Flexdirect paying in and out

Sasal

Hi there,

Just a quick question on the nationwide flexdirect account. I'd like to take advantage of the 5% interest paid on balances of £2500 in the first year. I understand you have to pay in £1000 a month to get the interest but can't find any info on how long this £1000 has to stay in the account, so I was wondering could I open the account with the £2500 and then pay in £1000 from my main current account when I get paid and the next day transfer it back out? Would this satisfy the criteria?

Malchester

You can transfer the £1000 out immediately and still get the 5% interest.

aj23_2

As long as £1,000 or more is paid in in a calendar month excluding bank holidays then you can withdraw it the next day. As long as it goes in, they don't care if it stays in, but some banks are wising up to this.

ColdIron

You can withdraw it after a shake of a nanny goats tail. You could even transfer it out and then back in again. Setting up two opposing standing orders would automate the whole thing

ValiantSon

aj23 wrote: »

As long as £1,000 or more is paid in in a calendar month excluding bank holidays then you can withdraw it the next day. As long as it goes in, they don't care if it stays in, but some banks are wising up to this.

How are they? It's a current account and is intended to allow for movements in and out of money. Pleas provide links to terms and conditions which show that money has to stay for some set period within a current account. I'd be surprised if you found any. The last person who suggested this, a couple of weeks ago, was shown to be wrong.

clivep

No need to leave in for a day if you're keeping £2,500 in there as you'll not go overdrawn if the SO goes out earlier in the day before the credit goes in.

I have a SO for the £1,000 each way on 15th of the month between FlexDirect and BOS. Doesn't matter if it falls on a weekend/bank holiday as they still get actioned on the same day.

YorkshireBoy

ValiantSon wrote: »

How are they? It's a current account and is intended to allow for movements in and out of money. Pleas provide links to terms and conditions which show that money has to stay for some set period within a current account. I'd be surprised if you found any. The last person who suggested this, a couple of weeks ago, was shown to be wrong.

Poster has made that statement before, but declined to substantiate it when challenged. I'm expecting much the same this time.