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  • FIRST POST
    • Archi Bald
    • By Archi Bald 14th Oct 13, 10:50 AM
    • 9,231Posts
    • 7,215Thanks
    Archi Bald
    Nationwide Flexclusive Saver 5
    • #1
    • 14th Oct 13, 10:50 AM
    Nationwide Flexclusive Saver 5 14th Oct 13 at 10:50 AM
    A bit of good news for holders of the Nationwide Flexclusive Regular Saver, and may be for other savers too. Relatively speaking, anyway.

    When the Regular Saver period ends on 31/10/13, the account automatically becomes a Flexclusive Saver 5, with 2% AER (variable). That's the bad news but there is good news: you can now deposit as much as you like, and you won't get 2% anywhere else for an instant access savings account..


    It also appears that the Flexclusive Saver 5 will be available to anyone who has a FlexPlus or FlexDirect, or has a Flexaccount and has been paying in £750 a month for the last three months or will formally switch from a non-Nationwide account.

    This information is from a Nationwide letter I received this morning. I can't see anything on the Nationwide website yet about the Flexclusive Saver 5 but worth keeping a watch on it if you are looking for the best instant access saver in the market.
Page 1
    • fiesta04
    • By fiesta04 14th Oct 13, 12:35 PM
    • 486 Posts
    • 292 Thanks
    fiesta04
    • #2
    • 14th Oct 13, 12:35 PM
    • #2
    • 14th Oct 13, 12:35 PM
    If you look on the back of the letter, in the purple box, it states if you increase the balance by £500-£1000 monthly, that you will get 2.5%pa/AER. Admittedly this looks like a different Account as it only says Reg Saver.

    So is it such a good deal or have I misread it?

    F4
    • ColdIron
    • By ColdIron 14th Oct 13, 12:56 PM
    • 2,418 Posts
    • 2,647 Thanks
    ColdIron
    • #3
    • 14th Oct 13, 12:56 PM
    • #3
    • 14th Oct 13, 12:56 PM
    If you look on the back of the letter, in the purple box, it states if you increase the balance by £500-£1000 monthly, that you will get 2.5%pa/AER. Admittedly this looks like a different Account as it only says Reg Saver.

    So is it such a good deal or have I misread it?
    F4
    Originally posted by fiesta04
    That's the stock Regular Savings Account that's been going for a while now, though I'm very interested in the Flexclusive Saver 5 if it pays 2% to holders of a FlexDirect account who haven't had the Flexclusive Regular Saver
    • Archi Bald
    • By Archi Bald 14th Oct 13, 2:33 PM
    • 9,231 Posts
    • 7,215 Thanks
    Archi Bald
    • #4
    • 14th Oct 13, 2:33 PM
    • #4
    • 14th Oct 13, 2:33 PM
    If you look on the back of the letter, in the purple box, it states if you increase the balance by £500-£1000 monthly, that you will get 2.5%pa/AER. Admittedly this looks like a different Account as it only says Reg Saver.

    So is it such a good deal or have I misread it?

    F4
    Originally posted by fiesta04
    The 2.5% Reg Saver has been available forever. It's quite an interesting account if you are maxed in the current accounts etc. But all you can get in is £1K a month.

    The Flexclusive Saver 5 makes a great feeder account for that 2.5% Regular Saver, and its also good for anyone who is desperate for an instant savings account (after maxing the current accounts).
    • beansy
    • By beansy 14th Oct 13, 3:57 PM
    • 398 Posts
    • 353 Thanks
    beansy
    • #5
    • 14th Oct 13, 3:57 PM
    • #5
    • 14th Oct 13, 3:57 PM
    The 2.5% Reg Saver has been available forever. It's quite an interesting account if you are maxed in the current accounts etc. But all you can get in is £1K a month.

    The Flexclusive Saver 5 makes a great feeder account for that 2.5% Regular Saver, and its also good for anyone who is desperate for an instant savings account (after maxing the current accounts).
    Originally posted by Archi Bald
    Thank you.

    I stopped paying into ours when the Flexclusive saver came out but just noticed this is paying a higher rate than our 15 yr Loyalty Saver @ 2.10% so I have reinstated our mthly payments.
  • innovate
    • #6
    • 14th Oct 13, 5:08 PM
    • #6
    • 14th Oct 13, 5:08 PM
    Remember that you only get 2.5% AER in the regular saver in those months in which your balance increases by £1,000.
    • Gromitt
    • By Gromitt 14th Oct 13, 5:49 PM
    • 4,971 Posts
    • 2,378 Thanks
    Gromitt
    • #7
    • 14th Oct 13, 5:49 PM
    • #7
    • 14th Oct 13, 5:49 PM
    Remember that you only get 2.5% AER in the regular saver in those months in which your balance increases by £1,000.
    Originally posted by innovate
    You mean £500.

    £1000 is the maximum you can deposit.
  • Hominu
    • #8
    • 14th Oct 13, 5:57 PM
    • #8
    • 14th Oct 13, 5:57 PM
    The Flexclusive ISA is dropping to 2% as well, which, in the current climate, isn't that bad!
  • innovate
    • #9
    • 14th Oct 13, 5:59 PM
    • #9
    • 14th Oct 13, 5:59 PM
    You mean £500.

