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 £250 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 (35)
electriclinux
19 Aug 17#35
Still one of the better bank account offers and the refer bonus to switch is just a nice £100 bonus.
Sholan
10 Aug 17#16
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). So you have to pay in £1000 each month but only get interest on the first £2500. How long does the £1000 each month have to be in the account for? Can you pay it in one day and take it out the next and just leave £2500?
COLD.
Hotmeal to Sholan
10 Aug 17#18
From day 1: wang in £2500. Then recurring from month 2 wang in £1000 a month which you can immediately transfer back (plus interest gained on the £2500) to another account, ensuring you leave £2500. Done.
Sholan to Hotmeal
11 Aug 17#34
Cool. Could you transfer from PayPal the £1000 each month? And what happens if you forget to transfer £1000?
Master_Yoda
11 Aug 17#33
I'm confused - what is the name of the special savings account that is linked to this Flex Direct Current Account?
I already had a FlexAccount with Flex Regular Saver (£500/month). I just upgraded the Flexaccount to the Flex Direct account. How do you get the additional linked savings account you guys are talking about?
I spoke with Nationwide customer services earlier before upgrading to the Flex Direct and the guy led me to believe the Flex Regular Saver account I already have isn't the 5% interest £250 linked savings account you guys are talking about and that I can only open it after opening the Flex Direct account... He said it's a totally seperate thing. I don't see any option to open the savings account you lot are talking about? The only 5% savings account I can see they even do is the Flex Regular Saver which I already have - I'm really confused.
Holdsworth37
11 Aug 17#32
Can recommend for £100 incentive
chamelion
11 Aug 17#31
folks, if this deal is news to you please go check out moneysavingexpert. This has been around for years, and is their standard product. It's like posting a deal for RRP of something.
snoopy18
11 Aug 17#23
Is the flex savings account up to £6000 a year for same 5%
rooney10 to snoopy18
11 Aug 17#24
it is but not £6000 in one go , you drip feed it £500 a month :wink: , then it resets every 12 months but this is ongoing , main reason we kept hold of our Nationwide flex direct accounts after the initial 12 month term ended.
Anon32 to snoopy18
11 Aug 17#25
Only £250 now the same as hsbc
TomBoyNI to Anon32
11 Aug 17#26
I don't know what this comment means but it is definitely £500 a month to a total of £6000 in a year.
karlie88 to TomBoyNI
11 Aug 17#28
It's £250 now. Those who opened one before the change can still add £500 per month. But when your regular saver matures and you open a new one, then you'll only be able to deposit £250 per month.
Anon32 to TomBoyNI
11 Aug 17#30
Not sure what you mean its deffo £250 or £3000 a year
clonereeco
10 Aug 17#17
@Smcgie I don't have the problems you do? Logging in on the app on my phone is as simple as entering my PIN, can easily transfer money between accounts , very regularly set up standing orders or regular payments so when I do I don't mind using the card reader obviously that's subjective but I can also view all my statements without any hassle , I'm the only one who uses my pc so I have it remember my login then all I need to do is enter one of three memorable answers along with my PIN, doesn't seem like much hassle to me , but that's just with my usage and will obviously vary with each person
Smcgie to clonereeco
11 Aug 17#29
I'm surmising haven't experienced other online banking accounts. This is painful to get in compared to most
Smcgie
10 Aug 17#7
I have both of these accounts (the %Savings and the 5% Current) one major downside is their IT system.
If you have a fingerprint sensor on your phone - you're in luck its easy to login.
If you need to access from the web its so archaic, stupid customer number that's 9 digits, memorable word and the another stupid pin number.
Then your card reader to needs to be used to view statements, transfer money, SO, DD Etc, Total pain in the testicles all the time. Stay away from using it as a main current account until they realise IT infrastructure is abysmal. Fine for dumping in 2500k
~S
Somnus to Smcgie
10 Aug 17#13
Agreed. I really try to avoid logging in if I can. I set up the standing orders to fund it all and then don't touch it for 12 months.
