NationWide FlexDirect Current Account 5% - HotUKDeals
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504

NationWide FlexDirect Current Account 5.00%

£5.00 @ Nationwide Building Society
This is a long standing offer for SAVERS from Nationwide. So it's more of a fyi deal for those who are not aware. Nothing Black or Friday about this offer. Starved of any decent interest rates on … Read More
playdumb Avatar
6m, 1d agoFound 6 months, 1 day ago
This is a long standing offer for SAVERS from Nationwide. So it's more of a fyi deal for those who are not aware. Nothing Black or Friday about this offer.

Starved of any decent interest rates on your SAVINGS? Why not open a FlexDirect account and get 5% interest for 12 months for amounts upto £2500.

Your partner can open one too AND have a joint account. So 3 accounts holding upto £7500 earning 5%per annum paid monthly is as good as it gets in this interest rate environment (for 12 months only though). You DO have to deposit £1000 each month from a non Nationwide account, but you can top it up and withdraw within a few hours if you so wish.
The smart thing to do is to keep credit balance at £2500. Amounts over that don't earn any interest at all, I think.
with my street maths, the most you can get in a month is -
5% of 2500 = £125 per year
so, 125/365 (days/year) * 31 = £10.62 for a 31-day month

But it gets better. If you switch to Nationwide with 2 direct debits using the switch service both the recommended and the one who recommends get £100 each (hint, hint ;)

Wait, there's more! FlexDirect account can open a Regular Flexclusive saver account, top it up upto £500 each month and earn 5% on that too for 12 months

The online service and app are both good. We've had 2 accounts now and will soon open a joint account.

Update :
I suspect this offer will be pulled (rates reduced) in the not too distant future. The 5% interest on the current account is guaranteed for 12 months, but the Flexclusive Saver rate is variable.

If you are fortunate to have about 10k savings and in a stable relation then think about spacing out the 3 account open dates over 3-6 months, so that you don't face a problem with what you have to do next after 12 months. eg. We intentionally opened the regular Flexclusive account a few months after the FlexDirect account to stagger the finish dates of the 12 month offers. The slight nitpick with the Flexclusive is interest is paid only at the end of 12 months, so if you deposit in month-1 but withdraw at month-6 you lose all the interest (aiui, correct me pls)

btw, credit to karlie888 who first made me aware of switching offers. There's a LONG thread about that. Some on that thread made loads from Yorkshire Bank and Clydesdale Bank when their offer was not worded correctly. Hope they opened a benefit fund for the poor sod who surely got fired for that gaff :¬
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6m, 1d agoFound 6 months, 1 day ago
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2 Likes #1
Yep, good advice. We're just coming up to 12 months since we opened one each, just waiting for the interest on the regular savers. Also good that the regular savers can deposit £500 a month as most are half that.
4 Likes #2
I'm with Nationwide, their customer service makes HSBC look like amateurs.

I've done all the above and also utilised the Home Buying ISA too. Seems a must regardless of whether you'll buy in a few years or not.
1 Like #3
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
9 Likes #4
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Ummm; I guess because "it's more of a fyi deal for those who are not aware"; i.e. people like me; and now I'm interested in the deal!

Update: In fact, thanks again for the post, I think it is a good deal so have now taken it up and opened an account.

Edited By: Sunrayho on Jan 20, 2017 09:02: Update
4 Likes #5
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Deary me.

I can't find another thread, can you?
1 Like #6
Kaytranada
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Deary me.
I can't find another thread, can you?

Here is one of many: http://www.hotukdeals.com/deals/nationwide-5-gross-4-net-interest-500-pm-max-flex-regular-saver-account-for-main-2375600

There is a search box at the top, you type stuff in, it brings back a result, simples ;)
8 Likes #7
Sharpharp
Kaytranada
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Deary me.
I can't find another thread, can you?
Here is one of many: http://www.hotukdeals.com/deals/nationwide-5-gross-4-net-interest-500-pm-max-flex-regular-saver-account-for-main-2375600
There is a search box at the top, you type stuff in, it brings back a result, simples ;)
Apologies. I did a "nationwide" search in personal finance and it returned 7 threads, none of which were that one.

Still, I think 10 months is plenty time for people to get a reminder about a great bank/building society (product).
3 Likes #8
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
To Remind People!!
#9
mjb1975
Yep, good advice. We're just coming up to 12 months since we opened one each, just waiting for the interest on the regular savers. Also good that the regular savers can deposit £500 a month as most are half that.


Yes, £500/month on the regular saver is the highest of all the other high interest regular savers out there like First Direct and M&S (between £250-300)

Those coming to an end of their 12 months, what are you doing with the moolah!?
I'll be there in 3 months and the choice is a holiday(!) or, save it further in a dividend paying ETF fund tracker. Suggestions welcome
#10
Unfortunately, ours is going as an overpayment to the mortgage. Boring but will pay that down a lot.
2 Likes #11
Also, if an account holder (like me) recommends someone both of them receive £100 each.
3 Likes #12
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?


I found a change from the previous deal which makes this one better. And, surprise, the change is from the taxman - you get all of the interest accrued ie. No 5% gross, 4% nett malarkey
Hope that winds you up even more ;)
#13
playdumb
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
I found a change from the previous deal which makes this one better. And, surprise, the change is from the taxman - you get all of the interest accrued ie. No 5% gross, 4% nett malarkey
Hope that winds you up even more ;)

This must be a surprise for you, the rest of us have known this for months, jokes on u :D
8 Likes #14
Sharpharp - have you nothing better to do?
#15
are they not going to reduce the rates soon tho like the other banks as all seem to be reducing there rates to virtually nothing
#16
Be careful, I have recommended hukders successfully before but got threatened with a ban for saying so....
#17
why would u get banned
#18
Sharpharp
Kaytranada
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Deary me.
I can't find another thread, can you?
Here is one of many: http://www.hotukdeals.com/deals/nationwide-5-gross-4-net-interest-500-pm-max-flex-regular-saver-account-for-main-2375600
There is a search box at the top, you type stuff in, it brings back a result, simples ;)

That's a "Flexclusive Regular Saver' account which is exclusively for Nationwide main current account customers.

