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Nationwide flex direct -5%

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reecemoorereecemoore Forumite
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Not sure if anyone else has already asked this so apologies. I opened my account in June 2019, didn’t really use it much but now they are offering 5% I’m considering making use of it.

if I transfer 2.5K to the account from another bank. Will I get the 5%?
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  • eskbankereskbanker Forumite
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    Nationwide flex direct -5%
    I think you'll find it's +5% ;)

    Not sure if anyone else has already asked this so apologies. I opened my account in June 2019, didn’t really use it much but now they are offering 5% I’m considering making use of it.

    if I transfer 2.5K to the account from another bank. Will I get the 5%?
    You've missed your chance to get the best out of it but would get pro rata interest for the remaining two months so you'd only earn about £21....
  • reecemoorereecemoore Forumite
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    I know it’s a shame! Thanks for letting me know!
  • penners324penners324 Forumite
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    They've offered 5% since you opened the account.
  • General_GrantGeneral_Grant Forumite
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    And don't just put the £2.5K in.  Remember to pass at least £1K (also from non-Nationwide account) through the account in May
  • fslwebfslweb Forumite
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    The Nationwide state: "To earn 5% AER (4.89% gross p.a.) interest on balances up to £2,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits".  Abiding by this requirement, after 12 month the account would hold £13,620.00 (fag packet calculation).  Having paid in a total of £13,500.00 is the interest on the total closer to 1%?
  • wmb194wmb194 Forumite
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    fslweb said:
    The Nationwide state: "To earn 5% AER (4.89% gross p.a.) interest on balances up to £2,500 you’ll need to pay in £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits".  Abiding by this requirement, after 12 month the account would hold £13,620.00 (fag packet calculation).  Having paid in a total of £13,500.00 is the interest on the total closer to 1%?
    You can withdraw the £1,000 a month deposit. It doesn't have to stay there.
  • edited 29 April at 12:40PM
    ioscorpioioscorpio Forumite
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    edited 29 April at 12:40PM
    I have opened another FlexDirect account today in order to receive the 5% interest for another year, as it states depending on when you opened your previous account, whether you will receive it. Mine was 3 years ago, so it's worth it to see if I get the 5%

  • eskbankereskbanker Forumite
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    ioscorpio said:
    I have opened another FlexDirect account today in order to receive the 5% interest for another year, as it states depending on when you opened your previous account, whether you will receive it. Mine was 3 years ago, so it's worth it to see if I get the 5%
    Where does it state that?  My understanding is that it hasn't been possible to have a second bite of the cherry for any accounts opened since about 2017, other than new permutations of sole v joint.
  • ioscorpioioscorpio Forumite
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    I downloaded this document during the application P7430 rates and charges. 5) If you’ve previously held a FlexDirect account and beneftted from the 5% or 2% AER introductory rate (depending on when you applied) you will not be entitled to this rate again and the 0.25% AER rate will apply, unless you’re opening a FlexDirect account in joint names and you haven’t previously held a FlexDirect account in those joint names

  • General_GrantGeneral_Grant Forumite
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    ioscorpio said:
    I downloaded this document during the application P7430 rates and charges. 5) If you’ve previously held a FlexDirect account and beneftted from the 5% or 2% AER introductory rate (depending on when you applied) you will not be entitled to this rate again and the 0.25% AER rate will apply, unless you’re opening a FlexDirect account in joint names and you haven’t previously held a FlexDirect account in those joint names


    As you have previously had a FlexDirect account and thereby received 5% interest for a year, why do you think the document you downloaded implies there is any possibility that you could receive the 5% again?  I think it is absolutely clear you will not - unless the "unless" part applies.
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