Minimum pay-in per month.

deanl1234

I'm thinking of taking advantage of this offer from nationwide - 5% interest on a current account. The condition is "you must pay in at least £1,000 per calendar month (excluding transfers from any Nationwide account held by you or anyone else) to get these rates."

I just want the account for the interest rate, but don't want to bother changing the bank my salary gets paid into (Halifax). Do anyone know if I can just set up a bank transfer of £1000 each month from my other account to get the 5% interest?

Placitasgirl

As long as the pay-in is from outside Nationwide you're eligible for the 5% interest on the Flex Direct Account for one year.

There is nothing to say it has to be salary, and it doesn't have to stay in the account either. If you can sit £2500 in the account and pay £1000 into the account (and out again if you need) you're maximising the interest on offer with this account.

deanl1234

Thanks Placitasgirl

trailingspouse

I do exactly this - £2500 in two accounts (one is mine, one is OH's), £1000 out of our joint Santander account into each of the accounts and back home to Santander the following day. Once in a while I check the account and cream off any amount over £2500 back into the Santander account (where it only gets 1.5% now, but it wouldn't be getting anything with Nationwide).

moneysavinggirl40

have you looked into setting up free text alerts with your provider this tells you that the account has reached maximum over £2501, and you know that this means it's the time to cream, to maximise interests going into external account.

johnac

I transfer £1000 round several accounts at the beginning of each month including nationwide, the money can be transfers in and out within minutes and it still counts and gets the interest.

bobobski

trailingspouse wrote: »

I do exactly this - £2500 in two accounts (one is mine, one is OH's), £1000 out of our joint Santander account into each of the accounts and back home to Santander the following day. Once in a while I check the account and cream off any amount over £2500 back into the Santander account (where it only gets 1.5% now, but it wouldn't be getting anything with Nationwide).

A couple of pointers, should you want them:
1) You have £2,500 in each account. No need to wait until the next day to return the money to Santander. Worst case scenario, you're briefly down to £1,500. With your set up, you're guaranteed to go one day a month with 0% interest on £1,000.
2) You can get free text alerts from Nationwide to tell you when your balance has gone above certain level, i.e. set this at £2,501 and it'll tell you when to log in and move the interest.

YorkshireBoy

bobobski wrote: »

A couple of pointers, should you want them:
1) You have £2,500 in each account. No need to wait until the next day to return the money to Santander. Worst case scenario, you're briefly down to £1,500. With your set up, you're guaranteed to go one day a month with 0% interest on £1,000.
2) You can get free text alerts from Nationwide to tell you when your balance has gone above certain level, i.e. set this at £2,501 and it'll tell you when to log in and move the interest.

Re 1), the loss is only 49p over the year. Unnecessary, but not the end of the world.

Re 2), I wonder why the poster doesn't auto extract the interest on the first of the month, ie £1,010 back out rather than the same £1,000 as went in? Less admin and no need for text messages.

bobobski

YorkshireBoy wrote: »

Re 1), the loss is only 49p over the year. Unnecessary, but not the end of the world.

Re 2), I wonder why the poster doesn't auto extract the interest on the first of the month, ie £1,010 back out rather than the same £1,000 as went in? Less admin and no need for text messages.

You don't know me YorkshireBoy, but my friends would confirm that I would never pay 49p for nothing

Re 2), the amount of interest is variable so potential to lose even more pennies' interest in the process. Shocking suggestion, really

Hannah_M

Are all accounts that need money in like this? ie, I can take it out again right away? I only have the Santander account now, my father and I swap £500 every month for it, but I quite like the idea of opening a few more. Free cash is always welcome

Dobbibill

Hannah_M wrote: »

Are all accounts that need money in like this? ie, I can take it out again right away? I only have the Santander account now, my father and I swap £500 every month for it, but I quite like the idea of opening a few more. Free cash is always welcome

Yes, as long as it credits the account, there is not a set time frame it has to be in the account.

Different people do it different ways, some prefer SOs, whereas other prefer to manually do it on one day meaning it's only in the account for a few minutes.