Reached the end of FlexDirect term and looking for some savings advice

ruudy

polymaff wrote: »

Advice?

Make sure you close or re-classify that FlexDirect Account asap so that you can get back into the successor Nationwide offer asap.

What does this mean exactly my friend? What is the successor offer? Do you just mean after a year has passed I can open another again?

youngretired

If you are keeping the Santander 123 then you may wish to open a TSB 5% and Lloyds Club 4% and keep the rest in the Santander as you are still going to be paying the £5 fee and all 3% accounts will give you exactly the same interest regardless of the bank.

Then open the other 3% accounts when and if required i.e. Santander full.

Unless you want to take advantage of Tesco Clubcard points from the Tesco current account?

polymaff

ruudy wrote: »

Do you just mean after a year has passed I can open another again?

Correct. But you must NOT have held a FlexDirect Account for that 12 months. So close your present FlexDirect, or convert it from a FlexDirect to, for example, a FlexAccount - asap. Only when you've done this does the 12-month lock-out begin to count down.

enthusiasticsaver

You have several options depending on how much you are saving each month.

If you keep the flex direct (with the £1000 in and out monthly to avoid fee) then you could open the Nationwide regular saver at 5% with £500 per month.

If you need to find a home for the money in Nationwide then the TSB classic plus also pays 5% for up to £2000 and you could put an additional £250 per month into the regular saver also at 5%.

Other possibles to look at depending on how much you have saved and how much you put away monthly are:

First direct 6% on regular saver and switching bonus maybe from your Nationwide Flex?

Lloyds Club account for up to £5k and regular saver £400 per month both paying 4%. (I think it only pays 4% on £3k plus on current account though so don't open that unless you have lump sum to put in)

Personally I would not bother with the BOS Vantage accounts as often you encounter difficulties with opening more than one online and also now they have introduced the 2 dds rule I consider it too much hassle when there are other options out there. I like the Santander 123 not only for the larger balance you can keep in there earning 3% but the cashback and offers you get which in my case more than cover the fee.

YorkshireBoy

enthusiasticsaver wrote: »

If you need to find a home for the money in Nationwide then the TSB classic plus also pays 5% for up to £2000 and you could put an additional £250 per month into the regular saver also at 5%.

Lloyds Club account for up to £5k and regular saver £400 per month both paying 4%.

You may be a little out of touch. TSB is now 2%, and Lloyds is 3%.

(I think it only pays 4% on £3k plus on current account though so don't open that unless you have lump sum to put in).

£4-5K

ruudy

Thanks for all the advice guys. I've started off with a TSB account for now, applied last night and was accepted today.

I will make an application for the First Direct account tonight switching my dead FlexDirect account across.

I will then look at my preferred options after that. I'm thinking I will probably apply for the Lloyds 4% just to get the most out of the current accounts firstly.