Nationwide Flexdirect Help

ceredigion

Why 3500 in month one ?

YorkshireBoy

Vanda2 wrote: »

Thank you both. My 1st bank account (and my only one up till now) is with the Halifax. I've opened a Nationwide account (as above). When I've got it all set up do I go and deposit £2500 (to get the interest) and then set up a standing order from the Halifax to the Nationwide for £1000 a month? This money isn't wages, it's savings. So on the first month there will be £3500 in the account. What do I do then? I'm still not understanding, sorry.

You said yourself above...you transfer it back out, and put it somewhere you will earn interest.


However, if you're wanting an easy home for the other £1,000 and £x per month going forward, then start using the Nationwide Flexclusive regular saver for £500 per month.

jimjames

ceredigion wrote: »

Why 3500 in month one ?

Presumably they're intending to transfer it back out again to leave £2500 in the account. But no need to leave it in there

Vanda2

jimjames wrote: »

Presumably they're intending to transfer it back out again to leave £2500 in the account. But no need to leave it in there

Yes that's what I mean. Thank you for your help, think I've got my head around it now. It takes a while haha.

Vanda2

YorkshireBoy wrote: »

You said yourself above...you transfer it back out, and put it somewhere you will earn interest.


However, if you're wanting an easy home for the other £1,000 and £x per month going forward, then start using the Nationwide Flexclusive regular saver for £500 per month.

I'll have a look at the Flexclusive, thank you :cool:

Eco_Miser

There's no need to pay £3500 in the first month - the £2500 is more than sufficient to meet the conditions, so set the SO to first happen in the second month.

For me, £500 then moves by SO to the Flexclusive RS, and £500 moves on to the account where it does most good. (My income is irregular and I vary things each month to meet all requirements.)

Vanda2

Thank you Ecomiser, I hadn't thought of it like that

metrobus

Very easy to do it manually on the 1st of each month.

Firstly deposit £2500 then on the 1st of the 2nd calendar month transfer from Halifax £1000 then transfer it back meeting their minimum deposit to get the £5 going down to £3 reward from Halifax also.

Takes less than a minute.

polymaff

ceredigion wrote: »

Depends how you define "day".

Midnight to midnight. What had you in mind?

Snot-nosed_little_punk

May be worth noting for some -

If you're upgrading from FlexAccount to FlexDirect, the travel insurance and promotional offers that come with your FlexAccount will stop when you upgrade to FlexDirect. The way your overdraft is charged will also change.