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n/wide flex direct pay in/out

Hello again all, I have searched and read previous threads on subject but I would like clarification/ confirmation re my own situation. : n/wide flex a/c holder ( my everyday a/c)
: First direct a/c holder ( nil bal, only used for reg saver)
: n/wide flex direct a/c ( just opened and funded with £2500).
Please offer options re £1000 min payment requirement, idiot proof if possible. The £1000 must start and finish in flex a/c.
Regards
«13

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 18 October 2019 at 8:17AM
    I believe you would need an account with another bank or banking group, to cycle the money in to your FlexDirect account. So you would need a third account with another bank or building society.

    This is because:
    To receive these rates you must pay in to your FlexDirect account at least £1,000 a month. Money paid in from other Nationwide accounts held by you or anyone else or visa credits (for example, refunds you receive back into your account) won’t count towards the £1,000.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • willing2learn, thanks for the speedy response. I have stated in my opening post above that I have an a/c with first direct. Surely that qualifies as third party?
    Regards
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    I believe you would need an account with another bank or banking group, to cycle the money in to your FlexDirect account. So you would need a third account with another bank or building society.
    OP already has a First Direct account, so no new accounts are needed. Simply moving money from FlexDirect to First Direct to FlexDirect will suffice.
  • colsten, thanks for response. In your explanation above : Flex Direct to First Direct to Flex Direct, could you please furnish with figures required and timescale. Is there no need to utilise my Flex a/c? regards
  • fenwick458
    fenwick458 Posts: 1,522 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    rangersfc wrote: »
    colsten, thanks for response. In your explanation above : Flex Direct to First Direct to Flex Direct, could you please furnish with figures required and timescale. Is there no need to utilise my Flex a/c? regards

    In can't see whats hard about it, £1000 from NW to FD on the 1st of the month, and £1000 from FD to NW on the 2nd
  • fenwick 458, thank you for the reply. I will tell you what is hard about it, neither myself nor spouse are intelligent and are almost totally stupid and slow learning. Regards your reply to my query which NW a/c do you mean? The flex account or the flex direct a/c? If its the flex direct a/c do you mean to transfer £1000 from the deposited £2500 or utilise another £1000 ? I won't apologise for my lack of understanding but appreciate any help. Regards
  • born_again
    born_again Posts: 18,319 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Wonder how the OP funds the reg saver with the 1st acc at nil balance....:rotfl:
    Life in the slow lane
  • Zanderman
    Zanderman Posts: 4,812 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Leave 2500 in the NWide Flexdirect at all times to maximise interest..

    To fulfill the account requirements move £1000 into the NW Flexdirect once a month. This must be from outside Nationwide - First Direct Bank would do nicely. Move that £1000 back out again to where it came from, ready to repeat next month.

    No need to involve any other NWide account you might have at all.
  • Hello born again, not a helpful reply but to save you wondering any longer, I fund the First Direct regular saver with a transfer to the 1st account (from an interest paying a/c elsewhere) prior to the required date. If you need any clarification please ask in another thread as this one is regarding another a/c query.Regards
  • Zanderman, Thank you for the helpful and informative reply,all I needed to know. I shall proceed as suggested. Much appreciated, Kind regards
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