Best account for saving £500 per calendar month??

jlashcroft11
jlashcroft11 Posts: 6 Forumite
in Savings & investments
Hello,

I'm looking to save £500 pcm in a seperate bank account, no direct debits, no starting amount and best rate. Anyone know what to go for?
«1

Comments

  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    Nationwide Flexclusive Regular Saver takes £500pcm paying 5% AER on the balance with penalty-free withdrawal.

    To qualify you simply need to meet the T&C relating to holding a FlexAccount, FlexOne, FlexDirect, FlexPlus or FlexStudent current account. No direct debits are required.

    You will not find a higher rate for that amount per month, or an account paying the same rate on a larger amount per month.

    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
  • jlashcroft11
    jlashcroft11 Posts: 6 Forumite
    Can I just open one of those accounts and leave it or does it need direct debits going out etc?
  • badger09
    badger09 Posts: 11,201 Forumite
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    jlashcroft11 wrote: »
    Can I just open one of those accounts and leave it or does it need direct debits going out etc?

    Yes

    No

    But as bowlhead99 mentioned, you need to hold a current account with Nationwide to qualify for the Flexclusive Regular Saver

    All the T&C you need are on the Nationwide website, just follow bowlhead99's link
  • Sean473
    Sean473 Posts: 88 Forumite
    First Anniversary First Post
    jlashcroft11 wrote: »
    Can I just open one of those accounts and leave it or does it need direct debits going out etc?

    I have the FlexDirect Account...

    You get 5% interest on the balance (up to £2500), all you need is £1000 to be going into your account each month, no direct debits are required

    The Flexiexclusive regular saver gets you 5% and requires 500 in each month.. You can open it 3 months after opening the Flexdirect account..
  • masonic
    masonic Posts: 23,242 Forumite
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    Sean473 wrote: »
    The Flexiexclusive regular saver gets you 5% and requires 500 in each month.. You can open it 3 months after opening the Flexdirect account..
    Why not immediately after?
  • jlashcroft11
    jlashcroft11 Posts: 6 Forumite
    Hmm I don't really want to change current accounts, just wanted an account on the side building savings an interest.

    Any other suggestions?

    I recently opened the Tesco account which is great but they aren't taking on any more accounts.
  • masonic
    masonic Posts: 23,242 Forumite
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    jlashcroft11 wrote: »
    Hmm I don't really want to change current accounts, just wanted an account on the side building savings an interest.
    There's no need to change current accounts, just open a new one. You can continue using whatever accounts you already have.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    Sean473 wrote: »
    I have the FlexDirect Account...

    You get 5% interest on the balance (up to £2500), all you need is £1000 to be going into your account each month, no direct debits are required

    The Flexiexclusive regular saver gets you 5% and requires 500 in each month.. You can open it 3 months after opening the Flexdirect account..


    You sure ?
  • xylophone
    xylophone Posts: 44,343 Forumite
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    You don't need to change accounts.

    The Flexdirect current account pays 5% on up to £2500.

    If you have that amount going spare, open the account, pay it in and fund the account with £1000 a month.

    Transfer £500 to the Flexclusive RS and do as you wish with the other £500.

    If you have no spare cash, open the account, pay in £1000, leave £500 in it and do as you wish with the rest.

    Continue for five months then open the Flexclusive RS, credit the £1000 a month, pay £500 into the FRS and carry on.

    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

    http://www.nationwide.co.uk/products/current-accounts/flexdirect/apply
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    xylophone wrote: »
    You don't need to change accounts.

    The Flexdirect current account pays 5% on up to £2500.

    If you have that amount going spare, open the account, pay it in and fund the account with £1000 a month.

    Transfer £500 to the Flexclusive RS and do as you wish with the other £500.

    If you have no spare cash, open the account, pay in £1000, leave £500 in it and do as you wish with the rest.

    Continue for five months then open the Flexclusive RS, credit the £1000 a month, pay £500 into the FRS and carry on.

    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

    http://www.nationwide.co.uk/products/current-accounts/flexdirect/apply


    Why so complicated, the OP just wants a simple solution....



    Open a FlexDirect put a £1 in it and forget it, Open the Flexclusive, set up a standing order from wherever you want, to pay in £500 per month
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