Nationwide FlexDirect - No reward for loyalty

Louisecat89

Hi guys!

I currently have a Nationwide FlexDirect current account, Regular Saver and a Loyalty Saver 15yr. I have £40k saved in the Loyalty Saver 15yr, but I am earning less that 1% on it and want to move it out. To qualify for the Regular Saver 5% I must transfer £250 / month from an external source and cannot transfer from my existing Loyalty Saver 15yr.

What is the best thing for me to do? ISA? Savings Account? Switching my Current Account for opening bonus?

Louse

tomthered

I would say open a current account externally, pay in from that, into your external account and pay back into the Nationwide Flex Account

badger09

Louisecat89 wrote: »

Hi guys!

I currently have a Nationwide FlexDirect current account, Regular Saver and a Loyalty Saver 15yr. I have £40k saved in the Loyalty Saver 15yr, but I am earning less that 1% on it and want to move it out. To qualify for the Regular Saver 5% I must transfer £250 / month from an external source and cannot transfer from my existing Loyalty Saver 15yr.

What is the best thing for me to do? ISA? Savings Account? Switching my Current Account for opening bonus?

Louse

Have you read these?

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest

TheShape

Duplicate thread here:

https://forums.moneysavingexpert.com/discussion/5773481


Probably best placed on the Savings and Investments board considering the sums involved.

System

Doesn't the 15 year Loyalty saver pay 1%?
Can you not transfer to the Flex then 5% Monthly Saver manually?

le_loup

SPalin wrote: »

Doesn't the 15 year Loyalty saver pay 1%?
Can you not transfer to the Flex then 5% Monthly Saver manually?

It does.
The monthly saver does not have to be paid from an external account.

niktheguru

You should keep the money in the loyalty saver then every month transfer 250 to the flexdirect and then transfer from the flexdirect to your regular saver. That is allowed.

Hope that helps.