Nationwide overdraft

Ghostcrawler

May be a silly question but this is my first ever overdraft so just want to make sure I do it right.


I have got Nationwide FlexDirect a/c with £250 overdraft for no interest or fees for a year. I have maxed out £2500 to get 5% interest so how do I encash just overdraft money (£250) from my account and not from £2500 pot? Is this possible to do? or I simply have to take out £2750, move it to another account and then transfer £2500 back to Nationwide a/c and use £250 somewhere else?



Thanks for replying, cheers

ceredigion

You either take the overdraft or the 5% but you can't have both

TheShape

Ghostcrawler wrote: »

.....or I simply have to take out £2750, move it to another account and then transfer £2500 back to Nationwide a/c and use £250 somewhere else?

You could do that. You'll then have a balance of £2250 earning interest with Nationwide.

The best place to then put the £250 would then be back into your Nationwide FlexDirect account unless you have another account paying more than 5%.

ceredigion

TheShape wrote: »

You could do that. You'll then have a balance of £2250 earning interest with Nationwide.

The best place to then put the £250 would then be back into your Nationwide FlexDirect account unless you have another account paying more than 5%.

Back in the day when 3% was easy to get I was running a 2.5K overdraft for free, pretty much constantly.

Ghostcrawler

thats shame, thought I can stooze that £250. Thanks for your replies.

eskbanker

Ghostcrawler wrote: »

thats shame, thought I can stooze that £250.

You can, but just not at the same time as getting interest on a credit balance!

Of course this time next year you won't be able to earn 5% interest on that account, and so the dynamics will change a bit then, but, let's face it, interest earned from stoozing £250 is hardly going to be life-changing....

YorkshireBoy

ceredigion wrote: »

Back in the day when 3% was easy to get I was running a 2.5K overdraft for free, pretty much constantly.

Only one?

born_again

Ghostcrawler wrote: »

May be a silly question but this is my first ever overdraft so just want to make sure I do it right.


I simply have to take out £2750, move it to another account and then transfer £2500 back to Nationwide a/c and use £250 somewhere else?
Thanks for replying, cheers

But that then means you only have a balance of £2250 earning interest.
As the O/D is paid off 1st.
Bal = £2500
Take £2750 = -£250 bal
Pay in £2500 = Bal £2250

Best one used to be First Direct.
Use the £250 interest free O/D (no funds in acc) and put the £250 in a savings account. But on current interest rates it's not worth it....