Nationwide Flexdirect pay in/out rules

angel549

I have the FlexDirect account where you have to pay in £1,000 per month and then get 5% interest on up to £2,500 for first year.

The £1,000 comes out of my main current account each month. I already have £2,500 in the Nationwide one, so each time the £1,000 goes in now, I am not getting any interest.

The next best interest account I have is the main current account. So, i have a standing order from main to Nationwide to pay in £1,000 a month on the 1st. Am i allowed to set up a standing order that pays the £1,000 from the Nationwide account back to themain account on the 5th? So the money literally goes in then comes straight back out and back to where it came from again?

I can't find anywhere that says you cant do this, but i feel like if you can do that, it defeats the point of the monthly pay in so there may be a hidden rule somewhere?

Sorry if this has been covered in the forum before, couldnt find any other feeds about it. Thanks in advance for all advice/clarification!

badger09

angel549 wrote: »

I have the FlexDirect account where you have to pay in £1,000 per month and then get 5% interest on up to £2,500 for first year.

The £1,000 comes out of my main current account each month. I already have £2,500 in the Nationwide one, so each time the £1,000 goes in now, I am not getting any interest.

The next best interest account I have is the main current account. So, i have a standing order from main to Nationwide to pay in £1,000 a month on the 1st. Am i allowed to set up a standing order that pays the £1,000 from the Nationwide account back to themain account on the 5th? So the money literally goes in then comes straight back out and back to where it came from again?

I can't find anywhere that says you cant do this, but i feel like if you can do that, it defeats the point of the monthly pay in so there may be a hidden rule somewhere?

Sorry if this has been covered in the forum before, couldnt find any other feeds about it. Thanks in advance for all advice/clarification!

You could set up a SO to take £1000 out on the same day as it goes in. You don't have to leave it there earning no interest for 5 days.

Or, have you considered opening a regular saver for up to £500 a month, which would also earn 5%? Then simply move the other £500 back out.

knack92

Well done for reading the Ts&Cs. It does seem strange so I can understand why you're seeking clarification. However, as you surmised, this is absolutely ok. Payments for some of my accounts go in and out within a minute.

Edit: just noticed the previous reply and I agree that you should consider the regular saver. It's a no brainer really and takes about 30 seconds to open (longer if you read the terms )