Creating a Nationwide current account just for the Savings account.

MattMontreal

Hi all,

I'd like to open up a Nationwide Savings account but I don't have a current account with them. I know they offer a nice bonus to switch to them but after googling I'd rather keep my existing (First Direct) account, if possible.

I'm not clear whether you can just open up a current account with whatever minimum balance, forego the £200 bonus (keeping your old account), and set up a regular payment from either old or new current account into the new Savings account.

It appears from this link that that should be fine, but does anyone have any experience with that?
https://www.nationwide.co.uk/current-accounts/flexdirect/

Thanks!
Matthew

Olinda99

yes, just open a new current account with them

Zanderman

Or open an additional current account with another bank and switch it to Nwide - then you get the switch bonus too, and you still have your FD account.

grumbler

MattMontreal said:

I'm not clear whether you can just open up a current account with whatever minimum balance, forego the £200 bonus (keeping your old account), and set up a regular payment from either old or new current account into the new Savings account.

If you mean their 8% regular saver, the bonus (£200) is much more valuable than about £40 extra interest you get (against some 5% easy access account). And you can get both.

Volcane

Create a donor account with somebody like Metro ( takes less than 10 mins) then use that to switch to Nationwide…. Nice n quick n easy !

Your switch money is then a monthly deposit for your regular saver.

grumbler

Volcane said:

Create a donor account with somebody like Metro ( takes less than 10 mins) then use that to switch to Nationwide….

You'll need some more time to get 2 DDs for this account.

MattMontreal

Good food for thought. Thanks all!

tacpot12

Having two current accounts is a very good thing to have due to the risk that an account gets frozen due to some activity on the account that the bank thinks is suspicious, even when it isn't. 

Angelica123

Nationwide is one of the few providers that allows you to get a switch bonus on a longstanding NW account (if you have not used a switch bonus before). So you open your NW account, create a donor account, get the DDs set up (Paypal is a good one re: DD that can be set up quickly), and then do the switch (providing the offer is still available).