Nationwide FlexDirect Question

Eco_Miser

mikemmb wrote: »

Hey that's good! So if you had another "similar" type of bank account set up elsewhere you could always meet their criteria as well?

Yes!

mikemmb wrote: »

could have a competition to see who could create the most interlinked accounts generating micro amounts of daily interest?

Most of the good accounts have gone now, but a few years back, there were threads listing some very complicated inter-bank transfer chains, that ended with all the money back where it came from, apart from several tens of pounds in monthly interest now moved to an acount with available 'space' to earn interest.

abz88

Pay in your full £2,500 and then set up a monthly standing order of £1,000 in to the account and a monthly standing order of £1,000 out of the account on the same day (or 2 x £500, 4 x £250 etc depending on how much you have to cycle in and out). As others have stated the important point is to have the in and out transfers on the same day so your overnight balance doesn't slip under £2,500 if you want to maximise interest.

abz88

mikemmb wrote: »

Hey that's good! So if you had another "similar" type of bank account set up elsewhere you could always meet their criteria as well?

The mind boggles at the vision of endless churning of money between numerous accounts, could have a competition to see who could create the most interlinked accounts generating micro amounts of daily interest?

Not just for interest, you can have multiple accounts with money circling round to claim;
- interest (eg. TSB, Nationwide);
- rewards (eg. RBS/Natwest, Santander, Coop, Barclays and Halifax (with the necessary amount and type of DD, so this needs factored into the standing order amounts as well);
- Regular Savers (eg M&S, First Direct, HSBC etc)

Once its all set up with standing orders, its relatively simple to keep on top off and sit back and earn.

IvanDP

Thank you everyone for the replies.

You have all been most helpful and it is much appreciated.