The Nationwide FlexDirect account pays 5% for the first year upto £2,500 and regular saver £250. Also if you know someone then you and them get £100
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The Nationwide FlexDirect account pays 5% for the first year upto £2,500 and regular saver £250. Also if you know someone then you and them get £100

19
Found 12th Nov
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!

Also can have linked saver for up to £250 at 5% too! Not a bad deal

So £125 if you put in £2,500 and then £81 for the reg saver so potentially make £206 gross

Top comments

watfordguy11 h, 22 m ago

When you think about it these rates are actually a bit of a con.Obviously …When you think about it these rates are actually a bit of a con.Obviously if you could put in the total amount straight away £3000 and got 5% the interest would be £150... but as you can't and can only add £250 monthly the rate sounds great but in reality the returns is a lot less...You'd earn £80.64 interest (gross) if you saved the max for 12 months with this account – assuming the variable interest rate doesn't change


It's not a "bit of a con", it's how it works. If you're putting £250 in for one month at the end, obviously you're going to get one month's interest at 5%, not one year at 5%. Any perceived "con" is down to not realising that, not because Nationwide are trying to deceive.
19 Comments

I'm currently midway through my second year of a Flex Regular Saver account.

Looks like they've halved the amount you can deposit on new accounts though so doubt I'll be going for a third year.

Narcotix1 h, 3 m ago

I'm currently midway through my second year of a Flex Regular Saver …I'm currently midway through my second year of a Flex Regular Saver account.Looks like they've halved the amount you can deposit on new accounts though so doubt I'll be going for a third year.


I noticed as well, that they had halved the amount you can put into this. I have just finished my 12th payment on the earlier version and was looking to start again. There are other providers doing this 5% on £250 per month regular savings. So nationwide will get some and I will move cash to other institutions to get this 5% rate.
Nationwide obviously are flush with cash and don't need mine lol

When you think about it these rates are actually a bit of a con.
Obviously if you could put in the total amount straight away £3000 and got 5% the interest would be £150... but as you can't and can only add £250 monthly the rate sounds great but in reality the returns is a lot less...
You'd earn £80.64 interest (gross) if you saved the max for 12 months with this account – assuming the variable interest rate doesn't change

watfordguy11 h, 22 m ago

When you think about it these rates are actually a bit of a con.Obviously …When you think about it these rates are actually a bit of a con.Obviously if you could put in the total amount straight away £3000 and got 5% the interest would be £150... but as you can't and can only add £250 monthly the rate sounds great but in reality the returns is a lot less...You'd earn £80.64 interest (gross) if you saved the max for 12 months with this account – assuming the variable interest rate doesn't change


It's not a "bit of a con", it's how it works. If you're putting £250 in for one month at the end, obviously you're going to get one month's interest at 5%, not one year at 5%. Any perceived "con" is down to not realising that, not because Nationwide are trying to deceive.

Ashe12 m ago

It's not a "bit of a con", it's how it works. If you're putting £250 in …It's not a "bit of a con", it's how it works. If you're putting £250 in for one month at the end, obviously you're going to get one month's interest at 5%, not one year at 5%. Any perceived "con" is down to not realising that, not because Nationwide are trying to deceive.

That is my point. If somebody didn't know how it worked they may think that they are getting 5% on the entire amount.

watfordguy8 m ago

That is my point. If somebody didn't know how it worked they may think …That is my point. If somebody didn't know how it worked they may think that they are getting 5% on the entire amount.


It doesn't make it a "bit of a con" if someone thinks they will somehow get an entire year at 5% on money they've only put in for one month.

Ashe13 m ago

It doesn't make it a "bit of a con" if someone thinks they will somehow …It doesn't make it a "bit of a con" if someone thinks they will somehow get an entire year at 5% on money they've only put in for one month.

