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  • FIRST POST
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 21st Jul 17, 7:27 PM
    • 72Posts
    • 33Thanks
    wiseonesomeofthetime
    Nationwide Flexclusive Regular Saver value HALVED
    • #1
    • 21st Jul 17, 7:27 PM
    Nationwide Flexclusive Regular Saver value HALVED 21st Jul 17 at 7:27 PM
    I have checked to see if there is already an article or thread on this, however, just wondering if anyone else has noticed that Nationwide has halved the amount you can invest in their Flexclusive Regular Saver (FRS) in issue 2?

    I see that the reduced amount, now £250 per month instead of issue one's £500, is correctly reported on MSE's Best Buys, yet did not see any real coverage of this drop anywhere, despite actually being a Nationwide customer and holding an Issue One FRS.

    Was looking to do the same again when the current FRS matures, however, now need to find more alternatives to make any real return on the 'second' £3,000.

    Already hold umpteen current and savings accounts with several banks.

    Do you sometimes wonder whether it is really worth all the effort?

    Oh, those days of one current account, one savings account with decent interest rate, and one credit card. Life was so much simpler then.
Page 1
    • Jeems
    • By Jeems 21st Jul 17, 7:50 PM
    • 156 Posts
    • 95 Thanks
    Jeems
    • #2
    • 21st Jul 17, 7:50 PM
    • #2
    • 21st Jul 17, 7:50 PM
    Good spot. I dont think I'll renew again (renewed for a 2nd year a few months ago). I was going crazy for current accounts and regular savers last year but since all the rate cuts, I've been moving my cash in S&S. TSB for example, at £3 a month interest, the appeal really is gone.
    • eskbanker
    • By eskbanker 21st Jul 17, 8:05 PM
    • 5,282 Posts
    • 5,038 Thanks
    eskbanker
    • #3
    • 21st Jul 17, 8:05 PM
    • #3
    • 21st Jul 17, 8:05 PM
    I have checked to see if there is already an article or thread on this, however, just wondering if anyone else has noticed that Nationwide has halved the amount you can invest in their Flexclusive Regular Saver (FRS) in issue 2?

    I see that the reduced amount, now £250 per month instead of issue one's £500, is correctly reported on MSE's Best Buys, yet did not see any real coverage of this drop anywhere, despite actually being a Nationwide customer and holding an Issue One FRS.
    Originally posted by wiseonesomeofthetime
    It was flagged up just over a week ago in the Regular Savings Accounts Article Discussion thread and then cross-referred from the Regular Savings Accounts: The Best Currently Available List thread.
    • jennyjj
    • By jennyjj 21st Jul 17, 9:14 PM
    • 181 Posts
    • 308 Thanks
    jennyjj
    • #4
    • 21st Jul 17, 9:14 PM
    • #4
    • 21st Jul 17, 9:14 PM
    Hi, I just noticed this reduction. I opened a replacement Flexclusive Regular Saver on 23 June with an initial 500 deposit. I'd assumed the same 500 pm limits applied. That deposit was not rejected in the month that just passed.
    When I look at the products currently offered, the account is ( not always) referred to as 'Flexclusive Regular Saver 2'
    I see that the pdf file with product description has the new limit of 250 pm, is dated at the bottom as July 2017.
    Might it be that the limit changed down as of July and after I opened mine in June? Is the limit on mine still 500?
    Well, I've fired of that question off to support. Will report back later.
    • YorkshireBoy
    • By YorkshireBoy 21st Jul 17, 9:18 PM
    • 29,309 Posts
    • 17,085 Thanks
    YorkshireBoy
    • #5
    • 21st Jul 17, 9:18 PM
    • #5
    • 21st Jul 17, 9:18 PM
    Might it be that the limit changed down as of July and after I opened mine in June? Is the limit on mine still 500?
    Well, I've fired of that question off to support. Will report back later.
    Originally posted by jennyjj
    Isn't your question already answered on their website?...
    For Flexclusive Regular Saver accounts opened from 13 July 2017.


    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits
    • jennyjj
    • By jennyjj 21st Jul 17, 9:25 PM
    • 181 Posts
    • 308 Thanks
    jennyjj
    • #6
    • 21st Jul 17, 9:25 PM
    • #6
    • 21st Jul 17, 9:25 PM
    Thanks YB. Hadn't seen that line
    "For Flexclusive Regular Saver accounts opened from 13 July 2017."

