Nationwide FlexDirect - should I switch?

wallofbeans

Hi all,

I opened a FlexDirect account on Feb 17th last year so am coming up to the 12 month mark, but not quite there yet. Should I dump it and use to open a NatWest account, or hold out and see what else comes along?

Thanks,

YorkshireBoy

The only reason you'd hold out is for a higher paying switching incentive. Is there one (that you haven't already had)? If there is, is it easier to get than NatWest, ie no DDs or SOs required?

EachPenny

wallofbeans wrote: »

I opened a FlexDirect account on Feb 17th last year so am coming up to the 12 month mark, but not quite there yet. Should I dump it and use to open a NatWest account, or hold out and see what else comes along?

Why not? If you can hold the switch off until the 17th to maximise your interest potential at 5%.

There are other offers out there already - by switching to NatWest you don't need to miss out on anything. Just set up and use a donor account if necessary.

wallofbeans

I've done everything else currently available, except for HSBC - but can't switch to them as they are where I started in 2015 when I first switched accounts.

I guess I was holding out to get the full 12 months out of Nationwide, it's annoying that it doesn't quite work out perfectly...

YorkshireBoy

wallofbeans wrote: »

I guess I was holding out to get the full 12 months out of Nationwide, it's annoying that it doesn't quite work out perfectly...

Of course it does! You apply and set a 17th Feb switch date. Sometimes it's hard to see the wood for the trees.


My own switch from Nationwide to NatWest completes this coming Friday, a week shy of my anniversary...which was the latest date I could set. The 7 days lost interest will cost me precisely £2.34. Hardly the end of the world.

wallofbeans

For some reason I was thinking my 12th month of interest was 17th March...

badger09

Why not keep the FlexDirect for access to the regular saver, and use a donor account instead?

wallofbeans

badger09 wrote: »

Why not keep the FlexDirect for access to the regular saver, and use a donor account instead?

I don't have any other spare accounts..

YorkshireBoy

wallofbeans wrote: »

I don't have any other spare accounts..

Now we're getting to the root cause of your "annoying" issue.

Will you have a spare account ready for any upcoming Barclays switching incentive? Or perhaps for an RBS switching incentive (that doesn't exclude those who've received NatWest incentive payments)? What if Halifax nudge on their January 2012 cut-off date by a few years?

badger09

wallofbeans wrote: »

I don't have any other spare accounts..

But you know how to fix that don't you:cool:

YorkshireBoy wrote: »

Now we're getting to the root cause of your "annoying" issue.

Will you have a spare account ready for any upcoming Barclays switching incentive? Or perhaps for an RBS switching incentive (that doesn't exclude those who've received NatWest incentive payments)? What if Halifax nudge on their January 2012 cut-off date by a few years?

OP already has several accounts with a variety of banks. He/she seems reluctant to read & retain T&Cs though.

Kim_13

wallofbeans wrote: »

Hi all,

I opened a FlexDirect account on Feb 17th last year so am coming up to the 12 month mark, but not quite there yet. Should I dump it and use to open a NatWest account, or hold out and see what else comes along?

Thanks,

If you were going to go for NatWest, you need to apply for the account by the Feb 16th, but you don't have to switch for a month after that.

You'll be due interest on the 28th, which would comprise part of the month at 5% and the 17th onwards at 1%. You could schedule your switch for 1st March if you want to receive your interest on the usual date.

See the offer page on the Natwest site showing the different deadlines for applying online for the account and switching to the account: https://beta.natwest.com/personal/current-accounts/switcher-offer.html