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  • FIRST POST
    • rb10
    • By rb10 1st Mar 13, 7:17 AM
    • 6,304Posts
    • 3,827Thanks
    rb10
    Nationwide FlexDirect - 5% interest, free overdraft
    • #1
    • 1st Mar 13, 7:17 AM
    Nationwide FlexDirect - 5% interest, free overdraft 1st Mar 13 at 7:17 AM
    It looks as though Nationwide have increased the rate on their FlexDirect account.

    It's now showing as 5% interest (fixed) for 12 months (on balances up to 2500) and a 12-month free overdraft.

    It should be noted that there are some restrictions on what you can do in branch - basically anything that can be done using self-service (ATM/internet/phone) needs to be done that way.

    http://www.nationwide.co.uk/current_account/flexdirect/default.htm

    --------------------

    Official MSE insert: We've now published a news story on this....

    "This makes the Nationwide FlexDirect account one of the top current accounts on the market, but it can be beaten..."

    Read the full story:

    Lloyds' PPI mis-selling bill climbs to 6.8 billion



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

    Last edited by Former MSE Darryl; 01-03-2013 at 11:29 AM. Reason: Adding MSE News story link
Page 3
    • OnePound
    • By OnePound 1st Mar 13, 5:49 PM
    • 126 Posts
    • 30 Thanks
    OnePound
    Existing Flexaccount holder
    I am looking at the Flexdirect account and wondering whether to upgrade (simpler? wholesale move of Fexaccount to Flexdirect), or create new account (can I have both and just use the Flexdirect to get the 5% interest, and still retain the 'free' travel insurance). For the second option could I have a SO move 1000 month each way? I do all my banking online anyway.
    • callum9999
    • By callum9999 1st Mar 13, 5:51 PM
    • 3,951 Posts
    • 2,408 Thanks
    callum9999
    It does make you smile though its as if Banks including Nationwide are doing us all a big favour but its actually far from it they are all ripping us customers to shreds while these banks pay 1million salaries and 1million bonuses while we are all happy to get 5% with a balance maximum of 2.5k.

    Yes it's better then nothing I agree but they ARE all still taking the Pi*s out of the customers yet we still carry on earning a few pence a year while the banks make 140 million a day.

    Halifax for instance giving away silly fivers yet lloyds banking group made 3.5 billion last year.

    Anyway I'm setting up Bugsy's bank.
    Originally posted by BugsyBrowne
    Perhaps you could explain to me how not charging me a penny, giving me free European travel insurance (which is actually pretty good...) and now paying 5% interest is "ripping me to shreds".
  • BugsyBrowne
    Max out 4 Flexi direct accounts 10k and that will bring you in 8 a week,No wonder the banks shareholders ride around in gold plated bentleys.
    Last edited by BugsyBrowne; 01-03-2013 at 5:54 PM.
    • anamenottaken
    • By anamenottaken 1st Mar 13, 5:53 PM
    • 4,146 Posts
    • 3,630 Thanks
    anamenottaken
    I am looking at the Flexdirect account and wondering whether to upgrade (simpler? wholesale move of Fexaccount to Flexdirect), or create new account (can I have both and just use the Flexdirect to get the 5% interest, and still retain the 'free' travel insurance). For the second option could I have a SO move 1000 month each way? I do all my banking online anyway.
    Originally posted by OnePound
    If you find the Travel Insurance valuable, keep the Flex account and open the new FlexDirect. The 5% is for one year only and you would lose the travel insurance (certainly in the short-term) if you "upgraded".

