Nationwide FlexDirect Current Account - 5% interest up to £2,500 for 12 months - HotUKDeals
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Nationwide FlexDirect Current Account - 5% interest up to £2,500 for 12 months

£0.00 @ Nationwide Building Society
Just saw the 3% tesco current account go hot, so thought this one was worth a mention too. Great current account if you dont mind doing your banking online. 5% on balances up to £2,500 for first 1… Read More
paza12 Avatar
5m, 2w agoFound 5 months, 2 weeks ago
Just saw the 3% tesco current account go hot, so thought this one was worth a mention too.

Great current account if you dont mind doing your banking online. 5% on balances up to £2,500 for first 12 months when you pay in £1,000 PCM. Currently rated top current account on which?

Combine this with their flexexclusive regular saver which offers 5% interest when you top up between £1 and £500 each month for 12 months and you are onto a winner!
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paza12 Avatar
5m, 2w agoFound 5 months, 2 weeks ago
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(2)
20 Likes
if you pay for Flex plus you also get free worldwide travel insurance, uk breakdown cover, moile phone cover and extended cover on some purchases. Costs £10 a month but worth it for some people
6 Likes
Combine it with refer a Friend and get £100.

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6 Likes #1
Combine it with refer a Friend and get £100.
2 Likes #2
already got three of these. heat for the post though. :-)
20 Likes #3
if you pay for Flex plus you also get free worldwide travel insurance, uk breakdown cover, moile phone cover and extended cover on some purchases. Costs £10 a month but worth it for some people
1 Like #4
Dumb question. Does the interest get paid monthly?
1 Like #5
jrawlins28
Dumb question. Does the interest get paid monthly?

yes it does :)
3 Likes #6
If you can afford to leave £2500 in it at all times the interest earned is slightly more than the cost of the monthly fee. After the first year that no longer applies.
3 Likes #7
The difference with this and the Tesco one is that with the Tesco account, you can just stick in £3000 and you're done. With these you need to make sure there's money being paid in - not a huge issue and certainly better than the Coop one - when I was looking at switching it needed 4 active dd's!
#8
buzzard
if you pay for Flex plus you also get free worldwide travel insurance, uk breakdown cover, moile phone cover and extended cover on some purchases. Costs £10 a month but worth it for some people


didn't know that. will go back and check. thanks.
#10
So after 12 months what's the interest rate?
#11
Jonnyblock
So after 12 months what's the interest rate?


1%
1 Like #12
If you are clever, the interest will cover the account fee.
1 Like #13
roblatus
already got three of these. heat for the post though. :-)

Three of the same account under a single name/account? I didn't know you could sign up for multiple accounts, I thought you could only get this account once for 12 months?
1 Like #14
If you have had one of these accounts before can you reapply??
ALso is the flexexclusive regular saver a new account,never saw this one before??
1 Like #15
micky999
If you have had one of these accounts before can you reapply??
ALso is the flexexclusive regular saver a new account,never saw this one before??
It has been there for a while. Last year it paid me 166 interest for each account and once it comes to its end i have opened flex regular saver which has the same interest rate.
1 Like #16
suzannecaeler
If you are clever, the interest will cover the account fee.

What account fee ? There is none , If you were clever ...... sorry , I must resist

Edited By: rooney10 on Feb 05, 2017 18:37
#17
Can you transfer £1000 into and out of the account every month?
1 Like #18
buzzard
if you pay for Flex plus you also get free worldwide travel insurance, uk breakdown cover, moile phone cover and extended cover on some purchases. Costs £10 a month but worth it for some people

That's 3% though
#19
woldranger
The difference with this and the Tesco one is that with the Tesco account, you can just stick in £3000 and you're done. With these you need to make sure there's money being paid in - not a huge issue and certainly better than the Coop one - when I was looking at switching it needed 4 active dd's!


What's the tesco deal? I'd it 5% too?
1 Like #20
Savvy1
woldranger
The difference with this and the Tesco one is that with the Tesco account, you can just stick in £3000 and you're done. With these you need to make sure there's money being paid in - not a huge issue and certainly better than the Coop one - when I was looking at switching it needed 4 active dd's!
What's the tesco deal? I'd it 5% too?

No 3% on £3000
#21
paza12
jrawlins28
Dumb question. Does the interest get paid monthly?
yes it does :)

Am I missing something...

