Nationwide FlexDirect

gc747

Hello everybody, 

I have just opened a Nationwide FlexDirect account. (If you haven’t heard about it, you should deffo check it out ) 

my question is, can I deposit £2500 in one go in my first month, then leave it there and each month transfer £1000 from my Hsbc account and then take the £1000 back out again the next day? 

Any advise would be great 

thanks in advance 

CrazySexyCool

Hi gc747,
I'm trying to open a FlexDirect account right now, but it is only offering the rates for 1st May onwards (i.e. 1.5% for the first £1500). Did you get the 5% for the first £2500?
It only came up right at the end when you have to read and agree to the fees and rates - really not sure why it's saying the future rates????
Anyone else experienced this?
Thanks in advance

missile

I have a Nationwide FlexDirect account. 
I deposited £2500 in one go in my first month, then leave it there and each month transfer £1000 from my Santander 123 account and then take the £1000 back out again the next day, using standing orders.

Zanderman

gc747 said:

my question is, can I deposit £2500 in one go in my first month, then leave it there and each month transfer £1000 from my Hsbc account and then take the £1000 back out again the next day? 

Yes.  

CrazySexyCool said:

I'm trying to open a FlexDirect account right now, but it is only offering the rates for 1st May onwards (i.e. 1.5% for the first £1500). Did you get the 5% for the first £2500?
It only came up right at the end when you have to read and agree to the fees and rates - really not sure why it's saying the future rates????
  

Not sure what you're reading - but FlexDirect offer 5% on up to £2500 as long as you pay 1000 in each month (you can take that out again). But only for 12 months.  That is the current offer - which has been running for many years.  So if you open an account now that's what you get.- for 12 months.
But the offer changes - for new accounts - on 1st May to just 2%, not 5%. And only on £1500 not £2500. So open one before the end of April and you're on 5% for a year on 2500.  - open one after that and you're on 2% on 1500.  
There is no 1.5% involved,
Edited to add - here's what Nwide say:

How is FlexDirect changing for existing customers?

If you're an existing customer, you WON'T see any immediate change to your interest rate. Here's what's happening:

• If you're still within your first 12 months, you'll continue to earn 5% interest on up to £2,500 until the end of those 12 months. As before, you'll need to keep paying in at least £1,000/mth to qualify for any interest.
  
  
• If you're outside your introductory 12 months, you'll continue to earn 1% interest on up to £2,500 until 30 June 2020. From 1 July 2020, your rate will drop to 0.25% and you'll only earn interest on the first £1,500 in your account. The minimum pay-in of £1,000/mth still stands.

gc747

CrazySexyCool said:

Hi gc747,
I'm trying to open a FlexDirect account right now, but it is only offering the rates for 1st May onwards (i.e. 1.5% for the first £1500). Did you get the 5% for the first £2500?
It only came up right at the end when you have to read and agree to the fees and rates - really not sure why it's saying the future rates????
Anyone else experienced this?
Thanks in advance

Hi CrazySexyCool, 

I’m not the most knowledgable person when it comes to opening bank accounts etc, but I’d heard on here that the FlexDirect rate of 5% is ending on the 1st May 2020 and you only have these last few weeks to jump on board. 

When I signed up last night it read that I was still entitled to the 5% fixed for one year 👍

I can’t believe I’d never heard of it before, it was really straight forward to set up on their website, the only disappointing thing is you have to actually go into a store to provide your ID documentation, which I was surprised about given the current situation! 

Stay safe 👍

gc747

missile said:

I have a Nationwide FlexDirect account. 
I deposited £2500 in one go in my first month, then leave it there and each month transfer £1000 from my Santander 123 account and then take the £1000 back out again the next day, using standing orders.

Brill 👌 thank you for putting my mind at ease 

stay safe

CrazySexyCool

Yes, 1.5% was my mistake - I blame lack of sleep!
What you posted was my understanding, but when you go through the application process you need to read and agree to "the interest rates and charges" (along with other documents). These are long documents, and I'm guessing that some people may skip to the end and select agree without reading it. But I did read them - hence the lack of sleep!
I'm sure it is a mistake. You are advised to save copies of each document, and on the pdf it states the rates as advertised.
Was just curious if anyone else had noticed this.
Thanks 

blue.peter

gc747 said:
my question is, can I deposit £2500 in one go in my first month, then leave it there and each month transfer £1000 from my Hsbc account and then take the £1000 back out again the next day?

Yes. No problem.

colsten

CrazySexyCool said:

I'm sure it is a mistake. 

What is a mistake?

gc747

CrazySexyCool said:

Yes, 1.5% was my mistake - I blame lack of sleep!
What you posted was my understanding, but when you go through the application process you need to read and agree to "the interest rates and charges" (along with other documents). These are long documents, and I'm guessing that some people may skip to the end and select agree without reading it. But I did read them - hence the lack of sleep!
I'm sure it is a mistake. You are advised to save copies of each document, and on the pdf it states the rates as advertised.
Was just curious if anyone else had noticed this.
Thanks 

It is a lot to take in isn’t it, especially when you traditionally have to go into branch face to face and meet a banker to open the account. (Or am I just old?)

I did the same as you as reading all the terms and condition hence why I originally posted at 3am.. my mind was racing and woke up thinking about it! I’m 100% sure that if you were to set up your account today you would be able to access the 5% interest for 12 months. 

20SmthngSver

gc747 said:

Hello everybody, 

I have just opened a Nationwide FlexDirect account. (If you haven’t heard about it, you should deffo check it out ) 

my question is, can I deposit £2500 in one go in my first month, then leave it there and each month transfer £1000 from my Hsbc account and then take the £1000 back out again the next day? 

Any advise would be great 

thanks in advance 

Yes, put simply. Why would you think you couldn't do that? Your account, do as you please