Nationwide FlexDirect

tommy31

Hi everyone!

I am looking at the FlexDirect account (that juicy 5% rate), and a friend of mine has referred me for the switching bonus. The terms state that I will need to transfer 2 direct debits as part of the switch to be eligible for the £100 bonus.

Does anyone know whether these ned to be monthly direct debits? I currently have a few direct debits that are paid yearly which I could use on a donor account to gain the switching bonus, but obviously won't if it doesn't count!

It also doesn't state that the direct debits (if they need to be monthly) need to continue to be paid for 12 months. Am I able to cancel the direct debits once I have switched?

Thanks all!

YorkshireBoy

They are simply direct debits.
No requirement to pay out...ever.
Unless you haven't paid them for a year or so you'll have your incentive before they lapse as dormant.

But don't take my word for it...ask the person who stands to make £100 and make them earn it!

PRAISETHESUN

As long as the DDs are active and could pay out if called upon, then this will be sufficient. Generally DDs are active for 13 months following either: a) the date they were initially set up (if never used), or b) 13 months from the last time they paid out. Generally I like to make sure my DDs have paid out at least once before switching, but that's probably overkill. I don't think there is any obligation to keep them on your new Nationwide account either once the switch has completed, although personally I'd leave them until the switch incentive has been paid just for safety.

tommy31

Thanks both, that's very helpful!

Seems if you're willing to put a small bit of effort in for an hour, you could get a decent pay out. Wonder why a lot of people don't do these things..

YorkshireBoy

tommy31 wrote: »

Seems if you're willing to put a small bit of effort in for an hour, you could get a decent pay out.

For a couple, well over £1K available at times, until you've used them up. Then along comes Santander, and another £1K+ available...as you say for minimal effort.

Wonder why a lot of people don't do these things..

In your circle they may not. On here, however, it's very popular with, as I say, people making £1000's!