It says interest is paid and compounded once a year.
#22
woldranger
The difference with this and the Tesco one is that with the Tesco account, you can just stick in £3000 and you're done. With these you need to make sure there's money being paid in - not a huge issue and certainly better than the Coop one - when I was looking at switching it needed 4 active dd's!
How do you pay cash into the Tesco account?
2 Likes #23
Fagol
Can you transfer £1000 into and out of the account every month?
Yeah that is what I do.
1 Like #24
Transfer it in or via Tesco stores
#25
If you have the full £2500 you get £10 and a few pennies each month from the interest
#26
Sambat
woldranger
The difference with this and the Tesco one is that with the Tesco account, you can just stick in £3000 and you're done. With these you need to make sure there's money being paid in - not a huge issue and certainly better than the Coop one - when I was looking at switching it needed 4 active dd's!
How do you pay cash into the Tesco account?


Just transferred it in either through online banking or in which ever bank you're transferring from
#27
marti2nez
micky999
If you have had one of these accounts before can you reapply??
ALso is the flexexclusive regular saver a new account,never saw this one before??
It has been there for a while. Last year it paid me 166 interest for each account and once it comes to its end i have opened flex regular saver which has the same interest rate.

thanks, re regular saver, but can you also open a new flex direct account as well
1 Like #28
Fagol
Can you transfer £1000 into and out of the account every month?
When i had it, I had to transfer to an different bank and then pay it back in.

They dont allow internal transfers.

Not sure about the regualr saver or not, maybe someone can confirm if this one you can transfer internally

Edited By: micky999 on Feb 05, 2017 19:59
#29
micky999
marti2nez
[quote=micky999] If you have had one of these accounts before can you reapply??
ALso is the flexexclusive regular saver a new account,never saw this one before??
It has been there for a while. Last year it paid me 166 interest for each account and once it comes to its end i have opened flex regular saver which has the same interest rate.[/quo
thanks, re regular saver, but can you also open a new flex direct account as well

yes you can reapply, this is what i did when the 5% on 2500 has expired. Actually i have switched to another bank and then back to NationWide if that make sense.
#30
many 8% deal...
#31
afc4eva
If you have the full £2500 you get £10 and a few pennies each month from the interest


Subject to tax
#32
Sid.Harper
afc4eva
If you have the full £2500 you get £10 and a few pennies each month from the interest
Subject to tax

Not for everyone
https://www.gov.uk/apply-tax-free-interest-on-savings/how-much-tax-you-pay

Edited By: rooney10 on Feb 05, 2017 20:37: typo
#33
rooney10
Sid.Harper
afc4eva
If you have the full £2500 you get £10 and a few pennies each month from the interest
Subject to tax

Only after the first £300 of interest or something though isn't it ?


I thought you lose the alliance if you earn something like 16k or above, which many will do to have 3k sitting around.
2 Likes #34
Sid.Harper


I thought you lose the alliance if you earn something like 16k or above, which many will do to have 3k sitting around.

Nope, you're entitled to the full £1000 a year if you're a basic rate tax payer and £500 a year for higher rate tax payers.
3 Likes #35
dwl99
If you can afford to leave £2500 in it at all times the interest earned is slightly more than the cost of the monthly fee. After the first year that no longer applies.

There is no monthly fee on FlexDirect.
#36
Personal Allowance

You can use your Personal Allowance to earn interest tax-free if you haven’t used it up on your wages, pension or other income.

Starting rate for savings

You may also get up to £5,000 of interest tax-free. This is your starting rate for savings.

The more you earn from other income (for example your wages or pension), the less your starting rate for savings will be.

If your other income is £16,000 or more

You’re not eligible for the starting rate for savings if your other income is £16,000 or more.

If your other income is less than £16,000

Your starting rate for savings is a maximum of £5,000. Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1.



Example
You earn £14,000 of wages and get £200 interest on your savings.

Your Personal Allowance is £11,000. It’s used up by the first £11,000 of your wages.

The remaining £3,000 of your wages (£14,000 minus £11,000) reduces your starting rate for savings by £3,000.

Your remaining starting rate for savings is £2,000 (£5,000 minus £3,000). You don’t pay tax on your savings interest.
1 Like #37
And as mentioned by Mr.No ...

Personal Savings Allowance

You may also get up to £1,000 of interest tax-free depending on which Income Tax band you’re in. This is your Personal Savings Allowance.


Income Tax band

Tax-free savings income


Basic rate £1,000
Higher rate £500
Additional rate £0
#38
jrawlins28
Dumb question. Does the interest get paid monthly?


Yes it does.
#39
nadzzz
roblatus
already got three of these. heat for the post though. :-)
Three of the same account under a single name/account? I didn't know you could sign up for multiple accounts, I thought you could only get this account once for 12 months?

I sort of have 3, one in my name, one in the wifes and one joint
#40
Also nationwide offers a limited access account with a interest rate of 2.25%. You can save up to £50000 in that account. Only issue with that account is that you have to open by adding your kids name as a saving account and you can only make one withdrawal per year. If you do withdraw money more than once, interest rate will drop to 0.05%.

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