This is a long standing offer for SAVERS from Nationwide. So it's more of a fyi deal for those who are not aware. Nothing Black or Friday about this offer.
Starved of any decent interest rates on your SAVINGS? Why not open a FlexDirect account and get 5% interest for 12 months for amounts upto £2500.
Your partner can open one too AND have a joint account. So 3 accounts holding upto £7500 earning 5%per annum paid monthly is as good as it gets in this interest rate environment (for 12 months only though). You DO have to deposit £1000 each month from a non Nationwide account, but you can top it up and withdraw within a few hours if you so wish.
The smart thing to do is to keep credit balance at £2500. Amounts over that don't earn any interest at all, I think.
with my street maths, the most you can get in a month is -
5% of 2500 = £125 per year
so, 125/365 (days/year) * 31 = £10.62 for a 31-day month
But it gets better. If you switch to Nationwide with 2 direct debits using the switch service both the recommended and the one who recommends get £100 each (hint, hint :wink:
Wait, there's more! FlexDirect account can open a Regular Flexclusive saver account, top it up upto £500 each month and earn 5% on that too for 12 months
The online service and app are both good. We've had 2 accounts now and will soon open a joint account.
Update :
I suspect this offer will be pulled (rates reduced) in the not too distant future. The 5% interest on the current account is guaranteed for 12 months, but the Flexclusive Saver rate is variable.
If you are fortunate to have about 10k savings and in a stable relation then think about spacing out the 3 account open dates over 3-6 months, so that you don't face a problem with what you have to do next after 12 months. eg. We intentionally opened the regular Flexclusive account a few months after the FlexDirect account to stagger the finish dates of the 12 month offers. The slight nitpick with the Flexclusive is interest is paid only at the end of 12 months, so if you deposit in month-1 but withdraw at month-6 you lose all the interest (aiui, correct me pls)
btw, credit to karlie888 who first made me aware of switching offers. There's a LONG thread about that. Some on that thread made loads from Yorkshire Bank and Clydesdale Bank when their offer was not worded correctly. Hope they opened a benefit fund for the poor sod who surely got fired for that gaff :¬
Top comments
supersue
22 Nov 168#14
Sharpharp - have you nothing better to do?
Kaytranada
22 Nov 168#7
Apologies. I did a "nationwide" search in personal finance and it returned 7 threads, none of which were that one.
Still, I think 10 months is plenty time for people to get a reminder about a great bank/building society (product).
Sunrayho to Sharpharp
22 Nov 168#4
Ummm; I guess because "it's more of a fyi deal for those who are not aware"; i.e. people like me; and now I'm interested in the deal!
Besford to Sharpharp
23 Nov 164#23
Miserable git!
All comments (40)
mjb1975
22 Nov 162#1
Yep, good advice. We're just coming up to 12 months since we opened one each, just waiting for the interest on the regular savers. Also good that the regular savers can deposit £500 a month as most are half that.
playdumb to mjb1975
22 Nov 16#9
Yes, £500/month on the regular saver is the highest of all the other high interest regular savers out there like First Direct and M&S (between £250-300)
Those coming to an end of their 12 months, what are you doing with the moolah!?
I'll be there in 3 months and the choice is a holiday(!) or, save it further in a dividend paying ETF fund tracker. Suggestions welcome
Kaytranada
22 Nov 164#2
I'm with Nationwide, their customer service makes HSBC look like amateurs.
I've done all the above and also utilised the Home Buying ISA too. Seems a must regardless of whether you'll buy in a few years or not.
Sharpharp
22 Nov 161#3
If this is a longstanding offer, then there will be longstanding threads on this deal, it's the same incentive, so why post again?
Sunrayho to Sharpharp
22 Nov 168#4
Ummm; I guess because "it's more of a fyi deal for those who are not aware"; i.e. people like me; and now I'm interested in the deal!
Kaytranada to Sharpharp
22 Nov 164#5
Deary me.
I can't find another thread, can you?
mcormack to Sharpharp
22 Nov 163#8
To Remind People!!
playdumb to Sharpharp
22 Nov 163#12
I found a change from the previous deal which makes this one better. And, surprise, the change is from the taxman - you get all of the interest accrued ie. No 5% gross, 4% nett malarkey
Hope that winds you up even more :wink:
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
![[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold](/images/topics/208716_1.jpg)
Opening post
Starved of any decent interest rates on your SAVINGS? Why not open a FlexDirect account and get 5% interest for 12 months for amounts upto £2500.
Your partner can open one too AND have a joint account. So 3 accounts holding upto £7500 earning 5%per annum paid monthly is as good as it gets in this interest rate environment (for 12 months only though). You DO have to deposit £1000 each month from a non Nationwide account, but you can top it up and withdraw within a few hours if you so wish.
The smart thing to do is to keep credit balance at £2500. Amounts over that don't earn any interest at all, I think.
with my street maths, the most you can get in a month is -
5% of 2500 = £125 per year
so, 125/365 (days/year) * 31 = £10.62 for a 31-day month
But it gets better. If you switch to Nationwide with 2 direct debits using the switch service both the recommended and the one who recommends get £100 each (hint, hint :wink:
Wait, there's more! FlexDirect account can open a Regular Flexclusive saver account, top it up upto £500 each month and earn 5% on that too for 12 months
The online service and app are both good. We've had 2 accounts now and will soon open a joint account.
Update :
I suspect this offer will be pulled (rates reduced) in the not too distant future. The 5% interest on the current account is guaranteed for 12 months, but the Flexclusive Saver rate is variable.
If you are fortunate to have about 10k savings and in a stable relation then think about spacing out the 3 account open dates over 3-6 months, so that you don't face a problem with what you have to do next after 12 months. eg. We intentionally opened the regular Flexclusive account a few months after the FlexDirect account to stagger the finish dates of the 12 month offers. The slight nitpick with the Flexclusive is interest is paid only at the end of 12 months, so if you deposit in month-1 but withdraw at month-6 you lose all the interest (aiui, correct me pls)
btw, credit to karlie888 who first made me aware of switching offers. There's a LONG thread about that. Some on that thread made loads from Yorkshire Bank and Clydesdale Bank when their offer was not worded correctly. Hope they opened a benefit fund for the poor sod who surely got fired for that gaff :¬
Top comments
Still, I think 10 months is plenty time for people to get a reminder about a great bank/building society (product).
All comments (40)
Those coming to an end of their 12 months, what are you doing with the moolah!?
I'll be there in 3 months and the choice is a holiday(!) or, save it further in a dividend paying ETF fund tracker. Suggestions welcome
I've done all the above and also utilised the Home Buying ISA too. Seems a must regardless of whether you'll buy in a few years or not.
I can't find another thread, can you?
Hope that winds you up even more :wink:
There is a search box at the top, you type stuff in, it brings back a result, simples :wink:
Still, I think 10 months is plenty time for people to get a reminder about a great bank/building society (product).