Nationwide Flexdirect

Jovin123

Hi All
I was thinking of openig a Nationwide Flexdirect account as it pays 5% on blances up to £2500 providing you pay in £1000 a month.
I was going to put some money in the account then pay in the 1000 a month, there are no restrictions on withdrawals so leave the 1000 in for a day then take out again gaining the interest on the continuing balance.
Anyone else tried this?

stoozie1

I do this. Into my third eligable year now (single user>joint account>single user again).

I don't leave the 1000 in for a day though, barely a few seconds.

Jovin123

stoozie1 wrote: »

I do this. Into my third eligable year now (single user>joint account>single user again).

I don't leave the 1000 in for a day though, barely a few seconds.

Thanks for the quick reply I thought it looked like this was a feasible method.
If changed to joint account from single after a year does it carry on at 5%?

G_M

There are many people here doing that, not just with Nationwide, but with Lloyds, BOS, Santander etc.

The same £1000 circulates round each account each month.

Eco_Miser

Jovin123 wrote: »

If changed to joint account from single after a year does it carry on at 5%?

It did, but won't in future as NW are changing their T&Cs from 13th January.

greendoor665

You don't even have to leave it in for a day. I have 5 current accounts and each has standing order to another account for just over £1000 just after payday.