Nationwide FlexAccount

PoGee

It says here that the FlexDirect requires no monthly deposit but the bank's website says needs a monthly 1kdeposit each month. Is it the same with the FlexAccount?

Sarahspangles

You need to pay in £1,000 to qualify to receive interest on money in the account. It’s not a condition of having the account though.

badmemory

It might be worth checking on the requirements for getting Fair Share next time they do it too.

General_Grant

FlexDirect and Flex are different accounts.

The FlexDirect is the one requiring the minimum payin (from outside Nationwide).
The Flex account has no such requirement.

wiseonesomeofthetime

General_Grant said:

FlexDirect and Flex are different accounts.

The FlexDirect is the one requiring the minimum payin (from outside Nationwide).
The Flex account has no such requirement.

FlexDirect does not require a minimum monthly deposit unless you want the interest.

I have had mine for seven years and have not made any sizeable deposit after the initial 12 months promotional rate concluded. Account still works fine.

Nasqueron

badmemory said:

It might be worth checking on the requirements for getting Fair Share next time they do it too.

I asked this before and didn't get an answer, I think the Flex + saver is sufficient but I'd be curious to get confirmation so I can get it organised, I've had a switch bonus in the last year or so, so doesn't matter to me which free account I can open

PRAISETHESUN

Nasqueron said:

badmemory said:

It might be worth checking on the requirements for getting Fair Share next time they do it too.

I asked this before and didn't get an answer, I think the Flex + saver is sufficient but I'd be curious to get confirmation so I can get it organised, I've had a switch bonus in the last year or so, so doesn't matter to me which free account I can open

The criteria for the fairer share payment have been the same this year and last year. Won't know if they will continue the trend (or even offer the payment again) until next year, but a good starting point would be to meet the existing criteria moving forward in an attempt to qualify for next year.

https://www.nationwide.co.uk/about-us/fairer-share/

Nasqueron

PRAISETHESUN said:

Nasqueron said:

badmemory said:

It might be worth checking on the requirements for getting Fair Share next time they do it too.

I asked this before and didn't get an answer, I think the Flex + saver is sufficient but I'd be curious to get confirmation so I can get it organised, I've had a switch bonus in the last year or so, so doesn't matter to me which free account I can open

The criteria for the fairer share payment have been the same this year and last year. Won't know if they will continue the trend (or even offer the payment again) until next year, but a good starting point would be to meet the existing criteria moving forward in an attempt to qualify for next year.

https://www.nationwide.co.uk/about-us/fairer-share/

Thank you, I missed the drop down bit last time I looked

The problem is that it's not clear which savings plan they include, it's it's any, that is fine, there are at least showing 6 current accounts e.g. FlexAccount, FlexDirect or FlexBasic plus qualifying criteria (£500 a month in and out, make 2 payments presumably of any kind not just DD e.g. supermarket banana spend). 

Did you have at least £100 in Nationwide savings accounts or Cash ISAs at the end of any day in March 2024?

Business savings are not included. The account needs to be held in your name. Joint accounts are included.

I guess it makes sense to have the FlexAccount and Flex Regular Saver and whack in £100 from the off and maybe a bit more periodically

EarthBoy

Nasqueron said:

PRAISETHESUN said:

Nasqueron said:

badmemory said:

It might be worth checking on the requirements for getting Fair Share next time they do it too.

I asked this before and didn't get an answer, I think the Flex + saver is sufficient but I'd be curious to get confirmation so I can get it organised, I've had a switch bonus in the last year or so, so doesn't matter to me which free account I can open

The criteria for the fairer share payment have been the same this year and last year. Won't know if they will continue the trend (or even offer the payment again) until next year, but a good starting point would be to meet the existing criteria moving forward in an attempt to qualify for next year.

https://www.nationwide.co.uk/about-us/fairer-share/

The problem is that it's not clear which savings plan they include, it's it's any, that is fine, 

Unless they specify particular savings accounts, then it must mean all, or any, of them.  The only ones excluded are business savings account.

PRAISETHESUN

I've got a savings account with £100 sitting around, and I've also scheduled a few standing orders to pay in/out of my current account each month (eg. £1k in, followed by 2x £500 out). You could also just arrange a current account switch using a dummy account in Jan-Mar, as this allows you to bypass the pay in requirements