Nationwide FlexDirect

Bazzalona13295

I switched to this account a few months ago and I'm more than happy with it, but at some stage I may look to get another switch going although not yet, so it may be a different bank I leave.

However I wondered - if I switched a separate bank account, now I've got the Nationwide switch reward, what do I need to keep the 5% interest rate on the £1500.00 balance?

Do I need to keep the 2 direct debits?

Or is putting in £1000.00 per month all that's needed?

Thanks for any advice in advance.

Middle_of_the_Road

Bazzalona13295 said:

I switched to this account a few months ago and I'm more than happy with it, but at some stage I may look to get another switch going although not yet, so it may be a different bank I leave.

However I wondered - if I switched a separate bank account, now I've got the Nationwide switch reward, what do I need to keep the 5% interest rate on the £1500.00 balance?

Do I need to keep the 2 direct debits?

Or is putting in £1000.00 per month all that's needed?

Thanks for any advice in advance.

I believe so. I have a flex direct with no direct debits, and still receive interest.
The direct debits were only required for the switch incentive.

Bazzalona13295

Middle_of_the_Road said:

Bazzalona13295 said:

I switched to this account a few months ago and I'm more than happy with it, but at some stage I may look to get another switch going although not yet, so it may be a different bank I leave.

However I wondered - if I switched a separate bank account, now I've got the Nationwide switch reward, what do I need to keep the 5% interest rate on the £1500.00 balance?

Do I need to keep the 2 direct debits?

Or is putting in £1000.00 per month all that's needed?

Thanks for any advice in advance.

I believe so. I have a flex direct with no direct debits, and still receive interest.
The direct debits were only required for the switch incentive.

Thankyou, that is what I thought but wasn't sure.

denow

Hi, I also recently opened this account to get the 5% on the £1500.

Can I put the required monthly deposit of £1,000 into the account and then transfer it elsewhere immediately or will it need to sit there?

 

Bridlington1

denow said:

Hi, I also recently opened this account to get the 5% on the £1500.

Can I put the required monthly deposit of £1,000 into the account and then transfer it elsewhere immediately or will it need to sit there?

It doesn't need to sit there at all, all the terms say is to deposit £1k per month. I've had the required £1k in the account for less than a minute before moving it elsewhere on more than one occasion and it was fine.

PloughmansLunch

I have mine sat at £1500, and have standing orders for various regular savers go out over the month to the total value of £1000, which is then replaced by incoming standing orders from other accounts. This keeps the Nationwide balance always at full whack by the end of the day for max interest without me having to lift a finger. However, I am struggling to see why I’d keep the account once the 12 month 5% interest period is over, unless the previous supermarket cashback becomes a regular thing.