Regular Savings Accounts Article Discussion

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  • DJBenson
    DJBenson Posts: 445
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    edited 3 May 2013 at 2:13PM
    saintalan wrote: »
    Just a point but:
    Existing Gold Classic!Current Account holders only.
    which depends on what they mean by existing i.e. as of now or after opening?

    If you look at the product page for the Gold Regular Saver it states you need a Gold Current Account to hold the savings account - I don't believe it is any more complex than that.

    I have just opened a Gold Current Account and will post the Gold Regular Saver application when I get home tonight. I'll then fund the Gold Current with £750/month to cover £250 into each of my regular savers (E-Savings @ 4%, E-Family Savings @ 5% and the Gold Regular Saver at 5%) as the N&P Gold account doesn't seem (based on a payment I made between them and Nationwide) to support Faster Payments out so I'll use their own account as a way of distributing the cash to the regular savers in one swoop.

    They do support Faster Payments in but they take a couple of hours to show on the online system which is a little frustrating when you have to do "the money shuffle" to satisfy all these minimum deposit requirements but I'll get over it :D

    In the grand scheme of things, Norwich & Peterborough are quite generous with their product offerings at the moment.
  • saintalan
    saintalan Posts: 562 Forumite
    DJBenson wrote: »
    ... my regular savers (E-Savings @ 4%, E-Family Savings @ 5% and the Gold Regular Saver at 5%) ...

    Hi yes I have those first 2 plus their postal equivalents!

    There was me thinking 4 accounts was enough:)

    I am just waiting on my Santander eSavers to return to low rates and some pension calculations the I may have to join you!

    Cheers

    Alan
  • fightfirewithfire
    fightfirewithfire Posts: 17 Forumite
    edited 19 May 2013 at 12:36PM
    Nationwide Regular Saving account:
    am I reading it right?
    The level of interest depends on how much is being deposited each month and NOT how much is in the account.
    So,presuming I`m right, if I deposit £500 on 1st of month and take out £300(for example) 6 working days later, I get 2.5% APR on whats left.
    Anyone disagree, or can you put me on the right track.
  • aleph_0
    aleph_0 Posts: 539
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    Anyone disagree, or can you put me on the right track.

    To quote the interest rate table, the rate is dependent on the "Monthly increase in balance" - in your example the balance has increased by £100, so you would get the 1.35% rate.
  • chamelion
    chamelion Posts: 473
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    aleph_0 wrote: »
    To quote the interest rate table, the rate is dependent on the "Monthly increase in balance" - in your example the balance has increased by £100, so you would get the 1.35% rate.


    I'm curious as to what happens if you do this

    month 1: deposit 1000 (2.5%)
    month 2: deposit 1000 (2.5%)
    month 3: withdraw 1500 (0%?)
    month 4: deposit 1000 (do you get 2.5% again based on difference from month 3?)
    5.41 kWp System, E-W. Installed Nov 2017
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  • aleph_0
    aleph_0 Posts: 539
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    chamelion wrote: »
    I'm curious as to what happens if you do this

    month 1: deposit 1000 (2.5%)
    month 2: deposit 1000 (2.5%)
    month 3: withdraw 1500 (0%?)
    month 4: deposit 1000 (do you get 2.5% again based on difference from month 3?)

    Yes, you do.
  • onzey
    onzey Posts: 830
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    Actually month 3: withdraw 1500 (0.1%) :D
  • black_taxi_2
    black_taxi_2 Posts: 1,816
    Debt-free and Proud! Mortgage-free Glee!
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    1st post of this thread talks about 10% savings rates :D
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • badger09
    badger09 Posts: 11,105
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    black_taxi wrote: »
    1st post of this thread talks about 10% savings rates :D

    But it is over 5 years old :cool:
  • black_taxi_2
    black_taxi_2 Posts: 1,816
    Debt-free and Proud! Mortgage-free Glee!
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    yeah I know,just to say how over periods of time,it can change dramaticly
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
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