Nationwide flexaccount 5% on £2500 questions

karljt2013

1) Do any direct debits need to be paid out to get the interest?
2) The £1000 per month - when does the month start and finish? From the day of account opening or the first of the month?
3) Can I deposit £500 twice and withdraw it straight away to cover the £1000 deposit requirement?

thanks in advance

alanq

1) Direct Debits are not required for 5% interest. (May be for switching or referral incentives I haven't looked).
2) Read Terms and Conditions before applying. "Month" is defined within.
3) Yes

Sea_Shell

I'm pretty sure Nationwide use calendar months, not "Monthiversaries" (like Santander)

Zanderman

The most important thing is to make sure you're talking about and opening the right account!

Nationwide 'FlexAccount' does not offer 5% interest at all.

Nationwide 'FlexDirect' does.

RG2015

Hi karljt2013,

Are you aware that the 5% interest offer only lasts for 12 months thereafter falling to 1%?

Westie983

karljt2013 wrote: »

1) Do any direct debits need to be paid out to get the interest?
2) The £1000 per month - when does the month start and finish? From the day of account opening or the first of the month?
3) Can I deposit £500 twice and withdraw it straight away to cover the £1000 deposit requirement?

thanks in advance

Hi, Karljt2013

1 No DD are required for the interest to be paid.

2. The month is counted from the 1st - 31st although I wouldnt leave it to the end of the month, as if it falls on a weekend it could end up being credited the next month, even if the payment hits the account straight away.

3. Yes you can make as many payments into the account as long as they total £1000 a month, if you have funded the account with £2500 you wouldn't want to keep the £1000 in the account as it wouldn't make any interest, so yes you can take it straight back out again. You could do this twice with the same £500 if you wish.

Westie983