Nationwide Flexi Account

jcrooks89

I'm thinking of opening a Nationwide Flexi Current Account which pays 5% interest on balances up to £2500 if a minimum of £1000 is put in each month.

Does anyone know if I would get away with transferring £1000 in then taking it straight back out to get the 5% interest (not from another Flexi account)? Or transfer £1000 out then put it back in again?

Also, I have £2500 to put in the account. As interest is paid monthly, if I kept this amount in thee account would I be paid 5% of £2500 each month? So £175 a month?

realaledrinker

Yes

It's 5% per annum approx £10.38 a month

YorkshireBoy

£122.25 over the year isn't a bad return though.

But you could near double that return to 8.89% (£222.25) by switching into it, rather than simply 'opening' it, via their refer a friend promotion.

binaryuniverse

That's a good point. I was considering opening an account, at the end of the month, and dumping £2500 in to it. But the refer a friend gives even better returns.

kittieviolet

From your original question, I have a Flexi account and I transfer £1000 in one day and then back out the next and I get the £10.38 interest per month on the £2500.

Zanderman

jcrooks89 wrote: »

I'm thinking of opening a Nationwide Flexi Current Account which pays 5% interest on balances up to £2500 if a minimum of £1000 is put in each month.

Does anyone know if I would get away with transferring £1000 in then taking it straight back out to get the 5% interest (not from another Flexi account)? Or transfer £1000 out then put it back in again?

Also, I have £2500 to put in the account. As interest is paid monthly, if I kept this amount in thee account would I be paid 5% of £2500 each month? So £175 a month?

Just make sure you open the FlexDirect account. They have a lot of current accounts called Flex-something and your wording of 'Flexi' account could be any of them. Make sure you pick the right one.

trailingspouse

Hope so - it's what I do every month...

badger09

Zanderman wrote: »

Just make sure you open the FlexDirect account. They have a lot of current accounts called Flex-something and your wording of 'Flexi' account could be any of them. Make sure you pick the right one.

Indeed

Is it so difficult to use the correct name for the account being discussed:cool:

It is a FlexDirect.

Nationwide also offer current accounts called:
FlexPlus
FlexAccount
FlexBasic
FlexOne
FlexStudent

As well as various savings accounts, also with 'Flex' in the name, but no 'Flexi' account.

Overkill on the names perhaps, but typing a few more letters would avoid possible confusion.

Mild rant over:p

binaryuniverse

I note that, if you switch with the refer a friend offer, you need to also switch 2 direct debits. I can set those up on the donar account, no problem. But do they need to have had a payment, on the old account before I do the switch? Or do they merely need to exist?

And then does anyone know if I can then move the DDs elsewhere, afterwards, without it effecting the 5% interest?

YorkshireBoy

binaryuniverse wrote: »

I note that, if you switch with the refer a friend offer, you need to also switch 2 direct debits. I can set those up on the donar account, no problem. But do they need to have had a payment, on the old account before I do the switch? Or do they merely need to exist?

If you can see the DDIs listed on the donor account then they'll be switched.

And then does anyone know if I can then move the DDs elsewhere, afterwards, without it effecting the 5% interest?

The DDs are a requirement for the £100 incentive, not the 5% rate aren't they?

yorkshireOAP

I too have £2500 in a Flex direct, I move £1000 into the account on 3rd of the month and out again on the 5th. of the month. Great, it looks after itself and interest is added monthly. I have not yet decided what to do with the accumulated interest however.

I have a question: After 12 months (Oct. 2017) can I upgrade my Flex account to Flex direct to get the same deal for the next 12 months?