The OP deal is for a "FlexDirect Account' which has differing terms and benefits.
3 Likes #19
Sharpharp
playdumb
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
I found a change from the previous deal which makes this one better. And, surprise, the change is from the taxman - you get all of the interest accrued ie. No 5% gross, 4% nett malarkey
Hope that winds you up even more ;)

This must be a surprise for you, the rest of us have known this for months, jokes on u :D


I wasn't aware of this until this post and am now. Surely that is the point of this site. It is a community site. You need http://www.hotukdealsjustformeasiamselfish.co.uk
#20
If i'm not with Nationwide already would i get £100 for switching to them or do i have to be recommended?

(By way i don't want numerous PM's saying i'll recommend you ;) )
#21
steevieboy4u
If i'm not with Nationwide already would i get £100 for switching to them or do i have to be recommended?
(By way i don't want numerous PM's saying i'll recommend you ;) )

There are numerous ways to get the £100, sadly your way isn't one of them
2 Likes #22
steevieboy4u
If i'm not with Nationwide already would i get £100 for switching to them or do i have to be recommended?

(By way i don't want numerous PM's saying i'll recommend you ;) )


You only get the hundred quid for switching if you are recommended by a Nationwide account holder.
Terms of recommend a friend
http://www.nationwide.co.uk/products/current-accounts/service/raf-conditions

The one who recommends needs name, birth date and email id of the one who wants to switch to be filled in the form at this link -

https://portal.nationet.com/nationwide/appforms/recommendafriend/default.aspx
1 Like #23
Sharpharp
Kaytranada
Sharpharp
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Deary me.
I can't find another thread, can you?

Here is one of many: http://www.hotukdeals.com/deals/nationwide-5-gross-4-net-interest-500-pm-max-flex-regular-saver-account-for-main-2375600

There is a search box at the top, you type stuff in, it brings back a result, simples ;)


But I would not have known about this so could not have contemplated searching for if it had not been for this post, so thank you, but even bigger thanks to the OP, along with heat. New deals and those that are hot (particularly newly hot) are what attracts the attention.

Unfortunately, I don't have the spondulies to make the most of this and let's not be too dramatic about facing a cliff edge in 12 months - it's not it as if you suddenly lose money and with the fate of the UK economy as it is, sadly plenty of people will be literally facing a cliff edge if they aren't already!

Edited By: Rickardo on Nov 23, 2016 17:48: Typo
1 Like #24
Hot from me. Great service, great rates and access to Simply Rewards which, last year, was paying back $25 on a $100 spend at Amazon for EACH card you held with them. A quick $100 gift card purchase was costing $75. Nice.

So make sure you apply for the debit cards too, just in case that offer crops up again this year.
#25
Hmm, so a new account holder can get:
~150£ interest (500£/month regular savings @ 5%)
~125£ interest (2500£ current account @ 5%)
So in total that's 275£ before tax (165£ after 40% tax) and 100£ for switching. Not bad.
But I'm too lazy and worried about the impact on my credit score.

Edited By: jomay on Nov 23, 2016 10:39: added after tax
#26
I've had this account for 3 months and the interest it paid monthly. Around £10-11 if you keep it above £2500.
#27
I have this account with Nationwide. Can't get a better interest rate. The referral bonus is worth picking up on too (£100 per person)
#28
I opened this last week. Just about to deposit the 2.5k. Bulk of money in Santander 123 & I'll have to transfer 1k a month back & forth but interest is worth it. At the end of 12 months I'll probably move the account to someone else!! Any interest earned on a count will move to 123 as anything over 2.5k is dormant cash.
#29
what a shame, I have flex plus and don't want to lose the benefits of it.. tempted to open another account
#30
Send me a message if you are interested in doing an account switch to Nationwide :{
#31
skybluearmyontour
I opened this last week. Just about to deposit the 2.5k. Bulk of money in Santander 123 & I'll have to transfer 1k a month back & forth but interest is worth it. At the end of 12 months I'll probably move the account to someone else!! Any interest earned on a count will move to 123 as anything over 2.5k is dormant cash.

At the end of 12 months, close it but keep an account open in Nationwide, then wait a few months and open a new one. 12 months @ 5% applies again.
#32
Nationwide TWICE lost my bank application. I applied, then got told they lost the application so I applied again and again they "lost" my application. One online, one in the branch.

Then I had a credit card from them. £5k limit.. not bad. Balance transferred. Paid off the balance transfer, 7 days later they reduced my credit limit to £1,000. I have perfect credit btw, no late payments, no missed etc. Terrible terrible bank.

Oh and they credit checked me twice since loosing my application twice.
#33
Well they have problems paying inerest on their regular saver http://forums.moneysavingexpert.com/showthread.php?t=5548965&page=5#topofpage
#34
I got get me1 a these
#35
I tried a couple month ago but failed the credit check :(
#36
Anyone want to refer me?
#37
Gannet
Anyone want to refer me?

Sure I will
#38
If anyone else needs one, please pm me I would be happy to split anything I get as a result

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