FlexDirect and Credit Scoring

B_G_B

Marcli wrote: »

I'm new to this sorry. Not sure how to quote messages.

I was asking about transferring the £1000 each month from my HSBC account to the flexdirect account then back again to HSBC. I can do this but I'd need a card reader. How does having a card reader enable me to do that?

https://www.nationwide.co.uk/support/security-centre/internet-banking-security/card-reader-and-security-questions

[Deleted User]

Setup a standing order on each account if not?

Why £1000?

What are you achieving by doing this?

eskbanker

irelavv wrote: »

I apologise if I sound misinformed but is it possible to make a deposit to a (potentially) new current account without having the debit card at hand?

fiat_lux wrote: »

You don't have to wait for the debit card to deposit money. You can do it immediately once you know your new bank acct number and sort code - just do a money transfer from your existing bank account to your new one.

While it is indeed possible to deposit into a brand new current account as soon as you have confirmation of the account number and sort code, it's generally only advisable to do this if you're confident that you definitely won't need access to it for a week or two thereafter (such as if the money is intended to sit there for a year to maximise interest!).

There have been many tales of current account switches, for example, where posters have rushed into a switch before validating the full operation of the new account and find themselves unable to transact because they haven't gained access to online banking or card readers, or debit cards....

Marcli

Setup a standing order on each account if not?

Why £1000?

What are you achieving by doing this?

The terms and conditions state you need to pay £1000 into the account each month to get the 5% interest

[Deleted User]

Marcli wrote: »

The terms and conditions state you need to pay £1000 into the account each month to get the 5% interest

Are you maintaining a balance in the account to earn the interest?

Marcli

Are you maintaining a balance in the account to earn the interest?

I want to leave £2500 in there for the 5% interest. I won't be using the account other than that. If I don't pay £1000 into the account each month however I wont get interest on the money for each month I don't pay in £1000.

I was wondering if I can transfer £1000 from my HSBC account I use to get paid, pay bills etc, then transfer the money back to HSBC the following day. Would that then allow me to get the interest or isn't it allowed?

[Deleted User]

Yes you can do that.

And you can set it all up with a standing order on each account

badger09

!!! wrote: »

Yes you can do that.

And you can set it all up with a standing order on each account

Indeed

But as molerat said in post 8, OP will need Nationwide's card reader in order to set up the SO to send £1k back to HSBC;)

molerat

badger09 wrote: »

Indeed

But as molerat said in post 8, OP will need Nationwide's card reader in order to set up the SO to send £1k back to HSBC;)

And, as they say at the panto, oh no you don't.


After recently opening a Flex Direct I went to set up a payment to my main account and warnings came up that I need a card reader. I tried to order one on line but it said that because I can log on with passwords etc I couldn't order one. Went into branch this morning and got one. Set up new payment, warning came up, and it went on to ask for one of my memorable items then did a test £10 transfer - no card reader needed

surreysaver

You can use the card reader that comes with your NatWest account