Nationwide Flex Direct 5% - can I send min payment back and forth between accounts?

rebeccakate

Hello

I'm looking at getting the Nationwide Flex Direct - 5% interest fixed on £2500!!

You need to pay in £1000 each month to get the interest.

So if I initially put in £2500, then if I sent £1000/ month into the account and then sent it back out (say £990 out/month), would I still qualify for the interest?

(Also second question - they do a credit check. Would this appear on my credit score report?)

Thanks!

ColdIron

Yes and sort of yes. Your credit score is a meaningless number that banks do not see but the credit check will be available to them. It might or might not affect your number/score

xylophone

The 5% only lasts for a year - after that it is 1%.


Yes - you can send £1000 from a non NW account to NW and back again in seconds by faster payment.

As for a credit check, I'd be surprised if they didn't.

Audaxer

rebeccakate wrote: »

Hello
So if I initially put in £2500, then if I sent £1000/ month into the account and then sent it back out (say £990 out/month), would I still qualify for the interest?

Yes, but why £990 as you can move the whole £1,000 back out the day after, or even on the same day.

Madison

I kept this going beyond the 12 month higher interest rate due to opening it when it still came with free travel insurance. Apparently if you miss a month of paying in a grand, you lose the travel insurance so I pay £1000 in on the first of the month and transfer £500 to each of my TSB accounts and then from those back to my main account.

YorkshireBoy

Madison wrote: »

I kept this going beyond the 12 month higher interest rate due to opening it when it still came with free travel insurance. Apparently if you miss a month of paying in a grand, you lose the travel insurance so I pay £1000 in on the first of the month and transfer £500 to each of my TSB accounts and then from those back to my main account.

Did the FlexDirect account ever come with free travel insurance?

badger09

YorkshireBoy wrote: »

Did the FlexDirect account ever come with free travel insurance?

Must admit, I thought that was the (old) Flex Account. Now, for new customers, it only comes with the FlexPlus Account.

Madison

Maybe it's an old account but it paid 5 percent interest for the first year and I have free travel insurance with it, or at least I did and haven't received anything to tell me otherwise.

YorkshireBoy

Madison wrote: »

Maybe it's an old account but it paid 5 percent interest for the first year and I have free travel insurance with it, or at least I did and haven't received anything to tell me otherwise.

I'd double check if I was you, and certainly before travelling abroad and relying on it.

Terry_Towelling

Madison wrote: »

Maybe it's an old account but it paid 5 percent interest for the first year and I have free travel insurance with it, or at least I did and haven't received anything to tell me otherwise.

If it did ever come with travel insurance, you must have received a travel insurance certificate and have that in a safe place. Don't forget, (this is to anyone with travel insurance on a packaged bank account) you still need to declare all of your pre-existing conditions to the insurer or you may find yourself with no medical cover when you most need it. Even raised cholesterol in a blood test for my other half was considered a 'declarable' pre-existing condition in a policy we had many moons ago.