Nationwide FlexDirect requirements

litepay

Hello everyone. I applied for Nationwide's FlexDirect account solely because it offers 5% interest on balances up to £2500 for 12 months. My main bank account is with Barclays. Am I right to think that - to meet the eligibility criteria for the high interest - I can simply transfer £1000 each month to the FlexDirect from my Barclays account, and transfer the same amount back to Barclays the same day? Are there any other requirements for this account? I don't plan to use the account at all for shopping, I intend to put some of my savings in it and leave it there for one year.

To benefit from in-credit interest, you'll need to pay in a minimum of £1,000 per calendar month (excluding transfers from any Nationwide account held by you or anyone else).

TA

ColdIron

Yes, works perfectly, most people would set up opposing standing orders on the same day to automate the process. Don't forget the Flex Regular Online Saver also at 5%

soulsaver

Correct.
For info: If referring a friend they need 2 DDs to switch in, that can be removed after the event.

"A minimum of two existing Direct Debits on the old account must be transferred as part of the switch. Other types of automated payments, such as Standing Orders and recurring card payments, will not count towards this."

PRAISETHESUN

You are correct - this will work.

Lomcevak

ColdIron wrote: »

Yes, works perfectly, most people would set up opposing standing orders on the same day to automate the process. Don't forget the Flex Regular Online Saver also at 5%

Out of interest, what happens at the end of the 5% introductory period on the FlexDirect if you only want to keep access to the Regular Saver in the future? Can you just transfer £250/month into the FlexDirect, transfer it immediately into the Regular Saver, and that's that? Zero balance for the rest of the time.



Without the £1000 monthly payment there would be no 1% interest, but that's fine - I can do better elsewhere. And I see anything on Nationwide's website saying that I need direct debits on the FlexDirect either, but wanted to check as mine drops off the 5% rate fairly soon.

ColdIron

Pretty much yes, just empty the account. If you are using standing orders to pay £250 into the FlexDirect and then the regular saver I think internal Nationwide ones fire on on the day that you say while external ones may not, so watch out for weekends and holidays. DDs not required

Dobbibill

Lomcevak wrote: »

Out of interest, what happens at the end of the 5% introductory period on the FlexDirect if you only want to keep access to the Regular Saver in the future? Can you just transfer £250/month into the FlexDirect, transfer it immediately into the Regular Saver, and that's that? Zero balance for the rest of the time.

Without the £1000 monthly payment there would be no 1% interest, but that's fine - I can do better elsewhere. And I see anything on Nationwide's website saying that I need direct debits on the FlexDirect either, but wanted to check as mine drops off the 5% rate fairly soon.

Yes, you can bounce £250 to the RS via the FlexDirect account.
The DDs are only required for the switch/refer a friend offer.