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The Nationwide FlexDirect account Pays 5% interest on balances on £2500 *****PLEASE DO NOT OFFER / REQUEST REFERRALS*****
The Nationwide FlexDirect account Pays 5% interest on balances on £2500 *****PLEASE DO NOT OFFER / REQUEST REFERRALS*****

The Nationwide FlexDirect account Pays 5% interest on balances on £2500 *****PLEASE DO NOT OFFER / REQUEST REFERRALS*****

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 £500 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!

Top comments

Or you could go for the flex plus and have Family worldwide travel insurance,
Phone insurance , breakdown cover etc all covered by the interest.
66 Comments

Again?

And isn't the regular saver upto £500 per month?

Original Poster

crumpetman

Again? And isn't the regular saver upto £500 per month?


You are correct sir updated (_;)

And if you can get someone to recommend you and you switch current account to them, you both get £100, which I've done a couple of times
Edited by: "Ashe" 17th Jun

Ain't really a new deal as its been out since 3-4 years ago (the current account, not the saver which came out sometime prior to Nov 2016)
Edited by: "superspeedy" 17th Jun

Ashe

And if you can get someone to recommend you and you switch current … And if you can get someone to recommend you and you switch current account to them, you both get £100, which I've done a couple of times


I second this, I have done this with lots of people including from MSE and here and everyone has always received their payment so make sure you find someone who already has an account to refer you.

If I transfer £2500 straight In then set up a regular £1000 can I transfer the £1000 back out? And can me and the wife have account each plus 1 joint?

micky316

If I transfer £2500 straight In then set up a regular £1000 can I t … If I transfer £2500 straight In then set up a regular £1000 can I transfer the £1000 back out? And can me and the wife have account each plus 1 joint?



Yes, the £1,000 only has to come in, there is no requirement to keep it there. I transfer in £1,000 every month, transfer £500 to the regular saver, and immediately transfer the remaining £500 back out together with the interest credited on the £2,500.

As regards switch referrals, you need to ensure that the donor bank is a member of the switching service. I referred someone whose bank wasn't & despite them manually switching, Nationwide refused to honour the referral payment to either party.

I've done a referral before and it worked fine giving us £100 each. You need to switch an account with at least 2 direct debits from memory.

Or you could go for the flex plus and have Family worldwide travel insurance,
Phone insurance , breakdown cover etc all covered by the interest.

surprised it hasnt been mentioned 5% for one year only, then only 1%

Don't forget the monthly fee

we know about this.

csf

Don't forget the monthly fee



What monthly fee???

csf22 m ago

Don't forget the monthly fee


Not with this account

I just keep £88 in the Flex Direct a/c. Don't put money in or take money out and use it to get the benefit of the Regular Saver and Flexclusive ISA.

csf

Don't forget the monthly fee


There isn't one for this account

ssc126 m ago

we know about this.


I guess that's why it's been voted cold. Oh, wait...

I have been crediting the Regular Saver with the maximum of £500 a month for 12 months at 5% interest. The a/c matures the last week of June. I will then just open another one. My main current current a/c is with Santander. I put the maximum of £200 a month in their Regular Saver at 5% interest. That also matures the last week of June and I will then just open another one.

What is their online banking like and mobile app like please?

MattNorfolk

What is their online banking like and mobile app like please?



​App works fine but I only use it to transfer funds about, a recent update means you can now access your account using the fingerprint reader on your mobile rather than entering a passcode.

MattNorfolk

What is their online banking like and mobile app like please?


Online banking is ok - log in with password and passcode or using one of those card reader things they hand out for free. I personally find it much faster than the very slow hsbc online banking.

MattNorfolk

What is their online banking like and mobile app like please?



Online banking and mobile app are fine. Nationwide are also a mutual financial institution which is good (and the largest building society in the world).

Don't forget the £100 referral bonus if you can find a Nationwide customer to refer you. You need to use the current account switching service and move over 2 direct debits. I have 3 referrals left. First come, first serve

Muir

Yes, the £1,000 only has to come in, there is no requirement to keep it … Yes, the £1,000 only has to come in, there is no requirement to keep it there. I transfer in £1,000 every month, transfer £500 to the regular saver, and immediately transfer the remaining £500 back out together with the interest credited on the £2,500.



Sticking to this routine, how much interest are you going to earn on the two accounts over the year? Do you know?

