Nationwide 5% ended - Best next move?

where_are_we

At Nationwide (NW) - (1) my OH and I have a joint FlexPlus (2) I have a sole Flexdirect (FD) paying 5% (3) OH has a sole FD where the 5% has ended and is now paying 1%. We both have sole Flexclusive regular 2 `s. It seems that there is no point in downgrading the 1% FD and waiting a year because NW have changed the rules.
"6.
If you have previously held a Nationwide current account you are not entitled to the introductory rate or offer (where
applicable) for that current account product under this agreement"
Best next move would seem to be switching the NWFD 1% account (which no direct debits) to First Direct (doesn`t require DD`s) and get £125 bonus + 5% regular saver. Am I correct?

radoslaff

Well, the bonus in HSBC is £150 + £50 after a year and they have a regular saver too. That's a much better deal if you ask me. And the last time I checked they required 2 standing orders, which is not much more than nothing. The £1750 deposit per month requirement might be a little pain but easily maintained as long as you can rotate some money between accounts.

LXdaddy

radoslaff wrote: »

Well, the bonus in HSBC is £150 + £50 after a year and they have a regular saver too. That's a much better deal if you ask me. And the last time I checked they required 2 standing orders, which is not much more than nothing.

I think they need 2 direct debits rather than standing orders.

YorkshireBoy

LXdaddy wrote: »

I think they need 2 direct debits rather than standing orders.

https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/HSBC_200_Switching_offer.pdf

Condition 4c

Note the word "or". Only two letters, but very important ones.

where_are_we

With Tesco DD`s ending in April (we have to find replacements for our Lloyds accounts), First Direct (no DD`s required) is easier to comply with.
Am I correct that NW will now not pay 5% again on its Flex Direct accounts after a 1 year gap if you have previously had one?

YorkshireBoy

where_are_we wrote: »

First Direct (no DD`s required) is easier to comply with.

...but doesn't pay as much as HSBC, which has the same terms, ie no DDs and a 5% reg saver. Maybe you've already done HSBC?

Am I correct that NW will now not pay 5% again on its Flex Direct accounts after a 1 year gap if you have previously had one?

Yes.


Have you done Nationwide's RAF? If not, that's a £400 pay day there. Just need a couple of DDs.

LXdaddy

YorkshireBoy wrote: »

https://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/HSBC_200_Switching_offer.pdf

Condition 4c

Note the word "or". Only two letters, but very important ones.

I stand corrected

And it looks like you don't need to have DDs to maintain the Advance account which gives the 5% interest on the Regular Saver

where_are_we

HSBC advance account needs 2 DD`s - just looked at offer.

YorkshireBoy

where_are_we wrote: »

HSBC advance account needs 2 DD`s - just looked at offer.

Look again.

ST-User

It needs them only for the switching offer. But the account itself doesn't need any DD's to be maintained so you can cancel them a few months later.

JustAnotherSaver

where_are_we wrote: »

HSBC advance account needs 2 DD`s - just looked at offer.

Half correct...

Important information - £200 when you switch and stay with HSBC Advance

Offer applies to successful applications received by us instructing us to start a full switch of a current account, including at least 2 Direct Debits or Standing Orders, to your Eligible Account using the Current Account Switch Service (CASS) to start within 30 days of your Eligible Account being opened.

1. The offer is limited to one per customer or joint relationship on eligible HSBC Advance Bank Accounts and is only applicable to customers who are not existing HSBC current account holders on the date of application (and have not been since 1 January 2015). To be eligible for the HSBC Advance Bank Account you must be over 18 and pay in at least £1,750 into your account each month (or a minimum of £10,500 every six months) not including internal transfers. Applications are subject to status and internal checks.
2. You will receive £150 within 50 days of your switch completion date.
3. You will receive a further payment of £50 being paid 12 months later if you registered for Mobile or Online Banking within 60 days of account opening and met the account eligibility criteria for 9 out of the first 12 months.
4. The Current Account Switch Service is available online for sole applications once your account is opened. For joint applications it is only available in branch or by calling our dedicated switching team once your account is opened. Switching using Current Account Switch Service cannot be done online for joint applications.
5. Offer available to UK residents, subject to availability.

HSBC £200 Switching Offer: Terms and Conditions (PDF)