    Look's like I got in just in time.
    • Hattie625
    • By Hattie625 22nd Jul 17, 4:57 PM
    • 541 Posts
    • 399 Thanks
    Hattie625
    • #7
    • 22nd Jul 17, 4:57 PM
    • #7
    • 22nd Jul 17, 4:57 PM
    I've been lucky here, as I opened my second Flexclusive Regular Saver in May 2017, giving me about 10 months of paying in £500 per month after the drop to £250 per month for accounts opened from 13 July. It's very disappointing for those just coming up for renewal, but still a competitive account (paying 5% pa) and still well worth worth having. I will renew in May 2018 at £250 per month, assuming that the interest rate is still worthwhile.

    Edited to add: Second to mean subsequent, not two accounts together.
    • pittspitch
    • By pittspitch 22nd Jul 17, 5:51 PM
    • 35 Posts
    • 16 Thanks
    pittspitch
    • #8
    • 22nd Jul 17, 5:51 PM
    • #8
    • 22nd Jul 17, 5:51 PM
    to original post TOTALLY AGREE with last 2 sentences, and no I hadn't noticed, thanks. And Yes I am still bothering with the transfers hoping for that rate rise..................................
    • teddysmum
    • By teddysmum 22nd Jul 17, 8:09 PM
    • 8,023 Posts
    • 4,786 Thanks
    teddysmum
    • #9
    • 22nd Jul 17, 8:09 PM
    • #9
    • 22nd Jul 17, 8:09 PM
    It's very disappointing for those just coming up for renewal, but still a competitive account (paying 5% pa) and still well worth worth having.
    Originally posted by Hattie625


    Sh. Don't jinx it , as a rate cut could be the next move.


    I haven't opened a new TSB regular saver with the lower rate of 2% , thinking a Lloyds current account will pay the same , but immediately, on the full amount accrued with TSB.
    • Kim_13
    • By Kim_13 22nd Jul 17, 9:28 PM
    • 1,212 Posts
    • 1,614 Thanks
    Kim_13
    I'd rather a cut deposit amount than a cut rate
    Sealed Pot 10 #520 ~ ~£66.55/£100
    VSP 2017 #9 ~ £41.40/£250.00
    CCCC 2017 #1 ~ £179.71/£120.00
    EF #170 ~ £500
    Xmas 2017 #25 ~ £5/£365
    365 Day Penny Challenge #4 ~ £17.31/£667.95
    • bowlhead99
    • By bowlhead99 22nd Jul 17, 11:44 PM
    • 6,586 Posts
    • 11,646 Thanks
    bowlhead99
    I'd rather a cut deposit amount than a cut rate
    Originally posted by Kim_13
    For me, the other way around.
    • Hattie625
    • By Hattie625 23rd Jul 17, 1:45 PM
    • 541 Posts
    • 399 Thanks
    Hattie625
    For me, the other way around.
    Originally posted by bowlhead99
    Does it not depend on how much the rate cut is v how much the deposit cut is when deciding which is "better"?
    • hansi
    • By hansi 12th Aug 17, 9:33 AM
    • 2,895 Posts
    • 568 Thanks
    hansi
    I've been lucky here, as I opened my second Flexclusive Regular Saver in May 2017, giving me about 10 months of paying in £500 per month after the drop to £250 per month for accounts opened from 13 July. It's very disappointing for those just coming up for renewal, but still a competitive account (paying 5% pa) and still well worth worth having. I will renew in May 2018 at £250 per month, assuming that the interest rate is still worthwhile.

    Edited to add: Second to mean subsequent, not two accounts together.
    Originally posted by Hattie625
    Yes, my wife and I were lucky there too. We opened our accounts on 4th July. So at least we're ok for a year. But no letter from Nationwide!
    • Malchester
    • By Malchester 12th Aug 17, 12:26 PM
    • 17 Posts
    • 7 Thanks
    Malchester
    All part of Nationwide's gradual reduction in competitiveness in relation to savings and reduction in customer service. Have been a customer for 30 years but have moved almost everything elsewhere for much better interest rates and, it has to be said, much better customer service.
    • bowlhead99
    • By bowlhead99 12th Aug 17, 3:08 PM
    • 6,586 Posts
    • 11,646 Thanks
    bowlhead99
    All part of Nationwide's gradual reduction in competitiveness in relation to savings and reduction in customer service. Have been a customer for 30 years but have moved almost everything elsewhere for much better interest rates and, it has to be said, much better customer service.
    Originally posted by Malchester
    They have a decent functional current account paying the highest rate in the market on your first £2500 of balance and which doesn't require messing around setting up direct debits to qualify.

