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Thread: Bank Accounts

  1. #1

    Default Bank Accounts

    Hi,

    Open a Nationwide FlexDirect (No Fee) you get 70

    Open a Santander 123 (2, but get cash back on bills) you get 45.
    Just been paid out for this one, 58 Days.

  2. #2
    Join Date
    Apr 2007
    Posts
    15,317

    Default

    Often these accounts require a minimum amount paid in each month... I've see that some people have several new accounts and simply move the same money between them. Clever stuff.

    I have quite an old fashioned attitude to bank accounts and don't feel it's something to do just for cash back, but to be fair to others it's probably 'more fool me' really.
    Those who think they know it all are very annoying to those of us who actually do.

  3. #3

    Default

    I've opened the 123 as a second account, 2 months ago, paid cashback already, as well as the opening cashback
    For the direct debits you get 1,2,3%.
    Which is more than the 2 fee!
    Always like keeping bills seperate.
    So get paid, put the minimum 500, then end of month transfer what i have left!
    Works well for me!

  4. #4
    Join Date
    Dec 2007
    Posts
    1,058

    Default

    Just a beware post.

    Nationwide e-Savings Plus, sounds ok.

    1.25% You can make 5 withdrawals [including closure]

    0.10% for the full 12 months if you exceed the above, that is a 92% reduction in interest!!!

    I guess it's only numbers, a slight drift, but reminds me of an old uncle of mine, I was at his house one day and he opened a bank statement and was very proud to show me he was getting 10% interest on his 35K of savings or so he though.

    I viewed the statement, his interest payment was in the order of 2.77 or the like, I then checked the small print and it was small and not easy to see, the interest was in fact 0.010% it does sort of look like 10% he had been a loyal customer to the bank for many many years. He used to put money in and out of the account a fair amount and never noticed they we just paying him a pint of beer every year for his 30/40K balance !!!

    And as I'm on my orange box, some banks are very clever at getting customers hooked at Mar/Apr time when many people move ISA's about, some banks offer an ok interest rate that lasts for 16 months, so when the customer rechecks his interest rates next Mar/Apr, they may leave the money where it is. In Aug /Sep interest drops to 0.01% or the like, nice cheap money for the banks.

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