FlexDirect Stooze

edited 1 April 2013 at 8:58AM in Stoozing: free cash from credit cards
10 replies 2.7K views
a&akaya&akay Forumite
526 Posts
Apply for the max number of Nationwide FlexDirects, can be 5, or more?, if you ask for 4 new and then convert any exisiting Flex. Ask for maximum DDs on the application and stooze, but only if that's beneficial in tax terms and depending on the DDs you're offered, till just before the aniversary. Can't see it lasting!

Replies

  • I opened 4 flexdirect accounts and have got 5% interest on all of them today! Wondering if I can open anymore.....
  • rb10rb10 Forumite
    6.3K Posts
    I assume by 'DD' you mean 'overdraft'?

    Depending on the size of any overdraft you are given, it may be more profitable to use it as a savings account instead.
  • I opened 4 flexdirect accounts and have got 5% interest on all of them today! Wondering if I can open anymore.....

    Haha!so did I.......

    dx
  • thesaver79thesaver79 Forumite
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    I opened 4 flexdirect accounts and have got 5% interest on all of them today! Wondering if I can open anymore.....

    And this is even if their FAQs say: "You can open up to four Nationwide current accounts, however you are only guaranteed the 5% AER promotional interest rate on one FlexDirect account."?
  • YorkshireBoyYorkshireBoy Forumite
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    Has anyone started to make use of the free overdraft on several accounts, and avoided charges?

    Reason I ask is that my first 3 FlexDirect applications have resulted in the max £2.5K O/D being allocated to each.

    I'll be going for the 4th (and last!) account over the weekend, but don't want to take out £10K (to save at 3% elsewhere) and then get lumbered with circa £45 of charges next month!

    So, anyone successfully stoozed more than one FlexDirect overdraft in March, and not incurred any fees this month (or notified of any fees pending)?

    What's making me a little nervous is this from the T&Cs...
    1.5 You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product.


    ...because the free O/D could be deemed an "offer".
  • gt94sss2gt94sss2 Forumite
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    I'll be going for the 4th (and last!) account over the weekend, but don't want to take out £10K (to save at 3% elsewhere)

    Would you not be better stoozing at 5% in the Nationwide FlexDirect accounts? Even if you used one Nationwide FlexDirect overdraft to fund another one..

    Regards
    Sunil
  • rb10rb10 Forumite
    6.3K Posts
    gt94sss2 wrote: »
    Would you not be better stoozing at 5% in the Nationwide FlexDirect accounts? Even if you used one Nationwide FlexDirect overdraft to fund another one..

    Regards
    Sunil

    If YB's fourth application is successful, then he could stooze the o/ds from two of those accounts in the two others - so be earning 5% on £5k (£250 gross).

    But he's proposing to stooze £10k at 3%, which gives £300 gross.
  • YorkshireBoyYorkshireBoy Forumite
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    rb10 wrote: »
    If YB's fourth application is successful, then he could stooze the o/ds from two of those accounts in the two others - so be earning 5% on £5k (£250 gross).

    But he's proposing to stooze £10k at 3%, which gives £300 gross.
    Correct. Except I've hit a stumbling block, in that my 4th account application, although provided with yet another £2.5K O/D facility during the application itself, has been set aside for "further checks" so I don't yet have the account details!

    The jury's out, but I'm hoping for a verdict of not guilty (of gross exploitation ;)).

    This could go one of 3 ways:

    Accept, and £10K stoozed.
    Decline and £7.5K stoozed.
    Accept or Decline, and only one 'introductory rate or offer' given, despite having 3/4 accounts.
  • gt94sss2gt94sss2 Forumite
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    rb10 wrote: »
    If YB's fourth application is successful, then he could stooze the o/ds from two of those accounts in the two others - so be earning 5% on £5k (£250 gross).

    But he's proposing to stooze £10k at 3%, which gives £300 gross.

    Good point - for some reason I hadn't thought of it that way.

    So in my case I could save £19,000 at 3.2% for a few months rather than 10,[email protected]% and be better off. (my overdrafts were £2,250/account not 2.5k for some reason)

    Regards
    Sunil
  • chickenboychickenboy Forumite
    74 Posts
    The 3rd or 4th account seems to stumble and they want to send out a form for you to give a sample signature. Once thats back with them, the account magically appears.

    Still - any ideas if a 5th account is possible?
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