    SOs within Nationwide won't work. For money into both the Flex and FlexDirect, the qualifying 750 or 1000 has to come from outside Nationwide.
  • BugsyBrowne
    Perhaps you could explain to me how not charging me a penny, giving me free European travel insurance (which is actually pretty good...) and now paying 5% interest is "ripping me to shreds".
    Originally posted by callum9999
    Read the T&Cs flexi direct doesn't have FREE travel insurance.
    • grumbler
    • By grumbler 1st Mar 13, 6:00 PM
    • 51,788 Posts
    • 21,966 Thanks
    grumbler
    However, nothing stops you from having both Flex and FlexDirect and getting both the insurance and 5%
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • elantan
    • By elantan 1st Mar 13, 6:03 PM
    • 20,008 Posts
    • 53,583 Thanks
    elantan
    However, nothing stops you from having both Flex and FlexDirect and getting both the insurance and 5%
    Originally posted by grumbler
    Yep that's what I have and am happy with
    march 2011-july2019 8 years and 4 months ... or 100 months and counting
    "what would you do if you knew you couldn't fail.... enjoy the adventure" " to my own self be true"
    • CRISPIANNE3
    • By CRISPIANNE3 1st Mar 13, 6:05 PM
    • 353 Posts
    • 207 Thanks
    CRISPIANNE3
    Upgraded today and will take effect on the 9 March 2013.
    • grumbler
    • By grumbler 1st Mar 13, 6:08 PM
    • 51,788 Posts
    • 21,966 Thanks
    grumbler
    I upgraded my flex account, but it says it will go ahead on 23rd March. Bit of a wait.
    Originally posted by DreamerV
    Upgraded today and will take effect on the 9 March 2013.
    Originally posted by CRISPIANNE3
    "First-come, first-served" principle seems to not work at NW.
    Last edited by grumbler; 01-03-2013 at 6:12 PM.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • callum9999
    • By callum9999 1st Mar 13, 6:16 PM
    • 3,951 Posts
    • 2,408 Thanks
    callum9999
    Read the T&Cs flexi direct doesn't have FREE travel insurance.
    Originally posted by BugsyBrowne
    I didn't say it did have FREE travel insurance...
    • adindas
    • By adindas 1st Mar 13, 6:19 PM
    • 4,205 Posts
    • 2,698 Thanks
    adindas
    I am looking at the Flexdirect account and wondering whether to upgrade (simpler? wholesale move of Fexaccount to Flexdirect), or create new account (can I have both and just use the Flexdirect to get the 5% interest, and still retain the 'free' travel insurance). For the second option could I have a SO move 1000 month each way? I do all my banking online anyway.
    Originally posted by OnePound
    That is what I did. I have posted my personal Experience in Post #36.
    I am aware standing order within Nationwide will not work

    But there is a possibility of doing monthly manual internal transfer, but this is the think I am not quite sure whether this could work. What I am thinking is I will will just permute 1000 from FlexDirect to Flex Account and back to Flex direct.
  • BugsyBrowne
    I didn't say it did have FREE travel insurance...
    Originally posted by callum9999
    That is what I did. I have posted my personal Experience in Post #36.
    I am aware standing order within Nationwide will not work

    But there is a possibility of doing monthly manual internal transfer, but this is the think I am not quite sure whether this could work. What I am thinking is I will will just permute 1000 from FlexDirect to Flex Account and back to Flex direct.
    Originally posted by adindas
    You can't do internal transfers on the flexi direct.
  • mcbob
    Just opened one, will use the 2500 limit and a monthly churn.

    They offered me a 750 overdraft too
  • innovate

    So 4 it is then.
    Originally posted by mary
    See my response to your identical post over on the savings board.
  • innovate
    No wonder the banks shareholders ride around in gold plated bentleys.
    Originally posted by BugsyBrowne
    You mean all of the UK taxpayers have gold-plated Bentleys? They must be delivering mine shortly then, seeing that I own - - like every other UK tax payer - massive amounts of shares in RBS and Lloyds.
  • innovate
    But there is a possibility of doing monthly manual internal transfer, but this is the think I am not quite sure whether this could work. What I am thinking is I will will just permute 1000 from FlexDirect to Flex Account and back to Flex direct.
    Originally posted by adindas
    Of course internal transfers will work, but you will not get the interest, or the Flexaccount benefits, or Flexclusives if the monthly minimum amount doesn't come from a non-Nationwide source.
  • 212
    Just got my letter through. I upgraded my flex account (or whatever the one with the insurance is) a few weeks ago to the Direct one - got a 3 month interest free overdraft purely to stop Halifax's 3 a day charge... that runs out within days, but glad to see it's now 0% for a good year!

    Want to open another one and use that for 2,500 @ 5% rather than paying down the o/d, but will almost certainly fail credit scoring!

    Although, I just realised that my o/d is 3.5k and maxed out, but with a review in June I can't see them leaving me with that!
  • innovate
    You can't do internal transfers on the flexi direct.
    Originally posted by BugsyBrowne
    I can't 100% disagree with you until my FlexDirects are showing online. In the meantime, I just disagree 99.99%.

    BTW, it's called FlexDirect
    • anamenottaken
    • By anamenottaken 1st Mar 13, 6:57 PM
    • 4,146 Posts
    • 3,630 Thanks
    anamenottaken
    You can't do internal transfers on the flexi direct.
    Originally posted by BugsyBrowne
    You'll be able to do internal transfers.
    But they won't count towards the minimum payments into either account.
  • BugsyBrowne
    You'll be able to do internal transfers.
    But they won't count towards the minimum payments into either account.
    Originally posted by anamenottaken
    Thats exactly what I said when I quoted the OP when they said they'll transfer from flexi account to flexi direct.
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