    For those having a qualifying current account with them, they have a regular saver account paying the highest rate in the market on £250pm which is great for people building up savings from a low base or even just to boost the returns on some of their savings.

    For those wanting larger amounts on instant access they offer higher rates to longstanding customers such as you or me (loyalty saver accounts) which are not the highest rates in the market but the ones at the top of the league tables for that are 'challenger banks' which you might not have heard of, trying to build up their customer base with special deals. The 0.75% instant access unlimited withdrawal on a 15-yr loyalty saver is currently 3x the BoE base rate and the vast majority of other large mainstream banks / building societies don't offer as much.

    They have a credit card with no foreign currency exchange rate loading so anything bought from overseas or spent on holidays or business trips is about 3% cheaper than most other banks. They have decent mortgage rates and personal loan rates (including price-beating their competitors on the latter).

    As a customer for more than 15 years I don't have any interest in moving somewhere else for 'better customer service' as I have maybe contacted customer service about my current or savings accounts once or twice in that timeframe. Within the last five years I've done a mortgage application and changed my mortgage rate near the expiry of a fixed term, in each case visiting a branch and speaking to a mortgage specialist who were personable and presentable and knew their products. The other stuff for loans or credit cards or savings or current accounts is just done online.

    Maybe I've just been lucky. Thirty years ago they were lending members' money out for mortgages at 10% ; a few years before or after that, perhaps 15%. Now the half a million quid of mortgage we have with them is at more like 1.5%. So, it's not surprising that there has been a decline in savings rates since you started being a customer 30 years ago. And likely customer service levels are perceived as lower because so much more can be done online these days and there's no need to go into a branch with your passbook to get anything done, so you think things are worse because you don't get the human touch.
    • xylophone
    • By xylophone 12th Aug 17, 4:27 PM
    • 22,369 Posts
    • 12,909 Thanks
    xylophone
    Now the half a million quid of mortgage we have with them is at more like 1.5%.
    Bully for those with a mortgage?

    They have a decent functional current account paying the highest rate in the market on your first £2500 of balance and which doesn't require messing around setting up direct debits to qualify.
    For a year at a time.......

    and speaking to a mortgage specialist who were personable and presentable and knew their products.
    But do they understand their other products?


    http://forums.moneysavingexpert.com/showthread.php?p=72883461#post72883461
    • roddydogs
    • By roddydogs 12th Aug 17, 5:06 PM
    • 5,892 Posts
    • 2,455 Thanks
    roddydogs
    Yet they persist in the 200 pound "refer a friend" nonsense that will not result in extra customers , once the 100 is paid out, as this columns are full of advice how to get this. PS anyone want referring?
    • TheShape
    • By TheShape 12th Aug 17, 5:22 PM
    • 988 Posts
    • 736 Thanks
    TheShape
    Yet they persist in the 200 pound "refer a friend" nonsense that will not result in extra customers , once the 100 is paid out, as this columns are full of advice how to get this.
    Originally posted by roddydogs
    If it didn't result in extra customers they wouldn't be doing it. Admittedly, I like the referral scheme as I've made a decent return from it.

    ps. Offers for referrals belong on the referrals board, they are not allowed here.
    • bigadaj
    • By bigadaj 12th Aug 17, 5:55 PM
    • 9,587 Posts
    • 6,101 Thanks
    bigadaj
    Yet they persist in the 200 pound "refer a friend" nonsense that will not result in extra customers , once the 100 is paid out, as this columns are full of advice how to get this. PS anyone want referring?
    Originally posted by roddydogs
    Better us for money than stupid press advertisements, sport sponsorship, dozens of marketing managers at £10ks per year etc etc
    • roddydogs
    • By roddydogs 13th Aug 17, 8:17 AM
    • 5,892 Posts
    • 2,455 Thanks
    roddydogs
    If it didn't result in extra customers they wouldn't be doing it. Admittedly, I like the referral scheme as I've made a decent return from it.

    ps. Offers for referrals belong on the referrals board, they are not allowed here.
    Originally posted by TheShape
    You obviously dont do "irony"
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