Nationwide Flexaccount

chelseablue

I've had a Nationwide Flex Account for almost 20 years

I've just been on my online banking and noticed the FlexDirect account, the 5% for 12 months one

Cant believe I've never noticed it before! Feeling rather stupid :rotfl:

I'm never overdrawn so Im guessing its worth changing my account from the bog standard flex to the flexdirect?

Even after the 12 months 1% is better than nothing

[Deleted User]

Yes you can do it via online banking

chelseablue

!!! wrote: »

Yes you can do it via online banking

Thank you, I presume my sort code and account number stay the same?

As its where my salary gets paid into cant risk that going wrong

JuicyJesus

Yes, the sort code and account number stay the same. You will get a new card that's a slightly different shade of blue however.

[Deleted User]

chelseablue wrote: »

Thank you, I presume my sort code and account number stay the same?

As its where my salary gets paid into cant risk that going wrong

Yes they remain, but new card with new card number, expiration, security code etc.

chelseablue

Thank you! All done

Looking forward to all that interest rolling in

chelseablue

Is it worth me moving cash from my other savings accounts to the flexdirect for 12 months? So that the balance is always sat at £2,500 to get maximum interest?

I've got £1,000 sitting in my Nationwide Loyalty Saver and £400 in my Marcus account

jay1804

Is it worth me moving cash from my other savings accounts to the flexdirect for 12 months? So that that balance is always sat at £2,500 to get maximum interest?

I've got £1,000 sitting in my Nationwide Loyalty Saver and £400 in my Marcus account

Yes it worth moving savings as it pay's 5%. And I don't think theres an account that earns more than that.

chelseablue

Just have to be careful not to spend my savings, as my Nationwide current account is my spending account.

Can I open a new flex account with Nationwide now?

Still have my salary paid into the flexdirect to satisfy the £1,000 a month pay in but move my spending money over to the new flex account

So treating the flexdirect as a savings account to keep £2,500 in

PRAISETHESUN

Interest is only paid on the first £2500 but you can hold more then that in the account. It's a no brainer really to move as much cash as you can to max out the interest rate, but in order to really min-max it you need to keep in mind that any excess will earn no interest and would be better off in your savings account. For simplicity it'd probably be worth having a few hundred quid buffer to make sure you don't drop below £2500, particularly if you use it for every day spending too.

Alternatively you could open a second account as described above. Moving between FlexAccount/FlexDirect is an internal transfer and is basically instant so access to your money should be an issue. Keep the FlexDirect spot on £2500 and transfer any excess to your FlexAccount.

chelseablue

Thank you, if I move all my cash savings over to it today I will have about £1,700 in there.

Will be spending a bit on petrol etc, but less than £100 of spending before payday

Will need to wait until 31st October when I'm paid to get it to the £2,500