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Nationwide launch new 5 per cent regular saver for current account customers
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I'm very interested in this account. However, I've been doing the "12mths on, 12mths off" with the FlexDirect, and I'm 6mths in with the FlexDirect now.
The choice it seems is to either
- ignore this account, keep my 'regular' money elsewhere in my 3% account, and keep doing the 12mth swap with Nationwide.
- have this account, but hold the FlexDirect (empty after the 12mths) until the Reg Saver finishes, then close both, wait 12mths and resume the usual pattern.
As far as I can see, this question cannot be answered as it depends on whether Nationwide change the FlexDirect offer or the rate.
With the savings market changing so fast, I'm tempted to go for this regular account now as it will then be in the bag, rather than ignoring it on the hope that the Flex Direct will still be there in 18mths...0 -
mgarl10024 wrote: »I'm very interested in this account. However, I've been doing the "12mths on, 12mths off" with the FlexDirect, and I'm 6mths in with the FlexDirect now.
The choice it seems is to either
- ignore this account, keep my 'regular' money elsewhere in my 3% account, and keep doing the 12mth swap with Nationwide.
- have this account, but hold the FlexDirect (empty after the 12mths) until the Reg Saver finishes, then close both, wait 12mths and resume the usual pattern.
As far as I can see, this question cannot be answered as it depends on whether Nationwide change the FlexDirect offer or the rate.
With the savings market changing so fast, I'm tempted to go for this regular account now as it will then be in the bag, rather than ignoring it on the hope that the Flex Direct will still be there in 18mths...
Or, switch another current account to the Nationwide Flex Account (not Flex Direct) which means you can qualify for the 5% Regular Saver that way. If you don't have another current account to switch into Nationwide you can open one first (so essentially create a 'donor' account) and then switch it plus if you know anyone who is with Nationwide they can recommend you before you apply for the Flex Account switch and you'll each get £100.0 -
Isn't there a third choice?mgarl10024 wrote: »The choice it seems is to either
- ignore this account, keep my 'regular' money elsewhere in my 3% account, and keep doing the 12mth swap with Nationwide.
- have this account, but hold the FlexDirect (empty after the 12mths) until the Reg Saver finishes, then close both, wait 12mths and resume the usual pattern.
- Open new Flexclusive regular saver account. After six months when you lose the 5% rate on your FlexDirect account, convert the FlexDirect to a Flexaccount (funding it with £750pm). Twelve months later (18 months from now), convert the Flexaccount to FlexDirect and start getting 5% again.0 -
Isn't there a third choice?
- Open new Flexclusive regular saver account. After six months when you lose the 5% rate on your FlexDirect account, convert the FlexDirect to a Flexaccount (funding it with £750pm). Twelve months later (18 months from now), convert the Flexaccount to FlexDirect and start getting 5% again.
I'm not sure that would quite work?
Assuming that I'm not switching (so am relying on point 1), I'd need the FlexAccount 3mths and to have been making payments before I shut down the FlexDirect, otherwise I wont qualify...Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and:- have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); or
- completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months;
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mgarl10024 wrote: »I'm not sure that would quite work?
Ignore me. I have been paying into the FlexDirect, and you are talking of converting that account.0 -
mgarl10024 wrote: »Ignore me. I have been paying into the FlexDirect, and you are talking of converting that account.
Actually, it is a valid point and depends upon how strictly Nationwide intend to interpret the rules. They may close your regular saver at the six month point when you: A) don't have a FlexDirect account and
don't have a Flexaccount which has been funded for three months (it's the FlexDirect which was funded). Given that the Flexaccount will retain the same sort-code & account number as the old FlexDirect after conversion, the chances of Nationwide being pedantic on this point may seem small, but we don't know! For safety, perhaps you could open a new Flexaccount in a couple of months time and fund that in parallel with the FlexDirect? 0 -
I loved how easy this account was to open via the online banking interface. Kinda scary that the £500 went immediately from my FlexDirect account but the new Flexclusive Regular Saver won't appear for two days though!0
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Anyone know how to set up a standing order from an external current account into one of these? Is it possible?
Paying money in
You can pay money in:
By setting up a regular or one-off payment from a current account
FAQ
You can also transfer money online from an existing Nationwide or another current account by setting up either regular or one-off payments into your Flexclusive Regular Saver account.
Account number is 1234/123456789 so if it is possible, can't see how.
You make the standing order to:
Sort code 07-00-93 Account number 33333334
Using your 1234/123456789 number as the payment reference.0 -
mgarl10024 wrote: »I'm very interested in this account. However, I've been doing the "12mths on, 12mths off" with the FlexDirect, and I'm 6mths in with the FlexDirect now.
The choice it seems is to either
- ignore this account, keep my 'regular' money elsewhere in my 3% account, and keep doing the 12mth swap with Nationwide.
- have this account, but hold the FlexDirect (empty after the 12mths) until the Reg Saver finishes, then close both, wait 12mths and resume the usual pattern.
As far as I can see, this question cannot be answered as it depends on whether Nationwide change the FlexDirect offer or the rate.
With the savings market changing so fast, I'm tempted to go for this regular account now as it will then be in the bag, rather than ignoring it on the hope that the Flex Direct will still be there in 18mths...
Hi do you mind telling me what 12mths on, 12mths off" with the FlexDirect is?
Thanks!0
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