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

124
Found 5th FebMade hot 5th Feb
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!

124 Comments

Combine it with refer a Friend and get £100.

already got three of these. heat for the post though. :-)

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

Dumb question. Does the interest get paid monthly?

Original Poster

jrawlins28

Dumb question. Does the interest get paid monthly?



yes it does

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.

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!

buzzard

if you pay for Flex plus you also get free worldwide travel insurance, uk … 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.

http://www.hotukdeals.com/deals/nationwide-flexdirect-current-account-5-2553320

this is from quite a while

So after 12 months what's the interest rate?

Jonnyblock

So after 12 months what's the interest rate?



​1%

If you are clever, the interest will cover the account fee.

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?

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??

micky999

If you have had one of these accounts before can you reapply??ALso is the … 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.

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" 5th Feb

Can you transfer £1000 into and out of the account every month?

buzzard

if you pay for Flex plus you also get free worldwide travel insurance, uk … 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

woldranger

The difference with this and the Tesco one is that with the Tesco … 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?

Savvy1

​What's the tesco deal? I'd it 5% too?



No 3% on £3000

paza12

yes it does



Am I missing something...

It says interest is paid and compounded once a year.

woldranger

The difference with this and the Tesco one is that with the Tesco … 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?

Fagol

Can you transfer £1000 into and out of the account every month?


Yeah that is what I do.

Transfer it in or via Tesco stores

If you have the full £2500 you get £10 and a few pennies each month from the interest

Sambat

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

marti2nez

It has been there for a while. Last year it paid me 166 interest for each … 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

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" 5th Feb

micky999

It has been there for a while. Last year it paid me 166 interest for each … 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.[/quothanks, 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.

many 8% deal...

afc4eva

If you have the full £2500 you get £10 and a few pennies each month from t … If you have the full £2500 you get £10 and a few pennies each month from the interest



Subject to tax

Sid.Harper

Subject to tax



Not for everyone
gov.uk/app…pay
Edited by: "rooney10" 5th Feb

rooney10

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.

Sid.Harper

I thought you lose the alliance if you earn something like 16k or above, … 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.

dwl99

If you can afford to leave £2500 in it at all times the interest earned … 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.

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.

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

jrawlins28

Dumb question. Does the interest get paid monthly?



Yes it does.

nadzzz

Three of the same account under a single name/account? I didn't know you … 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

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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