Nationwide interest conditions 7 May at 6:52PM in Budgeting & Bank Accounts 12 replies 554 views

rjmachin

Hi,
I applied for a Nationwide Flex Direct account before the end of April to take advantage of the 12 months of 5% interest on £2500.
I was just wondering if you could advise when I need to do the monthly payments in and out to satisfy £1000 payment in to get the 5% interest.

Here is my timeline so far:
29th April - Applied for Nationwide Flex Direct for 5% interest on £2500 per year
7th May - Received login account details, set up and transferred in - initial £2500

the initial transfer would satisfy the first month i am presuming, so what date do I need to transfer from now on?
Thanks

digalumps

You need to pay £1,000 in every calendar month this does not have to be in one lump sum it can be multiple paymentscand of course there is nothing stopping you from transferring the money out again should you wish to

rjmachin

Thanks.  If I transfer the money on the 1st, would that matter?

digalumps

1st, 2nd, 3rd  ... all the same

ioscorpio

I applied for another FlexDirect account on 28/4 as my other one had been opened in 2015. I transferred 2500 on 30/4 when the account appeared in the online banking, then transferred 1000 on 1/5 for May. I had interest paid on April's deposit..I have since moved the 1000 back out,

Ed-1

ioscorpio said:

I applied for another FlexDirect account on 28/4 as my other one had been opened in 2015. I transferred 2500 on 30/4 when the account appeared in the online banking, then transferred 1000 on 1/5 for May. I had interest paid on April's deposit..I have since moved the 1000 back out,

Usually they reduce the rate after 7 working days if you've previously held a FlexDirect. In your case you should find that it drops to 1% until July then 0.25%. But they have been known to let some slip through the net.

ioscorpio

I have received £10.38 interest for May, so am still receiving 5% on the new FlexDirect account.

colsten

ioscorpio said:

I have received £10.38 interest for May, so am still receiving 5% on the new FlexDirect account.

That would be because you opened your account when they still offered 5% for 12 months, and because you are still within those 12 months. Enjoy it whilst it lasts.

badger09

colsten said:

ioscorpio said:

I have received £10.38 interest for May, so am still receiving 5% on the new FlexDirect account.

That would be because you opened your account when they still offered 5% for 12 months, and because you are still within those 12 months. Enjoy it whilst it lasts.

Did you miss this?

ioscorpio said:

I applied for another FlexDirect account on 28/4 as my other one had been opened in 2015. I transferred 2500 on 30/4 when the account appeared in the online banking, then transferred 1000 on 1/5 for May. I had interest paid on April's deposit..I have since moved the 1000 back out,

colsten

Looks so, yes.

rjmachin

i got £8.37, because it took a week to get everything needed for online access (card, pin number etc)