Ok i take back the bit of a con statement. Perhaps they should put that the rate averaged out over the year is equivalent to 2.5% if all deposits are made. Or whatever the value should be.
Edited by: "watfordguy" 13th Nov

Did this (& the 2% HTB ISA) with Nationwide. Very happy, super easy to set up the transfers and their customer service is A1

Ashe12 h, 57 m ago

It's not a "bit of a con", it's how it works. If you're putting £250 in …It's not a "bit of a con", it's how it works. If you're putting £250 in for one month at the end, obviously you're going to get one month's interest at 5%, not one year at 5%. Any perceived "con" is down to not realising that, not because Nationwide are trying to deceive.

Calm down please ladies

At least the 7th time in the last 12 months this has been posted, 4 of which by the same OP, going by a quick search
Edited by: "jwc04" 13th Nov

Narcotix12th Nov

I'm currently midway through my second year of a Flex Regular Saver …I'm currently midway through my second year of a Flex Regular Saver account.Looks like they've halved the amount you can deposit on new accounts though so doubt I'll be going for a third year.


Yeah, I was a bit disapointed when I took out a new one a few months back and the amount you could deposit had halved. I still did it though as its still worth sticking that money in there.

watfordguy12 h, 41 m ago

Ok i take back the bit of a con statement. Perhaps they should put that …Ok i take back the bit of a con statement. Perhaps they should put that the rate averaged out over the year is equivalent to 2.5% if all deposits are made. Or whatever the value should be.


Can we just call it "not quiet as good as somebody might initial think if they've not taken the time to think about it, but still a great rate for anyone wanting to save £250 a month"
Edited by: "Mark43" 13th Nov

watfordguy13 h, 0 m ago

Ok i take back the bit of a con statement. Perhaps they should put that …Ok i take back the bit of a con statement. Perhaps they should put that the rate averaged out over the year is equivalent to 2.5% if all deposits are made. Or whatever the value should be.


I see it as a con when the first line says '"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months)." I stuck £6k into Tesco bank because they were paying 3%. I knew full well it was an absolutely crap rate on a pittance, but I knew exactly what I was getting. This sort of account lures you in with a tag line, then its up to you as a punter to unravel just a how crap the whole thing is.

Askrulous6 m ago

I see it as a con when the first line says '"Access to 5% AER (4.89% gross …I see it as a con when the first line says '"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months)." I stuck £6k into Tesco bank because they were paying 3%. I knew full well it was an absolutely crap rate on a pittance, but I knew exactly what I was getting. This sort of account lures you in with a tag line, then its up to you as a punter to unravel just a how crap the whole thing is.


Calm down please

Askrulous22 m ago

I see it as a con when the first line says '"Access to 5% AER (4.89% gross …I see it as a con when the first line says '"Access to 5% AER (4.89% gross p.a) interest on in-credit balances of up to £2,500 (fixed for the first 12 months)." I stuck £6k into Tesco bank because they were paying 3%. I knew full well it was an absolutely crap rate on a pittance, but I knew exactly what I was getting. This sort of account lures you in with a tag line, then its up to you as a punter to unravel just a how crap the whole thing is.


The first line you quote refers to the Nationwide current account, where you can indeed get 5% for an entire year on £2500 - although the discussion in this thread which you replied to is about the £250 a month regular saver.

Ashe27 m ago

The first line you quote refers to the Nationwide current account, where …The first line you quote refers to the Nationwide current account, where you can indeed get 5% for an entire year on £2500 - although the discussion in this thread which you replied to is about the £250 a month regular saver.


oh, sorry, I got my cons mixed up.

I switched my TSB account to this not long ago and me and my friend got £100 each as he was the recommend a friend. Then a month later I have just switched my wife’s account from TSB and we both got £100 each, I recommended her, easy switch and money.
If you switch for the £100 recommend you have to have 2 direct debits set up on that account. If you don't know anyone with a nationwide account just shout easy £100 each.
nationwide.co.uk/pro…tab
Edited by: "lugsy3" 14th Nov

does the recommend a friend work if I want to open a joint account?
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