TomBoyNI to Smcgie
11 Aug 17#27
Good on you! But there is definitely better places to 'dump' £2.5 million quid in!
However I agree with you on the IT side. The app is fine. The website is grim.
Blackgang
11 Aug 17#21
They are a nightmare to deal with, watch your cards die for no reason, then try to sort it out. Go elsewhere not fit for purpose.
clonereeco to Blackgang
11 Aug 17#22
I used to have this happen a lot when I first joined , it was apparently for security reasons so now I use a flex direct account just for online payments and never had a problem since , think it was because I had used it abroad without chip & pin
simba2585
10 Aug 17#5
shame they only pay the 5% upto £2500 balance - is there a reduced interest on the remaining balance over this amount or is it 0?
Jetset1981 to simba2585
10 Aug 17#12
Zero on anything over £2500.
cricky12 to simba2585
10 Aug 17#20
Close after the 1st year or switch to another account like Halifax for switch reward, then open another for 12 more months 5% interest
Giiibbs
10 Aug 17#14
I assume you can just set up standing orders to send in 1k then send straight back out again?
Anon to Giiibbs
10 Aug 17#15
Yes you can - I tend to leave a day between now after the in/out once mistimed on Halifax and took me overdrawn briefly and bounced.
Giiibbs to Anon
10 Aug 17#19
Good shout thanks
pidgeofcdf
10 Aug 17#11
Hopefully HSBC will still offer that next year, il be switching again in 12 months time once the 5% interest has ended on the nationwide. Nationwide sent me the calculator thingy aswell. Fortunately I only have to use it once a month to move the £1000 I have to pay in.
pidgeofcdf
10 Aug 17#8
I switched from tsb to this last month, very smooth transfer and had the £100 switch money already. Agree the it isn't as good as others but I don't use it as my main account.
Anon32 to pidgeofcdf
10 Aug 17#10
I went to hsbc last month switch to complete on monday to get the £150 plus £50 if still there after a year. Even though a bit long winded its been good so far! Even though app is more secure than tsb i will have to use a calculator thingy because the digital key can only be worked via a smart phone and not an ipad
GrantD
10 Aug 17#9
Is this for new customers only? I closed my nationwide account a few months ago.
PopcornSanta
10 Aug 17#6
Cold
fish323
10 Aug 17#2
Is this automatically on my account or do I have to apply?
Anon32 to fish323
10 Aug 17#4
Think you have to apply for that account specifically for it to work
kauyeung
10 Aug 17#3
It's automatically added for the 12 months of the account
clonereeco
10 Aug 17#1
Been with Nationwide for a couple of years now after changing from RBS and can't reccomended them enough, you can also be reccomended for a referral for £100 each (referrer & referee) if you switch your current account to them
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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 £250 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 (35)
So you have to pay in £1000 each month but only get interest on the first £2500.
How long does the £1000 each month have to be in the account for? Can you pay it in one day and take it out the next and just leave £2500?
COLD.
I already had a FlexAccount with Flex Regular Saver (£500/month). I just upgraded the Flexaccount to the Flex Direct account. How do you get the additional linked savings account you guys are talking about?
I spoke with Nationwide customer services earlier before upgrading to the Flex Direct and the guy led me to believe the Flex Regular Saver account I already have isn't the 5% interest £250 linked savings account you guys are talking about and that I can only open it after opening the Flex Direct account... He said it's a totally seperate thing. I don't see any option to open the savings account you lot are talking about? The only 5% savings account I can see they even do is the Flex Regular Saver which I already have - I'm really confused.
If you have a fingerprint sensor on your phone - you're in luck its easy to login.
If you need to access from the web its so archaic, stupid customer number that's 9 digits, memorable word and the another stupid pin number.
Then your card reader to needs to be used to view statements, transfer money, SO, DD Etc, Total pain in the testicles all the time. Stay away from using it as a main current account until they realise IT infrastructure is abysmal. Fine for dumping in 2500k
~S
However I agree with you on the IT side. The app is fine. The website is grim.