Nationwide FlexDirect

A question about : Nationwide FlexDirect

It looks as though Nationwide have increased the rate on their FlexDirect account.

It's now showing as 5% interest (fixed) for 12 months (on balances up to Ј2500) and a 12-month free overdraft.

It should be noted that there are some restrictions on what you can do in branch - basically anything that can be done using self-service (ATM/internet/phone) needs to be done that way.

https://www.nationwide.co.uk/current_...ct/default.htm

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Official MSE insert: We've now published a news story on this....

This makes the Nationwide FlexDirect account one of the top current accounts on the market, but it can be beaten...

Read the full story:

Lloyds' PPI mis-selling bill climbs to Ј6.8 billion

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Best answers:

• awesome! thanks!
  question is... can we have more than one of these
• Every little helps, but it's a maximum of Ј100 interest for a basic rate taxpayer before reverting to 1%.
• So it's basically a Ј100 incentive (after basic rate tax) to open the account and then hardly any benefits.
  So upgrade, keep it for 12 months, then downgrade, assuming you don't want the travel insurance (which I'd say was worth less than Ј100).
  Or as normally stated on here: Diarise, then ditch and switch after 12 months.
• Just a pity my lloyds overdraft wasn't 0% for 12 months as I would've slung that across.
• been told you can open as many as you would like but you will undergo credit checks each time. So it is a trade off!
  My recommendation... open a couple and then switch any flex accounts you currently have to flexdirect accounts
  after 12 months downgrade them all!
  PS: they will match any flexaccount overdraft if you upgrade to a flex direct (according to the woman on the phone)
• Good stuff, thanks RB10! Opened a couple, got the account numbers instantly but seems you have to wait a day or so before they show online.
• I upgraded my flex account, but it says it will go ahead on 23rd March. Bit of a wait. The date is fine though - my first direct 8% reg saver matures 22nd March and should be available (with interest) for me to move across 23rd (will transfer the excess elsewhere).
  Does anyone know when upgrading, if another R85 would be needed? (I'm a non-taxpayer). I'm hoping it would be (i.e. that it will revert to taxable status) as I become a taxpayer from 6th April 2013 anyhow.
• I had a second Flex account that I decided to upgrade instead of opening a new account.
  They seem to be working rally hard there in Nationwide:
  Quote:
• Presumably the Flexclusive products (Reg Saver and ISA) aren't affected by a change from FlexAccount to FlexDirect. I note that some of the promotional items coming with the FlexAccount will stop (e.g. travel insurance) but I assume the right to the other Flexclusive products already set up will continue.
• you raise a very good point that i did not consider! probably worth keeping a flexaccount in case of any new accounts that get released!
  as for flexdirect accounts, just managed to open 3 . will give it a little break now before i open some more
  regards
  P
• Can this be opened in parrallel with an existing Flexaccount (i.e. without upgrading?)
• Yes, if you log in, there are two options: 'upgrade' and 'new'
• hmmm alright, guess i will have to challenge it then if it comes down to it. As on the phone I asked if i could open multiple accounts while getting 5% and they agreed. We shall see though! (wouldnt be the first time nationwide has changed rules due to public demand!)
  I did the same thing with santander accounts when they had their 5% accounts, opened 6 or 7 of them in one go. Loved that!
  Plan is to have standing orders from each of my lloyds 4% account to them and vice versa all automated! and with the ability to get 4.29% instant access essentially!
• i am so glad this thread was started, i got my letter through today and had a wee question to ask ( if i may)
  my isa ( which i have literally just changed to from a 0.25% interest rate) is sitting at 2% now but i think i have worked out that the flex direct is 3.912% after tax, i dont have much in savings at all Ј1880 which i havnt transferred this into my i.s.a yet as i literally opened it up the other day,
  do i have it right that if i were to transfer my savings into this account i would be getting a better rate of interest? i am thinking i could always transfer it into the i.s.a at the end of the financial year, thus still having the tax free benefits for years to come?
  i am wondering if i can keep this flexaccount sitting at Ј2500 per month i will get the max interest for the year, and i think using this Ј1880 would be a good way of making that happen
  does this make sense?
• They most certainly will be (sadly) grumbler, i'm just really starting to get my head around savings etc so it will take me a while to have anything of any significance, but if i can keep on top of it ( will offers like this) it will make it easier to build up, my additional borrowning is at 3.29% will need to add the tax relief to this and figure out if i am better off keeping the extra payments i plan to make in the flex current account or to pay off the additional borrowing now
  edited to add: just worked out ( although i may be wrong) the additional borrowing would be 3.948% so a difference of 0.036% and i really want to work on our savings so i think the 0.036% is worth the price to have some savings