Bank switch

Geordiegal

hi all
i have just started the ball rolling in switching my bank to Nation flexi account which Is to take place later this month. I was all excited until I saw this 

• Get interest on your money

  5% AER (4.89% gross a year) in-credit interest fixed for 12 months on balances up to £1,500. You’ll need to pay in at least £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. After the first 12 months, it’s 0.25% AER (0.24% gross a year) variable. Interest is calculated on the last day of each month and is paid on the first day of the next month. Find out about our interest rates.

  
  

  Does this mean I have to get my wage paid into the new account or can I just transfer monies over each month? I currently with fast direct

  
  

  I would appreciate your help 😊 I am only bothered about the 200 quid incentive 😉

  
  

eskbanker

If your wage is currently paid into First Direct and you're switching that account to Nationwide, then your pay will be redirected automatically to the new account and the old one will be closed.

On the other hand, if you're switching a different account to Nationwide then you can fund it by transferring money manually (or automatically) into it rather than it having to be your wage as such.

DE_612183

@Geordiegal - have you instigated the switch yet? I'm going from FD to Nationwide as well - so far their comms haven't been great - might be they've had quite an update in opening new accounts!

Geordiegal

eskbanker said:

If your wage is currently paid into First Direct and you're switching that account to Nationwide, then your pay will be redirected automatically to the new account and the old one will be closed.

On the other hand, if you're switching a different account to Nationwide then you can fund it by transferring money manually (or automatically) into it rather than it having to be your wage as such.

Hi So sorry I didn’t make myself clear.  My wage is paid into FD account which I have had for years. I am switching from NW my 2nd account to Nation. I was concerned that I would have to get my wage paid into the Nation account.  I’m quite new at this! 😬 And this is probably my 2nd post ever on the forum! 😊Thanks so much for your reply. 🙂

eskbanker

Geordiegal said:
I am switching from NW my 2nd account to Nation.

The offer you're referring to relates to Nationwide but NW is sometimes also used for NatWest, are you switching an account from NatWest?

Geordiegal

@DE_612183  Hi yes I have started it and had confirmation. I’m keeping my FD account. Just switching from NatW. I just want my 200 quid! 😃 hopefully it will be a smooth transition for both of us 🙏 thanks for your response 😊.        

Geordiegal

eskbanker said:

Geordiegal said:
I am switching from NW my 2nd account to Nation.

The offer you're referring to relates to Nationwide but NW is sometimes also used for NatWest, are you switching an account from NatWest?

Hi Yeah I am switching from NatWest to Nationwide . Thanks 

eskbanker

Geordiegal said:

i have just started the ball rolling in switching my bank to Nation flexi account which Is to take place later this month. I was all excited until I saw this 

Get interest on your money

5% AER (4.89% gross a year) in-credit interest fixed for 12 months on balances up to £1,500. You’ll need to pay in at least £1,000 a month, not counting transfers from other Nationwide accounts or Visa credits. After the first 12 months, it’s 0.25% AER (0.24% gross a year) variable. Interest is calculated on the last day of each month and is paid on the first day of the next month. Find out about our interest rates.

[...]

I am only bothered about the 200 quid incentive

Regardless of all the stuff in other posts above, the more fundamental point is that if you're only interested in the switching incentive then you simply need to comply with its Ts & Cs, not those relating to earning interest....

Geordiegal

@eskbanker You are right. I should have read the terms and conditions  properly as you are correct the passage I copied relates to interest. My mistake but got my answer anyway  😊 thanks