Nationwide FlexDirect Account
Comments
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That'll be fine, subject to the Regular Savings funding precautions mentioned above. Only the FlexAccount requires the account's minimum pay in requirement to be satisfied in order to retain the Regular Saver. For the FlexDirect you only need to pay in £1,000 per month if you want to receive the 1% interest on £1 in your case.
I'm currently reusing my 1% FlexDirect for a temporary holding pot in one of the MSE savings challenges, so it has no balance some of the time.
Hi Kim
I need to get out of my FlexDirect account as I can no longer pay in the £1000 per month and I've been in it a year so the rate will drop anyway.
Can I just go back to an ordinary Flexaccount and still have online banking with a cardreader ?
I don't need any perks but just want to be able to see when I make a payment to someone.
I have a fair amount in the FlexDirect to move over at present.
Hope you can clarify ,( I'm not interested in their savings account)0 -
You only need to pay in the £1000 a month to get interest on the account.
You can keep the account and forgo any interest.0 -
Hi Kim
I need to get out of my FlexDirect account as I can no longer pay in the £1000 per month and I've been in it a year so the rate will drop anyway.
Can I just go back to an ordinary Flexaccount and still have online banking with a cardreader ?
I don't need any perks but just want to be able to see when I make a payment to someone.
I have a fair amount in the FlexDirect to move over at present.
Hope you can clarify ,( I'm not interested in their savings account)You only need to pay in the £1000 a month to get interest on the account.
You can keep the account and forgo any interest.
And keeping the Flexdirect also retains access to Nationwide's 5% Regular Saver.
Obviously you'd need to pay in £250 (or whatever is going into the RS) each month:cool:0 -
Hi Kim
I need to get out of my FlexDirect account as I can no longer pay in the £1000 per month and I've been in it a year so the rate will drop anyway.
Can I just go back to an ordinary Flexaccount and still have online banking with a cardreader ?
I don't need any perks but just want to be able to see when I make a payment to someone.
I have a fair amount in the FlexDirect to move over at present.
Hope you can clarify ,( I'm not interested in their savings account)
In this case you should keep the FlexDirect open, as it means that you don't need to meet a minimum pay on to retain the Regular Saver. If you downgraded to the FlexAccount, you'd need to pay in £750 per month to retain the saver.
You should pay into your saver manually if your FlexDirect balance is less than the amount you want to move into the saver. If not, you risk the standing order to the saver processing before the standing order into the FlexDirect, resulting in a failed payment or being temporarily overdrawn.
You can cycle existing money between current accounts to meet pay in requirements if you wish, for instance to get 3% interest on £1,500 at TSB.
If you'd rather step away from using current accounts for interest, you should have a look at this article for a new home for your funds: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest
Regular Savers with Santander, HSBC, First Direct, Lloyds, BOS and Halifax pay 2.5% or more if you have the requisite current accounts.0 -
In this case you should keep the FlexDirect open, as it means that you don't need to meet a minimum pay on to retain the Regular Saver. If you downgraded to the FlexAccount, you'd need to pay in £750 per month to retain the saver.
You should pay into your saver manually if your FlexDirect balance is less than the amount you want to move into the saver. If not, you risk the standing order to the saver processing before the standing order into the FlexDirect, resulting in a failed payment or being temporarily overdrawn.
You can cycle existing money between current accounts to meet pay in requirements if you wish, for instance to get 3% interest on £1,500 at TSB.
If you'd rather step away from using current accounts for interest, you should have a look at this article for a new home for your funds: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest
Regular Savers with Santander, HSBC, First Direct, Lloyds, BOS and Halifax pay 2.5% or more if you have the requisite current accounts.
Not necessarily.
An alternative method is to set the SO going into the current account, say 4 days in advance of the one to the RS, thus avoiding that potential problem.0 -
YorkshireBoy wrote: »Switching an account into a FlexAccount (using the CASS) eliminates the need to pay in £750 a month.
Only for 4 months.
"hold a FlexAccount and:
have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else);or
completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months"
https://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefitsYorkshireBoy wrote: »I read that before I posted. My opinion is that I'd then be a 'Main Account' holder and so be able to open the Reg Saver so long as I did it by 4/4/18.
The bit you've cropped from the start of your quote is the bit that says "To open this account:" (their bold). It follows then, that I could run this account for a year simply by switching, and there would be no need to fund each month.
I do realise that in order to get a second bite of the regular saver next year (if it's still around) I'd need to re-assess the situation nearer the time.Yorkshire_Pud wrote: »I can't see any requirement in the reg saver T&C to have to continue funding a Nationwide FlexAccount with £750+ per month beyond the initial 3 months prior to opening the reg saver?
Recalling this debate from earlier in the month, I notice the new T&C , effective from 1 May 2018, make it clearer that the 3 months funding requirement rule for the FlexAccount applies continuously to qualify for the regular saver.For your FlexAccount to qualify as your main current account, at any time, you must either:
• Have paid at least £750 into the current account each month for the preceding three months (excluding transfers from another Nationwide account); or
• Have completed a current account switch from a non-Nationwide current account, using our Current Account Switch Team, during the preceding four months.
4. If, at any time, you no longer hold one of these current accounts or fail to meet the above terms, we may transfer your money to another instant access savings account. The terms and conditions and the interest rate applicable to that account at that time, will apply. We will personally notify you before making this transfer.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0
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