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!
Latest comments (67)
Holdsworth37
11 Aug 17#67
Can recommend for £100 incentive
crumpetman
25 Jul 17#66
Correct
Anon32
25 Jul 17#65
Yes but then once you start another one will it then drop to £250?
crumpetman
24 Jul 17#64
It changed earlier this month for new accounts. If you already have a regular saver then it will still be upto £500 per month.
Anon32
24 Jul 17#63
Regular saver is only £250 now! Must of changed it
pidgeofcdf
13 Jul 17#62
Here's how you can get £100 when you switch to a Nationwide current account. Open one of our current accounts You'll need to open one of our FlexAccount, FlexDirect or FlexPlus current accounts. If you already have a Nationwide current account that isn't your main one, you can still earn £100 by switching your main current account with another provider to us (at least two Direct Debits need to be switched as part of this process).
Switch your existing account to us Then switch to us. The process is easy, thanks to the Current Account Switch Service, which takes seven working days. Many providers are signed up to the service. If they aren't, you can still apply manually on our site.
Enter your switch code Once you start the switch, you'll be given a switch code. Enter this code below. This is how we make sure you and your friend get £100 each, so save the email you were sent (or bookmark this page) so you can come back and add your switch code. If you switched manually and don't have a code, visit our FAQ page.
pidgeofcdf
13 Jul 17#60
when do you get the switch code and what format is it?is it the application number of something else? applied online today many thanks
ScotlandtheDave to pidgeofcdf
13 Jul 17#61
Did you just apply online for a new account, or were you "referred" by someone ese? I'm not sure if you can apply first and be referred afterwards. Let me check my mails from my referral
EDIT - i think you have to be referred before applying. Did someone refer you?
EDIT2 - Or are you just talking about the code to start the switching process?
ScotlandtheDave
12 Jul 17#59
I'm a new nationwide customer and quite happy. I got recommended and got £100 so a full blown nationwide customer now and happy to answer any q's anyone has on them via PM.
Manny50
18 Jun 17#50
Just wondering would I have to open the flexdirect account and then open the linked saver or do they both open together as I've never used nationwide before? Thanks
Holdsworth37 to Manny50
10 Jul 17#58
Can recommend :thumbsup:
whw
18 Jun 17#57
Make sure to set up a reminder to create a deal thread for the same product line next month. Gotta get the heat. I know I will! Surely it won't be considered a repost if a month has passed.
davidridge1
18 Jun 17#56
Still would rather be with a mutual though.
davidridge1
17 Jun 17#23
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).
thorthemighty to davidridge1
18 Jun 17#55
You are a bit behind the times I'm afraid. Being mutual is only good for the directors and the chairman/women. Members are just there to fund their lavish wages( just like it is at PLC banks)
blueroo
18 Jun 17#54
I've got one of these accounts with the extra package at £10 per month and find it very good value
SmashDealer
18 Jun 17#44
TLDR for the offer The maximum you can claim interest on is £2500 So if you throw £2500 into this account immediately, you will gain £122.25 (4.89%) by the years end You must add £1000 each month to keep this account active, which will gain you 0% interest past the £2500 You should close the account at the years end, or they will place you on a terrible interest rate.
For comparison, putting the same £13500 (£2500 + (11*1000) ) into a santander 1.49% account (on up to £20,000), assuming you start with £2500, will gain you £119.20
Making this account worth the grand total of £3.05 for the effort. The money may fluctuate based on how much you initially enter into the account, but I'm assuming if you have £1000 to save each month, then you have £2500 to put away neatly into the account.
You should factor in that the santander account provides 3% cashback on a bunch of things too, which may make it more profitable.
Also that if you earn enough money, you can contribute to multiple accounts and reap the benefits of both. Or if you're hitting your limit for the santander account, this may be a way to get an extra year's worth of savings. It's by no means bad.
Correct me if I'm wrong, I'm no accountant.
tldr: don't swap to this account. Use the account if you've hit your limit on another, or you have enough money to max the monthly limits and still invest in your original account.
happymanuk to SmashDealer
18 Jun 17#45
You must deposit £1000 each month, but that can be withdrawn immediately back to where it came from, so you can keep the account at a balance of £2,500 and earn interest in another account on the rest.
SmashDealer to happymanuk
18 Jun 17#53
See this is how to play the game. Nice catch
heydi
18 Jun 17#52
two onoe for l
davidridge1
18 Jun 17#51
You would need to open the FlexDirect a/c and then open the Regular Saver.
davidridge1
18 Jun 17#48
Correct. I was referring to the Regular Saver.
happymanuk to davidridge1
18 Jun 17#49
OK, I was meaning the FlexDirect current account. So in that case I would definitely have to wait 12 months between closing the account before I can open another and get the 5% again ?
davidridge1
18 Jun 17#47
The account just reverts to a different named account with a low interest rate so you just open another Regular Saver,
mjpower4
18 Jun 17#46
Do you have to use their switching service or can it be opened just as a straightforward account and then open the reg saver etc?
davidridge1
18 Jun 17#43
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.
davidridge1
18 Jun 17#41
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.
