Nationwide Flex Direct as Savings Account?

Options
I just received about £2k from a child investment bond thing and I want to put it somewhere for a year but also add money from my monthly wage. I've been looking around and no Cash ISA has the same interest as the Nationwide Flex Direct (5% for the first year). My questions are:

1. Have you seen any better interest rates?
2. It says on the website (sorry, not allowed to post links) that I need to pay in £1k per month (excluding nationwide accounts), can I just transfer it to another current account with another bank and then transfer it back?

Thanks

Comments

  • george4064
    george4064 Posts: 2,817 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    There may be a better way. How much will you be adding, permanently (ie not just in and out), each month from your income?
  • abbiebann
    Options
    About £50-£100
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    Options
    One or more regular savers is a good starting point, nationwide have one paying 5% on up to £500 a month. Plenty of other current accounts and regular savers paying decent rates as well.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    The FlexDirect would be full in 5 months, so...

    Open both the FlexDirect and Flexclusive regular saver.

    Shift £500 per month from the former to the latter to deplete the FlexDirect to around £1K.

    That way, should you come into some additional monies there's room in the FlexDirect for it, rather than just £500 of it in the regular saver.

    Monitor the regular saver rate...it's variable, whereas the FlexDirect isn't, it's fixed.
  • Pincher
    Pincher Posts: 6,552 Forumite
    Combo Breaker First Post
    edited 12 November 2016 at 9:20PM
    Options
    Promotional Interest rates are falling like flies.

    2017 rings the death knell for many a "high interest" deal.

    The Santander 123 3% current account is now 1.5%, since 1st November. The next interest payment will be like a magician's lady assistant, SAWN IN HALF!

    Get the deals while you can.
  • xylophone
    xylophone Posts: 44,593 Forumite
    Name Dropper First Anniversary First Post
    Options
    SEWN IN HALF!

    A stitch up?

    Or SAWN in half - the unkindest cut of all?:)
  • Pincher
    Pincher Posts: 6,552 Forumite
    Combo Breaker First Post
    Options
    xylophone wrote: »
    A stitch up?

    Or SAWN in half - the unkindest cut of all?:)

    Well spotted, spelling corrected.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards