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I-LOV-MONEY

bristolleedsfan wrote: »

http://www.nationwide.co.uk/current_account/flexdirect/FAQs.htm


Can I open more than one FlexDirect account?

"You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account".

Maybe the clue is in the word "guaranteed" ? You maybe lucky, or maybe not if you open more than one account. Presumably if you don't get 5% interest, you just close it down!

bristolleedsfan

I-LOV-MONEY wrote: »

Maybe the clue is in the word "guaranteed" ? You maybe lucky, or maybe not if you open more than one account.

I am currently getting 5% on 4 accounts as well including accounts opened during middle of June.:)

badger09

I see Middle Sister has now deleted her post made yesterday:

"What a nasty response! Rather than be sarcastic - just don't reply. It's not rocket surgery."

Apology accepted. (Sarcasm intended )

Lets put it down to the heat

socrates

bristolleedsfan wrote: »

I am currently getting 5% on 4 accounts as well including accounts opened during middle of June.:)

I managed 2 - somehow I cannot open any others with or without interest

Mee

Hi All,

I've only been brave enough to open a few enhanced saving rate current accounts as I'm always worried, probably unnecessarily so, that DD or SOs will fail, not having enough time to keep on top of it manually and dying tidily.
I'm sure others like me would be interested to read tips on how to effectively recycle external funds. Do you have a particular strategy and system of reminders that work?

Do let me know if this should be posted under another thread or forum.

Thanks

Mr._H_2

Mee wrote: »

HI've only been brave enough to open a few enhanced saving rate current accounts as I'm always worried, probably unnecessarily so, that DD or SOs will fail, not having enough time to keep on top of it manually and dying tidily.
I'm sure others like me would be interested to read tips on how to effectively recycle external funds. Do you have a particular strategy and system of reminders that work?

Like you, I am extremely cautious about DDs and SOs and always like to ensure that they have occurred correctly. Given that checking such things have occurred correctly requires an online log-in to an account, in many cases I simply do the cycling manually by online transfers (Faster Payments).

I have set the calendar on my computer to send me an email once a month to remind me to do the cycling. I have to cycle money through about ten accounts but this only takes a few minutes due to the immediacy (usually!) of Faster Payments.

Mee

Mr._H wrote: »

Like you, I am extremely cautious about DDs and SOs and always like to ensure that they have occurred correctly. Given that checking such things have occurred correctly requires an online log-in to an account, in many cases I simply do the cycling manually by online transfers (Faster Payments).

I have set the calendar on my computer to send me an email once a month to remind me to do the cycling. I have to cycle money through about ten accounts but this only takes a few minutes due to the immediacy (usually!) of Faster Payments.

OMG, I feel so inferior, but impressed
I use FPs on an adhoc basis normally at the setting-up stage. I guess I don't think I'm organised (or committed) enough to rely in FPs. This may seem a daft question, but how you do this? Do you have 5 or so accounts acting as feeders/receivers, or one or two (main) feeder account(s), or some other system?
Thanks

Archi_Bald

Just cycle your money. Say, £1K from A to B to C to D to A. Job done.

Mr._H_2

Archi_Bald wrote: »

Just cycle your money. Say, £1K from A to B to C to D to A. Job done.

Yes, exactly!

mihaid

Archi_Bald wrote: »

Just cycle your money. Say, £1K from A to B to C to D to A. Job done.

Yes but care needed if A is 123 account and B is also 123 then the transfer won't count being from the same Santander bank.