the gross p.a. of 4.89%.

Presumably the surplus (approx) tenner of interest per month being generated that didn't "fit" into the current account £2500 maximum to earn interest could just be moved over to the regular saver account which also pays an AER of 5%, thereby allowing you to earn 'interest on the interest' and achieve the £125.

Of course, whether it's £125 or just 12 tenners a year, it's a lot more than a zero interest account

YorkshireBoy

Vxs wrote: »

I have just put a reminder in my phone for a years time to tell me when my interest rate ends

That's a good idea, but they'll write giving you 2 months notice, as they have just done with one of mine.

YorkshireBoy

bowlhead99 wrote: »

Presumably the surplus (approx) tenner of interest per month being generated that didn't "fit" into the current account £2500 maximum to earn interest could just be moved over to the regular saver account which also pays an AER of 5%, thereby allowing you to earn 'interest on the interest' and achieve the £125.

Indeed. And I'd fill up the Reg Saver at the expense of the FlexDirect...reason being the £500 per month max increase in balance. If OP comes into some money later in the year there will then be room in the current account, but not necessarily in the reg saver.

Vxs

So now it would be best I dump my E-Savings and normal savings account and open an Flexclusive Regular Saver?

Thanks for all the advice btw guys/gals

And can the Flexclusive Regular Saver allow me to instantly transfer from it to a FlexDirect as and when needed if/needed?

YorkshireBoy

Vxs wrote: »

So now it would be best I dump my E-Savings and normal savings account and open an Flexclusive Regular Saver?

Absolutely! And the FlexDirect. No matter what, deposit £500 a month in the regular saver, even if it means running down the FlexDirect balance to do so. You can always build up the FlexDirect later (to £2.5K), but you can't increase the balance in the regular saver by more than £500 a month.

And can the Flexclusive Regular Saver allow me to instantly transfer from it to a FlexDirect as and when needed if/needed?

Yes.

Vxs

Worth closing them or just leaving them be? not sure if the long standing accounts have any effect on Credit Ratings etc