Nationwide flex direct -5% 15 April at 7:48PM in Budgeting & Bank Accounts 15 replies 961 views

reecemoore

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%?

eskbanker

reecemoore said:

Nationwide flex direct -5%

I think you'll find it's +5%

reecemoore said:

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....

reecemoore

I know it’s a shame! Thanks for letting me know!

penners324

They've offered 5% since you opened the account.

General_Grant

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

fslweb

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%?

wmb194

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.

ioscorpio

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%

eskbanker

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.

ioscorpio

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_Grant

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.