Jetset1981
18 Jun 17#42
He means the regular saver. You can do another straight away. The 5% current account for 12 months can't. You have to wait a year before you can have another.
Jetset1981
18 Jun 17#40
Roughly £275. £125 on the 5% current account and £150 on the 5% regular saver if you deposit £6k in 12 £500 installments.
skankingpigeons
18 Jun 17#39
they automatically switch you to a really crappy interest rate after the first year and i don't think it's made very clear
davidridge1
18 Jun 17#37
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.
happymanuk to davidridge1
18 Jun 17#38
Another person said 12 months, but the fact you have just done it sounds promising.
How did you do it? - Call up and close the account first and wait for the closure before opening a new account, or just call them whilst the account is open and explain the situation.
sinxa
18 Jun 17#36
Even though Santander slashed interest by 50% recently, the 123 is still by far my fav. £221 interest 16/17 post £5 monthly fee. :smile:
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
Sharpharp
17 Jun 17#35
12 months
happymanuk
17 Jun 17#34
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 ?
janner43
17 Jun 17#33
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.
donquixote
17 Jun 17#32
I didn't...
Cameron1983
17 Jun 17#31
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!).
sinxa
17 Jun 17#30
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 :smile: 10 months fee covered :smile:
electriclinux
17 Jun 17#29
The referral is worth going for even if it can take a while to kick in.
Cameron1983
17 Jun 17#28
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).
jraf
17 Jun 17#27
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
Crapweasel
17 Jun 17#26
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."
scrumpypaul
17 Jun 17#25
Sticking to this routine, how much interest are you going to earn on the two accounts over the year? Do you know?
SP
jraf
17 Jun 17#24
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
m1chaels
17 Jun 17#22
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.
fossman
17 Jun 17#21
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
17 Jun 17#20
What is their online banking like and mobile app like please?
davidridge1
17 Jun 17#19
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.
ssc1
17 Jun 17#13
we know about this.
Ashe to ssc1
17 Jun 17#18
I guess that's why it's been voted cold. Oh, wait...
PR1
17 Jun 17#17
There isn't one for this account
davidridge1
17 Jun 17#16
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
17 Jun 17#12
Don't forget the monthly fee
tomdavidrichards to csf
17 Jun 17#15
Not with this account
davidridge1
17 Jun 17#14
What monthly fee???
davidian84
17 Jun 17#11
surprised it hasnt been mentioned 5% for one year only, then only 1%
sinxa
17 Jun 17#10
Or you could go for the flex plus and have Family worldwide travel insurance, Phone insurance , breakdown cover etc all covered by the interest. :smile:
itsnotmeitsyou
17 Jun 17#9
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.
rbz5416
17 Jun 17#8
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.
Muir
17 Jun 17#7
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.
micky316
17 Jun 17#6
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?
m1chaels
17 Jun 17#5
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.
superspeedy
17 Jun 17#4
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)
Ashe
17 Jun 17#3
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 :smile:
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Opening post
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!
Latest comments (67)
Open one of our current accounts
You'll need to open one of our FlexAccount, FlexDirect or FlexPlus current accounts. If you already have a Nationwide current account that isn't your main one, you can still earn £100 by switching your main current account with another provider to us (at least two Direct Debits need to be switched as part of this process).
Switch your existing account to us
Then switch to us. The process is easy, thanks to the Current Account Switch Service, which takes seven working days. Many providers are signed up to the service. If they aren't, you can still apply manually on our site.
Enter your switch code
Once you start the switch, you'll be given a switch code. Enter this code below. This is how we make sure you and your friend get £100 each, so save the email you were sent (or bookmark this page) so you can come back and add your switch code. If you switched manually and don't have a code, visit our FAQ page.
applied online today
many thanks
EDIT - i think you have to be referred before applying. Did someone refer you?
EDIT2 - Or are you just talking about the code to start the switching process?
The maximum you can claim interest on is £2500
So if you throw £2500 into this account immediately, you will gain £122.25 (4.89%) by the years end
You must add £1000 each month to keep this account active, which will gain you 0% interest past the £2500
You should close the account at the years end, or they will place you on a terrible interest rate.
For comparison, putting the same £13500 (£2500 + (11*1000) ) into a santander 1.49% account (on up to £20,000), assuming you start with £2500, will gain you £119.20
Making this account worth the grand total of £3.05 for the effort. The money may fluctuate based on how much you initially enter into the account, but I'm assuming if you have £1000 to save each month, then you have £2500 to put away neatly into the account.
You should factor in that the santander account provides 3% cashback on a bunch of things too, which may make it more profitable.
Also that if you earn enough money, you can contribute to multiple accounts and reap the benefits of both. Or if you're hitting your limit for the santander account, this may be a way to get an extra year's worth of savings. It's by no means bad.
Correct me if I'm wrong, I'm no accountant.
tldr: don't swap to this account. Use the account if you've hit your limit on another, or you have enough money to max the monthly limits and still invest in your original account.
How did you do it? - Call up and close the account first and wait for the closure before opening a new account, or just call them whilst the account is open and explain the situation.
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
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!).
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."
SP
Phone insurance , breakdown cover etc all covered by the interest. :smile:
And isn't the regular saver upto £500 per month?