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!
Latest comments (40)
Jacktheripper69
15 Jan 17#40
If anyone else needs one, please pm me I would be happy to split anything I get as a result
Gannet
15 Jan 17#38
Anyone want to refer me?
Jacktheripper69 to Gannet
15 Jan 17#39
Sure I will
leeanne123
6 Dec 16#37
I tried a couple month ago but failed the credit check :disappointed:
Nationwide TWICE lost my bank application. I applied, then got told they lost the application so I applied again and again they "lost" my application. One online, one in the branch.
Then I had a credit card from them. £5k limit.. not bad. Balance transferred. Paid off the balance transfer, 7 days later they reduced my credit limit to £1,000. I have perfect credit btw, no late payments, no missed etc. Terrible terrible bank.
Oh and they credit checked me twice since loosing my application twice.
skybluearmyontour
23 Nov 16#30
I opened this last week. Just about to deposit the 2.5k. Bulk of money in Santander 123 & I'll have to transfer 1k a month back & forth but interest is worth it. At the end of 12 months I'll probably move the account to someone else!! Any interest earned on a count will move to 123 as anything over 2.5k is dormant cash.
themadgoose to skybluearmyontour
24 Nov 16#33
At the end of 12 months, close it but keep an account open in Nationwide, then wait a few months and open a new one. 12 months @ 5% applies again.
Arkade
24 Nov 16#32
Send me a message if you are interested in doing an account switch to Nationwide :man:
b4dr1
23 Nov 16#31
what a shame, I have flex plus and don't want to lose the benefits of it.. tempted to open another account
jraf
23 Nov 16#29
I have this account with Nationwide. Can't get a better interest rate. The referral bonus is worth picking up on too (£100 per person)
watto1
23 Nov 16#28
I've had this account for 3 months and the interest it paid monthly. Around £10-11 if you keep it above £2500.
jomay
23 Nov 16#27
Hmm, so a new account holder can get:
~150£ interest (500£/month regular savings @ 5%)
~125£ interest (2500£ current account @ 5%)
So in total that's 275£ before tax (165£ after 40% tax) and 100£ for switching. Not bad.
But I'm too lazy and worried about the impact on my credit score.
themadgoose
23 Nov 161#26
Hot from me. Great service, great rates and access to Simply Rewards which, last year, was paying back $25 on a $100 spend at Amazon for EACH card you held with them. A quick $100 gift card purchase was costing $75. Nice.
So make sure you apply for the debit cards too, just in case that offer crops up again this year.
Rickardo
23 Nov 161#25
But I would not have known about this so could not have contemplated searching for if it had not been for this post, so thank you, but even bigger thanks to the OP, along with heat. New deals and those that are hot (particularly newly hot) are what attracts the attention.
Unfortunately, I don't have the spondulies to make the most of this and let's not be too dramatic about facing a cliff edge in 12 months - it's not it as if you suddenly lose money and with the fate of the UK economy as it is, sadly plenty of people will be literally facing a cliff edge if they aren't already!
Sharpharp
23 Nov 16#24
Now now, relax, no need to be childish. Sometimes people like you want to be spoon fed because of laziness, i'm just saying the information is there if you can be bothered to search for it. :smiley:
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:
Besford to Sharpharp
23 Nov 164#23
Miserable git!
steevieboy4u
23 Nov 16#20
If i'm not with Nationwide already would i get £100 for switching to them or do i have to be recommended?
(By way i don't want numerous PM's saying i'll recommend you :wink: )
Sharpharp to steevieboy4u
23 Nov 16#21
There are numerous ways to get the £100, sadly your way isn't one of them
That's a "Flexclusive Regular Saver' account which is exclusively for Nationwide main current account customers.
The OP deal is for a "FlexDirect Account' which has differing terms and benefits.
mommarto6
22 Nov 16#17
why would u get banned
m1chaels
22 Nov 16#16
Be careful, I have recommended hukders successfully before but got threatened with a ban for saying so....
mommarto6
22 Nov 16#15
are they not going to reduce the rates soon tho like the other banks as all seem to be reducing there rates to virtually nothing
supersue
22 Nov 168#14
Sharpharp - have you nothing better to do?
Sharpharp
22 Nov 16#13
This must be a surprise for you, the rest of us have known this for months, jokes on u :smile:
Chiptivo
22 Nov 162#11
Also, if an account holder (like me) recommends someone both of them receive £100 each.
mjb1975
22 Nov 16#10
Unfortunately, ours is going as an overpayment to the mortgage. Boring but will pay that down a lot.
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 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).
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![[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).
Latest comments (40)
Then I had a credit card from them. £5k limit.. not bad. Balance transferred. Paid off the balance transfer, 7 days later they reduced my credit limit to £1,000. I have perfect credit btw, no late payments, no missed etc. Terrible terrible bank.
Oh and they credit checked me twice since loosing my application twice.
~150£ interest (500£/month regular savings @ 5%)
~125£ interest (2500£ current account @ 5%)
So in total that's 275£ before tax (165£ after 40% tax) and 100£ for switching. Not bad.
But I'm too lazy and worried about the impact on my credit score.
So make sure you apply for the debit cards too, just in case that offer crops up again this year.
Unfortunately, I don't have the spondulies to make the most of this and let's not be too dramatic about facing a cliff edge in 12 months - it's not it as if you suddenly lose money and with the fate of the UK economy as it is, sadly plenty of people will be literally facing a cliff edge if they aren't already!
I can't find another thread, can you?
Hope that winds you up even more :wink:
(By way i don't want numerous PM's saying i'll recommend you :wink: )
Terms of recommend a friend
http://www.nationwide.co.uk/products/current-accounts/service/raf-conditions
The one who recommends needs name, birth date and email id of the one who wants to switch to be filled in the form at this link -
https://portal.nationet.com/nationwide/appforms/recommendafriend/default.aspx
The OP deal is for a "FlexDirect Account' which has differing terms and benefits.
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
Still, I think 10 months is plenty time for people to get a reminder about a great bank/building society (product).
There is a search box at the top, you type stuff in, it brings back a result, simples :wink:
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.