Nationwide FlexDirect account - minimum payment in

granta

I've had my one year with this account and the higher rate of interest so just planning to leave it open with £1. Is there still a requirement to pay in £1000 every month? I can't work out if that was just to get the interest or still a requirement. Thanks.

funkycredit

No once your year is up it's best to close it so you can reapply later. There's no requirement either; that was only in year one for the higher rate. 

granta

Thanks funkycredit. I did not you could reapply any more as they had put a stop to that?
But good to know i can close down my £1k standing order. Only just realised that first dirrect no longer needs the minimum £1k pay-in either!

EarthBoy

granta said:

 I did not you could reapply any more as they had put a stop to that?

You can reapply, but you won't get the higher interest rate (was 5%, now 2%) if you've ever had it before. You'll only get the bog standard interest rate instead.

granta

EarthBoy said:

granta said:

 I did not you could reapply any more as they had put a stop to that?

You can reapply, but you won't get the higher interest rate (was 5%, now 2%) if you've ever had it before. You'll only get the bog standard interest rate instead.

Thanks, that's what i thought. So I've just kept it for now with a few quid in it. No point closing it just to reapply for the same level of interest. 

funkycredit

My apologies, I was one of the ones to reapply but wasn't aware they'd stopped it now. Thanks for clarifying EarthBoy 👍

badger09

granta said:

EarthBoy said:

granta said:

 I did not you could reapply any more as they had put a stop to that?

You can reapply, but you won't get the higher interest rate (was 5%, now 2%) if you've ever had it before. You'll only get the bog standard interest rate instead.

Thanks, that's what i thought. So I've just kept it for now with a few quid in it. No point closing it just to reapply for the same level of interest. 

If you don't intend to use it, don't close it. Instead, use it for another switch offer.

Shedman

badger09 said:

granta said:

EarthBoy said:

granta said:

 I did not you could reapply any more as they had put a stop to that?

You can reapply, but you won't get the higher interest rate (was 5%, now 2%) if you've ever had it before. You'll only get the bog standard interest rate instead.

Thanks, that's what i thought. So I've just kept it for now with a few quid in it. No point closing it just to reapply for the same level of interest. 

If you don't intend to use it, don't close it. Instead, use it for another switch offer.

Like the new Lloyds one that started today. 
If you haven't already got a Club Lloyds account just make sure you open one first and then instigate the switch during the application process.  Its worth having a Lloyds Club account anyway for the free Rakuten Film codes (or Odeon tickets if you really want to sit in a cinema in current circumstances..... ) rather than hanging onto the Nationwide account
https://forums.moneysavingexpert.com/discussion/6188637/lloyds-bank-100-switching-offer-ends-9-nov-2020/p1

granta

badger09 said:

granta said:

EarthBoy said:

granta said:

 I did not you could reapply any more as they had put a stop to that?

You can reapply, but you won't get the higher interest rate (was 5%, now 2%) if you've ever had it before. You'll only get the bog standard interest rate instead.

Thanks, that's what i thought. So I've just kept it for now with a few quid in it. No point closing it just to reapply for the same level of interest. 

If you don't intend to use it, don't close it. Instead, use it for another switch offer.

Are there any advantages hanging onto this Nationwide account? I think I had kept it before to access the regular saver but not sure now. And will do as you suggest re switching to Lloyds for the switch offer.

badger09

granta said:

badger09 said:

granta said:

EarthBoy said:

granta said:

 I did not you could reapply any more as they had put a stop to that?

You can reapply, but you won't get the higher interest rate (was 5%, now 2%) if you've ever had it before. You'll only get the bog standard interest rate instead.

Thanks, that's what i thought. So I've just kept it for now with a few quid in it. No point closing it just to reapply for the same level of interest. 

If you don't intend to use it, don't close it. Instead, use it for another switch offer.

Are there any advantages hanging onto this Nationwide account? I think I had kept it before to access the regular saver but not sure now. And will do as you suggest re switching to Lloyds for the switch offer.

None that I'm aware of.