Nationwide Flex Direct Current Account Pays 5% interest on balances up to £2500
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Nationwide Flex Direct Current Account Pays 5% interest on balances up to £2500

35
Found 10th Aug 2017
The FlexDirect account could be right for you if you're after an account that pays you interest when you have money in your account and you prefer to do your banking online or over the phone. It also has a really simple set of overdraft fees. To benefit from in-credit interest, you'll need to pay in a minimum of £1,000 per calendar month (excluding transfers from any Nationwide account held by you or anyone else).

FlexDirect is based on a simple self-service concept – you'll be automatically registered for our online and telephone banking services to manage your account. If you ever have a transaction that can't be completed via our self-service options then our branches and UK call centres will be here for you.

Here's what you get with FlexDirect
In-credit interest
5% AER (4.89% gross p.a.) in-credit interest on balances up to £2,500 (fixed for the first 12 months).
Find out more - In-credit interest
Fee free overdraft for 12 months
No fees on arranged overdrafts for the first 12 months (Overdrafts are only available to those aged 18 or over and are subject to approval).
Find out more - Fee free overdraft for 12 months
No monthly account fee
That's right, no monthly fee just for keeping your account with us!
Find out more - No monthly account fee

Also can have linked saver for up to £250 at 5% too! Not a bad deal tbh and for all those fed up with the TSB trying to rip off existing customers for new customers only!
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Been with Nationwide for a couple of years now after changing from RBS and can't reccomended them enough, you can also be reccomended for a referral for £100 each (referrer & referee) if you switch your current account to them
Is this automatically on my account or do I have to apply?
It's automatically added for the 12 months of the account
Original Poster
fish3238 m ago

Is this automatically on my account or do I have to apply?


Think you have to apply for that account specifically for it to work
shame they only pay the 5% upto £2500 balance - is there a reduced interest on the remaining balance over this amount or is it 0?
Cold
I have both of these accounts (the %Savings and the 5% Current) one major downside is their IT system.

If you have a fingerprint sensor on your phone - you're in luck its easy to login.

If you need to access from the web its so archaic, stupid customer number that's 9 digits, memorable word and the another stupid pin number.

Then your card reader to needs to be used to view statements, transfer money, SO, DD Etc, Total pain in the testicles all the time. Stay away from using it as a main current account until they realise IT infrastructure is abysmal. Fine for dumping in 2500k

~S
I switched from tsb to this last month, very smooth transfer and had the £100 switch money already. Agree the it isn't as good as others but I don't use it as my main account.
Is this for new customers only? I closed my nationwide account a few months ago.
Original Poster
pidgeofcdf32 m ago

I switched from tsb to this last month, very smooth transfer and had the …I switched from tsb to this last month, very smooth transfer and had the £100 switch money already. Agree the it isn't as good as others but I don't use it as my main account.


I went to hsbc last month switch to complete on monday to get the £150 plus £50 if still there after a year. Even though a bit long winded its been good so far! Even though app is more secure than tsb i will have to use a calculator thingy because the digital key can only be worked via a smart phone and not an ipad
Hopefully HSBC will still offer that next year, il be switching again in 12 months time once the 5% interest has ended on the nationwide. Nationwide sent me the calculator thingy aswell. Fortunately I only have to use it once a month to move the £1000 I have to pay in.
simba25852 h, 4 m ago

shame they only pay the 5% upto £2500 balance - is there a reduced …shame they only pay the 5% upto £2500 balance - is there a reduced interest on the remaining balance over this amount or is it 0?

Zero on anything over £2500.
Smcgie2 h, 40 m ago

I have both of these accounts (the %Savings and the 5% Current) one major …I have both of these accounts (the %Savings and the 5% Current) one major downside is their IT system.If you have a fingerprint sensor on your phone - you're in luck its easy to login.If you need to access from the web its so archaic, stupid customer number that's 9 digits, memorable word and the another stupid pin number.Then your card reader to needs to be used to view statements, transfer money, SO, DD Etc, Total pain in the testicles all the time. Stay away from using it as a main current account until they realise IT infrastructure is abysmal. Fine for dumping in 2500k ~S


Agreed. I really try to avoid logging in if I can. I set up the standing orders to fund it all and then don't touch it for 12 months.
I assume you can just set up standing orders to send in 1k then send straight back out again?
Giiibbs3 h, 0 m ago

I assume you can just set up standing orders to send in 1k then send …I assume you can just set up standing orders to send in 1k then send straight back out again?

Yes you can - I tend to leave a day between now after the in/out once mistimed on Halifax and took me overdrawn briefly and bounced.
To benefit from in-credit interest, you'll need to pay in a minimum of £1,000 per calendar month (excluding transfers from any Nationwide account held by you or anyone else).
So you have to pay in £1000 each month but only get interest on the first £2500.
How long does the £1000 each month have to be in the account for? Can you pay it in one day and take it out the next and just leave £2500?

COLD.
@Smcgie I don't have the problems you do? Logging in on the app on my phone is as simple as entering my PIN, can easily transfer money between accounts , very regularly set up standing orders or regular payments so when I do I don't mind using the card reader obviously that's subjective but I can also view all my statements without any hassle , I'm the only one who uses my pc so I have it remember my login then all I need to do is enter one of three memorable answers along with my PIN, doesn't seem like much hassle to me , but that's just with my usage and will obviously vary with each person
Sholan14 m ago

To benefit from in-credit interest, you'll need to pay in a minimum of …To benefit from in-credit interest, you'll need to pay in a minimum of £1,000 per calendar month (excluding transfers from any Nationwide account held by you or anyone else).So you have to pay in £1000 each month but only get interest on the first £2500.How long does the £1000 each month have to be in the account for? Can you pay it in one day and take it out the next and just leave £2500?COLD.