    £1000 is the maximum you can deposit.
    Originally posted by Gromitt
    yes you are right
    • beansy
    • By beansy 14th Oct 13, 6:02 PM
    • 398 Posts
    • 353 Thanks
    beansy
    We also received an invitation to a local "how to enhance and protect your money seminar" in our local area on 12 November.

    Not had one of these from Nwide before!
    • Archi Bald
    • By Archi Bald 14th Oct 13, 6:41 PM
    • 9,231 Posts
    • 7,215 Thanks
    Archi Bald
    We also received an invitation to a local "how to enhance and protect your money seminar" in our local area on 12 November.

    Not had one of these from Nwide before!
    Originally posted by beansy
    roflmao. This sounds so funny, I might even attend for a laugh if they put one of these on locally to me.
    • KTF
    • By KTF 14th Oct 13, 8:59 PM
    • 4,441 Posts
    • 1,791 Thanks
    KTF
    Not as bad as it could have been, but mine is still going to live in my Santander 123 account...
    • Archi Bald
    • By Archi Bald 14th Oct 13, 9:22 PM
    • 9,231 Posts
    • 7,215 Thanks
    Archi Bald
    Yeah, only an option if your Santanders 123s and Lloyds and BoS and TSB Vantages are full...which for quite a few people they are, so it's great there is a 2% account when the rest is max 1.5% for instant access
    • lemonjelly
    • By lemonjelly 15th Oct 13, 11:18 AM
    • 7,974 Posts
    • 46,503 Thanks
    lemonjelly
    On the Nationwide reg saver, is there a maximum amount you can use to open the account? Is that also £1000? Or are you able to open it with a larger sum & then credit up to £1000 a month?
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
    • EarthBoy
    • By EarthBoy 15th Oct 13, 12:47 PM
    • 1,516 Posts
    • 871 Thanks
    EarthBoy
    It's a £1000 per month max, so if you open it with £1000 you've immediately reached your first month's limit. There's no provision for opening it with a larger sum, -I don't know of any regular saver accounts which would allow that.
    • typistretired
    • By typistretired 15th Oct 13, 2:31 PM
    • 1,266 Posts
    • 896 Thanks
    typistretired
    Thank you.

    I stopped paying into ours when the Flexclusive saver came out but just noticed this is paying a higher rate than our 15 yr Loyalty Saver @ 2.10% so I have reinstated our mthly payments.
    Originally posted by beansy
    I hope you have opened a flexdirect account paying 5.00% AER (4.89% gross p.a.) in-credit interest on balances up to £2,500 (fixed for the first 12 months)1
    "Look after your pennies and your pounds will look after themselves"
    • zerog
    • By zerog 15th Oct 13, 3:25 PM
    • 2,209 Posts
    • 743 Thanks
    zerog
    Would I be correct in saying, if you only have a fixed amount of £1000 to save, you could earn an average 2.25% by keeping it in the Regular Saver 2.5% and the Flexclusive Saver 5 2% in alternating months?

    So in odd months you will increase the balance from £0 to £1000 (earning 2.5%) while in even months the balance will be reduced from £1000 to £0, but the £1000 will be earning 2%.

    I have £3500 in the old 6% reg saver which is becoming 2%, but only another £3000 (after maxing out everything else), so I'm not sure what the best strategy would be.

    How much should I deposit each month so I can increase the balance by at least £500 per month without running out of money but still maximising the interest? Is there a time when I should withdraw all of it back into the 2% saver and then dripfeed into the 2.5% reg saver starting from £0?
    • Archi Bald
    • By Archi Bald 15th Oct 13, 5:24 PM
    • 9,231 Posts
    • 7,215 Thanks
    Archi Bald
    I would use the Regular Saver Dripfeed calculator to work out the possible numbers.
    http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#savingscalc

    I would also use put £2,500 into a FlexDirect if I didn't have one already. And I would then most likely try a second and possibly third FlexDirect since rumour has it people get the 5% AER in more than one of them. In any case, I would only bother with the 2% and 2.5% accounts if I had run out of options with the Nationwide, and non-Nationwide, interest-paying current accounts.
  • rb10
    It's a £1000 per month max, so if you open it with £1000 you've immediately reached your first month's limit. There's no provision for opening it with a larger sum, -I don't know of any regular saver accounts which would allow that.
    Originally posted by EarthBoy
    There are occasionally regular saver accounts that do allow a larger opening deposit. I don't know of any currently available, but in the past we've seen the Santander First Home Saver and Stroud & Swindon Regular Saver Plus, both of which allowed (from memory) £5k opening deposit and then £300/250 per month.

    You are right to say that the opening balance of a NBS regular saver counts towards your first month's limit though.
    • lemonjelly
    • By lemonjelly 15th Oct 13, 10:55 PM
    • 7,974 Posts
    • 46,503 Thanks
    lemonjelly
    It's a £1000 per month max, so if you open it with £1000 you've immediately reached your first month's limit. There's no provision for opening it with a larger sum, -I don't know of any regular saver accounts which would allow that.
    Originally posted by EarthBoy
    Apols for putting the same thing in 2 threads!:
    I rang their customer services this afternoon & they told me there's no limit on the opening amount (up to the £5million maximum)!
    It's getting harder & harder to keep the government in the manner to which they have become accustomed.
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