Current Accounts and 1k pay in

Mikeh78

Me and my girlfriend are finally trying to be a bit smarter with finances and are looking at opening a new account. Is it possible to open a new current account without using it as your 'current account' by moving money about to achieve the 1k monthly pay-ins.

For example, the Nationwide Flex Direct looks really good at 5% interest on 2.5k. Would we be able to both open this account and put 2.5k in it for the interest and then each month have a standing order to move 1k into this account (to meet the requirements) from our existing current account and then have another standing order to move it back out ?

The Natwest current account with 2% back on bills works well for me so don't want to lose that (although I suppose I could keep that open just to pay bills and top it up when needed).

soulsaver

Yes...
https://forums.moneysavingexpert.com/discussion/5848892/nationwide-flex-direct-account

Audaxer

Mikeh78 wrote: »

For example, the Nationwide Flex Direct looks really good at 5% interest on 2.5k. Would we be able to both open this account and put 2.5k in it for the interest and then each month have a standing order to move 1k into this account (to meet the requirements) from our existing current account and then have another standing order to move it back out ?

Yes, and if you have the cash you can open 3 Flex Direct accounts - one in each name and a joint one.

eskbanker

Don't forget to refer each other for an extra £400 (in return for jumping through some hoops):

https://www.nationwide.co.uk/about/recommend-a-friend/terms-and-conditions

EarthBoy

Mikeh78 wrote: »

For example, the Nationwide Flex Direct looks really good at 5% interest on 2.5k. Would we be able to both open this account and put 2.5k in it for the interest and then each month have a standing order to move 1k into this account (to meet the requirements) from our existing current account and then have another standing order to move it back out ?

The Natwest current account with 2% back on bills works well for me so don't want to lose that (although I suppose I could keep that open just to pay bills and top it up when needed).

You need to keep the NatWest account, or an account at another bank, or have your wages paid direct to the Nationwide. Don't make the mistake of trying to get the 5% interest by transferring the money from one Nationwide account to another as that won't work. The money must come from a non-Nationwide account.

Tadpole78

I've been looking into this myself.


So with the FlexDirect, can you get the 5% on all 3 accounts, assuming 2 are single and 1 joint? I had assumed it'd just be on the 2 single accounts.


Also, I'm already with Nationwide for my current account, so can't use that to transfer the money into the FlexDirect, and anyone recommend another decent current account with good interest as in interim for transferring into and then out of.


Thanks!

soulsaver

Tadpole78 wrote: »

I've been looking into this myself.


So with the FlexDirect, can you get the 5% on all 3 accounts, assuming 2 are single and 1 joint? I had assumed it'd just be on the 2 single accounts.


Also, I'm already with Nationwide for my current account, so can't use that to transfer the money into the FlexDirect, and anyone recommend another decent current account with good interest as in interim for transferring into and then out of.


Thanks!

TSB Classic Plus .. 5% on £1500 - but can get a joint ac as well for another 5% on £1.5k - needs branch visit to open at the moment though.

Tadpole78

soulsaver wrote: »

TSB Classic Plus .. 5% on £1500 - but can get a joint ac as well for another 5% on £1.5k - needs branch visit to open at the moment though.

Thanks, though alas no branches near me (or anywhere in Northern Ireland!)

ValiantSon

Tadpole78 wrote: »

I've been looking into this myself.


So with the FlexDirect, can you get the 5% on all 3 accounts, assuming 2 are single and 1 joint? I had assumed it'd just be on the 2 single accounts.


Also, I'm already with Nationwide for my current account, so can't use that to transfer the money into the FlexDirect, and anyone recommend another decent current account with good interest as in interim for transferring into and then out of.


Thanks!

I've already answered most of your questions (and several others) in the thread you started yesterday (and appear to have abandoned):

https://forums.moneysavingexpert.com/discussion/5849133/novice-saver#7

You're welcome, by the way. Don't mention it.

Tadpole78

ValiantSon wrote: »

I've already answered most of your questions (and several others) in the thread you started yesterday (and appear to have abandoned):

https://forums.moneysavingexpert.com/discussion/5849133/novice-saver#7

You're welcome, by the way. Don't mention it.

Apologies ValiantSon, I genuinely didn't realise there were any more replies, I thought I had the notifications turned on, but on looking at it now I hadn't, so sorry again. And thanks, I will read that now (sorry, I'm mortified).

ValiantSon

Tadpole78 wrote: »

Apologies ValiantSon, I genuinely didn't realise there were any more replies, I thought I had the notifications turned on, but on looking at it now I hadn't, so sorry again. And thanks, I will read that now (sorry, I'm mortified).

Don't be. I just thought it rather odd that you would post in a different thread rather than your own. I hope what I have said helps. For an alternative bank, I would second the suggestion of TSB, but I believe that, at present, they are not accepting new applications for current accounts. If you've got a couple of spare direct debits (or can easily create some) then Tesco Bank will give you 3% on up to £3,000.