Nationwide FlexDirect £200 switch bonus (Oct 2022)

dealyboy

flaneurs_lobster said:

paulo13 said:

Another successful switch over from a new account which hadn't had the DDs collected from them on that account, then got my £200 the next day, so that's all very pleasing!

Anyone know how to activate the 5% interest for the £1,500. I've transferred in £1,500 (which meets that £1k payment threshold), but I can't see any interest amounts listed in the current account (FlexDirect), and my linked savings account (Flex Instant Saver 2) is just showing 2%.

Which account should I keep my money in (current or savings) to get the 5%, or have I gone wrong somewhere? Thanks!

Reading the product information pages for this offer, says that interest is paid on the 1st of month on balances held in the preceding month. Should credit the Flex Direct Account. 

Have you had the account long enough to have rolled-over a month-end?

I can confirm this as a new customer from just over a month ago. I have just received my first monthly Flex Direct statement (date of opening + 1 calendar month + 24 hours) in internet banking and you get useful interest rate details on the last page.

5% Flex Direct automatically.

Rudyson

paulo13 said:

Another successful switch over from a new account which hadn't had the DDs collected from them on that account, then got my £200 the next day, so that's all very pleasing!

Anyone know how to activate the 5% interest for the £1,500. I've transferred in £1,500 (which meets that £1k payment threshold), but I can't see any interest amounts listed in the current account (FlexDirect), and my linked savings account (Flex Instant Saver 2) is just showing 2%.

Which account should I keep my money in (current or savings) to get the 5%, or have I gone wrong somewhere? Thanks!

The current account. The 5% is on the first £1500 of the current account. As long as you meet the payment threshold, interest is paid on the last day of the month (or the 1st day of the next, I cba checking)

Martico

Such an easy switch and crazily swift reward payment, well done Nationwide

CooperSF

Switch completed yesterday.

How long should it take for the switch bonus to be received?

Brewer21

CooperSF said:

Switch completed yesterday.

How long should it take for the switch bonus to be received?

About 10 days max.
I went over that period, over 2 weeks and thought I'd not met the requirements, ie waited long enough to switch again. Sent them a message within internet banking asking for the switch bonus and didn't get anything back after 3 days or so. The £200 appeared in my account shortly after this period with a text a couple of days later saying 'we made a mistake, you did qualify for the switch incentive' 
So happy days.
If it's slow in arriving give them a nudge.

Johntea

My switch completed on the requested date (18 November), got a text at lunch today (21 November) saying I would be receiving the switch bonus within 24 hours and an hour later it went in

smanser42

As others have said switch bonus is pretty quick. I completed switch on Friday 18th, got switch bonus today 21st. Just waiting to see if I get the 5% rate as I have had a flexdirect before (2018) and the terms seem to say you don't get the 5% again if you have had account before, but switch bonus if after August 2021

dealyboy

Hi smanser42 ... see below the interest info on the last page of my first statement ... Edit: subject to T&Cs see Deneb's post.

Paying in £1,000 or more per month AER Gross p.a.

For applications started before 21 June 2022:

For first 12 months (introductory rate fixed

for 12 months from account opening): 2% 1.98%

For applications started on or after 21 June 2022:

For the first 12 months (introductory rate fixed for

12 months from account opening): 5% 4.89%

After 12 months (ongoing variable rate): 0.25% 0.24%

Paying in less than £1,000 per month 0.00% 0.00%

Deneb

You also need to refer to the terms of opening a FlexDirect account, not just the switching offer or conditions on your own statement:

"If you’ve had a FlexDirect current account before, you won’t receive the 12 month credit interest offer or the interest-free overdraft offer again. However, you will get the offer on a new joint account, as long as you have not shared a FlexDirect account with that person before."

dealyboy

... thanks Deneb, I think that clarifies and corrects my post.