From day 1: wang in £2500. Then recurring from month 2 wang in £1000 a month which you can immediately transfer back (plus interest gained on the £2500) to another account, ensuring you leave £2500. Done.
Anon1 h, 14 m ago

Yes you can - I tend to leave a day between now after the in/out once …Yes you can - I tend to leave a day between now after the in/out once mistimed on Halifax and took me overdrawn briefly and bounced.

Good shout thanks
simba258512 h, 56 m ago

shame they only pay the 5% upto £2500 balance - is there a reduced …shame they only pay the 5% upto £2500 balance - is there a reduced interest on the remaining balance over this amount or is it 0?

Close after the 1st year or switch to another account like Halifax for switch reward, then open another for 12 more months 5% interest
They are a nightmare to deal with, watch your cards die for no reason, then try to sort it out. Go elsewhere not fit for purpose.
Blackgang5 h, 17 m ago

They are a nightmare to deal with, watch your cards die for no reason, …They are a nightmare to deal with, watch your cards die for no reason, then try to sort it out. Go elsewhere not fit for purpose.

I used to have this happen a lot when I first joined , it was apparently for security reasons so now I use a flex direct account just for online payments and never had a problem since , think it was because I had used it abroad without chip & pin
Is the flex savings account up to £6000 a year for same 5%
Edited by: "snoopy18" 11th Aug 2017
snoopy1851 m ago

Is the flex savings account up to £6000 a year for same 5%


it is but not £6000 in one go , you drip feed it £500 a month , then it resets every 12 months but this is ongoing , main reason we kept hold of our Nationwide flex direct accounts after the initial 12 month term ended.
Original Poster
snoopy1853 m ago

Is the flex savings account up to £6000 a year for same 5%


Only £250 now the same as hsbc
Anon3221 m ago

Only £250 now the same as hsbc

I don't know what this comment means but it is definitely £500 a month to a total of £6000 in a year.
Smcgie23 h, 9 m ago

I have both of these accounts (the %Savings and the 5% Current) one major …I have both of these accounts (the %Savings and the 5% Current) one major downside is their IT system.If you have a fingerprint sensor on your phone - you're in luck its easy to login.If you need to access from the web its so archaic, stupid customer number that's 9 digits, memorable word and the another stupid pin number.Then your card reader to needs to be used to view statements, transfer money, SO, DD Etc, Total pain in the testicles all the time. Stay away from using it as a main current account until they realise IT infrastructure is abysmal. Fine for dumping in 2500k ~S

Good on you! But there is definitely better places to 'dump' £2.5 million quid in!

However I agree with you on the IT side. The app is fine. The website is grim.
TomBoyNI41 m ago

I don't know what this comment means but it is definitely £500 a month to …I don't know what this comment means but it is definitely £500 a month to a total of £6000 in a year.


It's £250 now. Those who opened one before the change can still add £500 per month. But when your regular saver matures and you open a new one, then you'll only be able to deposit £250 per month.
clonereeco14 h, 49 m ago

@Smcgie I don't have the problems you do? Logging in on the app on my …@Smcgie I don't have the problems you do? Logging in on the app on my phone is as simple as entering my PIN, can easily transfer money between accounts , very regularly set up standing orders or regular payments so when I do I don't mind using the card reader obviously that's subjective but I can also view all my statements without any hassle , I'm the only one who uses my pc so I have it remember my login then all I need to do is enter one of three memorable answers along with my PIN, doesn't seem like much hassle to me , but that's just with my usage and will obviously vary with each person

I'm surmising haven't experienced other online banking accounts. This is painful to get in compared to most
Original Poster
TomBoyNI3 h, 8 m ago

I don't know what this comment means but it is definitely £500 a month to …I don't know what this comment means but it is definitely £500 a month to a total of £6000 in a year.


Not sure what you mean its deffo £250 or £3000 a year
folks, if this deal is news to you please go check out moneysavingexpert. This has been around for years, and is their standard product. It's like posting a deal for RRP of something.
Can recommend for £100 incentive
Hotmeal23 h, 50 m ago

From day 1: wang in £2500. Then recurring from month 2 wang in £1000 a m …From day 1: wang in £2500. Then recurring from month 2 wang in £1000 a month which you can immediately transfer back (plus interest gained on the £2500) to another account, ensuring you leave £2500. Done.



Cool. Could you transfer from PayPal the £1000 each month? And what happens if you forget to transfer £1000?
Still one of the better bank account offers and the refer bonus to switch is just a nice £100 bonus.
The problem with the regular saver £500/£250 month is that you actually only get 5% interest on the first month's installment. Every month after that the next installments are there for 1/12 of the year less, so you'll only make 11/12 of 5% on the second £500, 10/12 of 5% on the 3rd £500 and so on. So eventually it actually works out around 2.5% which isn't that great. Although, not bad if having the initial capital is a struggle and you prefer to work with cashflow.

The real benefit of flex direct, and the reason why it is so much better than any current regular savings account is that you do receive a full 5% on a full £2500. It's not watered down in any way, and it's better than most other savings accounts right now.
Edited by: "davidicus" 7th Oct 2017
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