Nationwide Flex Direct Account

TC1

Opened a NW Flex Direct account a few months ago…..
Interest paid on up to first £1500 but also have to deposit £1000 per month for 12 months………can I deposit and withdraw the same £1000 in the same day and stil qualify for the savings rate …….hope that makes sense
TIA 🙂

Daliah

sure you can, as there is nothing in the T&Cs that says you need to keep it in the account for any length of time

Heedtheadvice

Suggest you don't do exactly that.

Sometimes teansaction processing could be out of sync maybe taking the £1000 from the returning account before the £1000 has been paid in. That might cause a problem for you if going into overdraft?

A bit better to transfer from Flex Direct one day and return it a couple of days later.

Depends upon your circumstances but worth considering.....

Daliah

Heedtheadvice said:

Suggest you don't do exactly that.

Sometimes teansaction processing could be out of sync maybe taking the £1000 from the returning account before the £1000 has been paid in. That might cause a problem for you if going into overdraft?

A bit better to transfer from Flex Direct one day and return it a couple of days later.

Depends upon your circumstances but worth considering.....

There is no problem automating this for the same day because there is always enough money (£1,500) in the account to cover a £1,000 payment. 

There is also no problem doing it manually, within a couple of minutes.