SP

Anyone know if you can open more than one FlexDirect account, and receive the 5% interest on both?

EDIT: Nope they state: "Opening multiple FlexDirect accounts: Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. (4.89% gross p.a) fixed. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names."
Edited by: "Crapweasel" 17th Jun

You can open a second as a joint account with someone else. You would also be eligible for the £100 referral bonus if you switched from another current account

sinxa

Or you could go for the flex plus and have Family worldwide travel … Or you could go for the flex plus and have Family worldwide travel insurance,Phone insurance , breakdown cover etc all covered by the interest.



Not quite. The fee is £10 a month, and keeping the max £2.5k in the account brings in just over £6/month interest before any tax (if any).

The referral is worth going for even if it can take a while to kick in.

Cameron1983

Not quite. The fee is £10 a month, and keeping the max £2.5k in the a … Not quite. The fee is £10 a month, and keeping the max £2.5k in the account brings in just over £6/month interest before any tax (if any).



Apologies you are right, another way of making back the fee is by recommendation. If someone with a Flex account refers you to successfully switch , you both receive £100 10 months fee covered

sinxa

Apologies you are right, another way of making back the fee is by … Apologies you are right, another way of making back the fee is by recommendation. If someone with a Flex account refers you to successfully switch , you both receive £100 10 months fee covered



Yep. It's actually a really good deal with the Flex Plus account. The £4/month difference = £48/year for worldwide travel insurance, car breakdown, phone insurance, and electrical warranty extension. And the first 3 can be doubled for another person if it's a joint account.

I thought initially that the electrical warranty cover was a bit gimmicky, but it does actually work. I phoned up a year or so ago to ask if kettles were covered, as it wasn't on their list at the time. I was advised they weren't as they aren't on the list, to which I said 'fair enough'. Then, 6 months later, I received a letter stating that they may have erroneously declined the claim and sent a cheque for an average repair cost, goodwill gesture, and 8% interest! The total amount was about 5 times the cost of the kettle (which is now my favourite former kettle!).

ssc1

we know about this.



I didn't...

Just so everyone knows, on the Reg. Saver A/C, the 5% is a headline rate. The annualised rate is 2.68%. I.E. if you save an accumulated total of £1000 over the year, you'll receive £26.80 in interest.
Edited by: "janner43" 17th Jun

What about those that have this account and the 5% interest offer is coming to an end ? Can you close the account and re-open a new one ? - If so, how long do you need to wait to be able to get the offer again ?

happymanuk

What about those that have this account and the 5% interest offer is … What about those that have this account and the 5% interest offer is coming to an end ? Can you close the account and re-open a new one ? - If so, how long do you need to wait to be able to get the offer again ?



12 months

Even though Santander slashed interest by 50% recently, the 123 is still by far my fav. £221 interest 16/17 post £5 monthly fee.

Interest
Monthly interest of 1.50% AER / 1.49% gross (variable) payable on your entire balance up to £20,000. Plus up to 3% cashback on utility bills

Edited by: "sinxa" 18th Jun

happymanuk

What about those that have this account and the 5% interest offer is … What about those that have this account and the 5% interest offer is coming to an end ? Can you close the account and re-open a new one ? - If so, how long do you need to wait to be able to get the offer again ?



Yes, you can open another one as soon as the other one matures and the interest is added. I am doing just that in a couple of weeks.

they automatically switch you to a really crappy interest rate after the first year and i don't think it's made very clear

sinxa

Even though Santander slashed interest by 50% recently, the 123 is still … Even though Santander slashed interest by 50% recently, the 123 is still by far my fav. £221 interest 16/17 post £5 monthly fee. :)InterestMonthly interest of 1.50% AER / 1.49% gross (variable) payable on your entire balance up to £20,000. Plus up to 3% cashback on utility bills



and you can open the Santander Regular Saver which also has a 5% interest rate. This can only be held for 12 months with a maximum credit of £200 per month but you can open another one up as soon as it matures after 12 months.

skankingpigeons

they automatically switch you to a really crappy interest rate after the … they automatically switch you to a really crappy interest rate after the first year and i don't think it's made very clear



Yes it is by written communication. It is made clear when you open it and by a couple of letters in the last month before it matures. You can then open another one up as soon as the interest rate is reduced.
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