Nationwide OR First Direct

ModernMillie

Hi,
I have received approx. £4k from my grandma's estate. I've not decided what to do with it yet, so want to get a bit of something while it is in the bank. I have decided to go with either Nationwide or First Direct as they both have 5% interest but I am not sure which.
I have some mental health problems, so find decision making difficult at the best of times and even more so in this case as there are so many different aspects to consider. I can pay in over £1000 a month to a bank account. I was also considering First Direct due to the current incentive as I could give away the headphones (or whatever I choose) as a Christmas gift!
All advice is gratefully received. Thank you.

Willing2Learn

Another vote for Nationwide Flex Direct / Regular Online Saver combo. When used as a feeder and savings combination, it is hard to beat...

18cc

Nationwide have 5% on the first 2500 of their current account for a year - there are payin requirements. in addition Nationwide have a 5% Regular Saver

First Direct only have the 5% Regular Saver you get nothing on the current account. If you close it early you get next to nothing interest even if you saved for 11 months First Direct also have a high monthly pay in requirements and a £10 charge if you miss it although you can avoid this by taking out another product

I would go with Nationwide. In fact reading my post above I have just realised quite how bad the first direct products are I Wonder Why anyone goes with them

System

Nationwide would be able to help out in branch - along with web and over the phone.

First Direct are branchless with deposit/withdrawals (only) at HSBC.

If I had a disability, branch access would be worth more than box of headphones for a relative.

Terry_Towelling

Nationwide FlexDirect current account (5% up to £2.5k balances) plus a linked 5% regular saver - and use the first month's current account interest to buy some cheap headphones for Christmas!

ModernMillie

Thank you all. Your comments have been really helpful.

agrinnall

18cc wrote: »

In fact reading my post above I have just realised quite how bad the first direct products are I Wonder Why anyone goes with them

I don't see what's bad about the regular saver, you just have to make sure that you're not keeping cash unnecessarily in the First account. Getting 5% on £300 a month seems like a good deal to me - my most recent one has just matured and I've opened a new one straight away.

Katiehound

I'm assuming you don't already have a bank account.

If you do have one you could switch to Nationwide and be referred earning yourself another £100 - see Referrer's board for details.

Another vote for Nationwide

ceredigion

Why one or the other? Open both

ceredigion

In fact open Nationwide and TSB 5% on the whole balance from day one.

colsten

ModernMillie wrote: »

I was also considering First Direct due to the current incentive as I could give away the headphones (or whatever I choose) as a Christmas gift!

To get those headphones, you must switch an account. Not impossible to do, but you could probably do better by switching to Nationwide, with the Refer A Friend offer that has already been mentioned.