FlexDirect - when does 5% rate begin?

Snaaap

It's clearly stated that "To benefit from in-credit interest, you'll need to pay in a minimum of £1,000 per calendar month" but it's less clear to me how they judge this. Do you start accruing 5% as soon as you pay in £1000+? Or they do they wait until you've done this regularly for a few months?

Does the rate drop at the start of each month until you pay in the minimum or is there just some trust you'll do it before the end of the month? What happens if you don't pay in £1000 one month? If the rate drops, do you have a chance to get it back up by paying the minimum again?

Sorry if these are silly questions, it's just not obvious to me.

RG2015

I paid in £1,000 on the 1st of every month and withdrew it on the 1st of every month leaving a fixed balance of £2,500 there for 12 months. I was paid 5% per annum interest every month on the same day. This was £10.38 for a 31 day month and £10.05 for a 30 day month.

The interest was paid from the day I opened the account. You either get the interest or you don't. There is no in between.

YorkshireBoy

The start date is the account opening date.

You will accrue interest each day. If you pay in at least £1K at any time during the calendar month you'll get the interest on close of business on the last calendar day. If you don't, you won't.

Snaaap

Thank you.

On a slightly related note, I tried to open a Flexclusive Regular Saver now that I have a FlexDirect account but the app denies me saying I need a current account, paying £750 in for 3 months. But their own rules state a FlexDirect should be enough. Am I wrong?

YorkshireBoy

Snaaap wrote: »

Thank you.

On a slightly related note, I tried to open a Flexclusive Regular Saver now that I have a FlexDirect account but the app denies me saying I need a current account, paying £750 in for 3 months. But their own rules state a FlexDirect should be enough. Am I wrong?

What you're experiencing has been reported before. I seem to remember that you may have to wait a few days.

ceredigion

Snaaap wrote: »

Thank you.

On a slightly related note, I tried to open a Flexclusive Regular Saver now that I have a FlexDirect account but the app denies me saying I need a current account, paying £750 in for 3 months. But their own rules state a FlexDirect should be enough. Am I wrong?

The solution , log out, apply for the regular saver ,during the application process it will ask you to log in, if you do so all will work as should.