Nationwide Flex Direct 5% - can I send min payment back and forth between accounts?

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rebeccakate
rebeccakate Posts: 1 Newbie
in Savings & investments
Hello

I'm looking at getting the Nationwide Flex Direct - 5% interest fixed on £2500!!

You need to pay in £1000 each month to get the interest.

So if I initially put in £2500, then if I sent £1000/ month into the account and then sent it back out (say £990 out/month), would I still qualify for the interest?

(Also second question - they do a credit check. Would this appear on my credit score report?)

Thanks!

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  • ColdIron
    ColdIron Posts: 9,049 Forumite
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    edited 14 June 2019 at 2:45PM
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    Yes and sort of yes. Your credit score is a meaningless number that banks do not see but the credit check will be available to them. It might or might not affect your number/score
  • xylophone
    xylophone Posts: 44,412 Forumite
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    The 5% only lasts for a year - after that it is 1%.


    Yes - you can send £1000 from a non NW account to NW and back again in seconds by faster payment.

    As for a credit check, I'd be surprised if they didn't.
  • Audaxer
    Audaxer Posts: 3,508 Forumite
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    rebeccakate wrote: »
    Hello
    So if I initially put in £2500, then if I sent £1000/ month into the account and then sent it back out (say £990 out/month), would I still qualify for the interest?
    Yes, but why £990 as you can move the whole £1,000 back out the day after, or even on the same day.
  • Madison
    Madison Posts: 174 Forumite
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    I kept this going beyond the 12 month higher interest rate due to opening it when it still came with free travel insurance. Apparently if you miss a month of paying in a grand, you lose the travel insurance so I pay £1000 in on the first of the month and transfer £500 to each of my TSB accounts and then from those back to my main account.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Madison wrote: »
    I kept this going beyond the 12 month higher interest rate due to opening it when it still came with free travel insurance. Apparently if you miss a month of paying in a grand, you lose the travel insurance so I pay £1000 in on the first of the month and transfer £500 to each of my TSB accounts and then from those back to my main account.
    Did the FlexDirect account ever come with free travel insurance?
  • badger09
    badger09 Posts: 11,206 Forumite
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    YorkshireBoy wrote: »
    Did the FlexDirect account ever come with free travel insurance?

    Must admit, I thought that was the (old) Flex Account. Now, for new customers, it only comes with the FlexPlus Account.
  • Madison
    Madison Posts: 174 Forumite
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    Maybe it's an old account but it paid 5 percent interest for the first year and I have free travel insurance with it, or at least I did and haven't received anything to tell me otherwise.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Madison wrote: »
    Maybe it's an old account but it paid 5 percent interest for the first year and I have free travel insurance with it, or at least I did and haven't received anything to tell me otherwise.
    I'd double check if I was you, and certainly before travelling abroad and relying on it.
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    Madison wrote: »
    Maybe it's an old account but it paid 5 percent interest for the first year and I have free travel insurance with it, or at least I did and haven't received anything to tell me otherwise.

    If it did ever come with travel insurance, you must have received a travel insurance certificate and have that in a safe place. Don't forget, (this is to anyone with travel insurance on a packaged bank account) you still need to declare all of your pre-existing conditions to the insurer or you may find yourself with no medical cover when you most need it. Even raised cholesterol in a blood test for my other half was considered a 'declarable' pre-existing condition in a policy we had many moons ago.
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