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  • FIRST POST
    • jlashcroft11
    • By jlashcroft11 12th Mar 17, 4:01 PM
    • 5Posts
    • 0Thanks
    jlashcroft11
    Best account for saving £500 per calendar month??
    • #1
    • 12th Mar 17, 4:01 PM
    Best account for saving £500 per calendar month?? 12th Mar 17 at 4:01 PM
    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?
Page 1
    • bowlhead99
    • By bowlhead99 12th Mar 17, 4:13 PM
    • 6,873 Posts
    • 12,380 Thanks
    bowlhead99
    • #2
    • 12th Mar 17, 4:13 PM
    • #2
    • 12th Mar 17, 4:13 PM
    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
    • By jlashcroft11 12th Mar 17, 4:28 PM
    • 5 Posts
    • 0 Thanks
    jlashcroft11
    • #3
    • 12th Mar 17, 4:28 PM
    No account
    • #3
    • 12th Mar 17, 4:28 PM
    Can I just open one of those accounts and leave it or does it need direct debits going out etc?
    • badger09
    • By badger09 12th Mar 17, 4:33 PM
    • 5,383 Posts
    • 4,624 Thanks
    badger09
    • #4
    • 12th Mar 17, 4:33 PM
    • #4
    • 12th Mar 17, 4:33 PM
    Can I just open one of those accounts and leave it or does it need direct debits going out etc?
    Originally posted by jlashcroft11
    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
    • By Sean473 12th Mar 17, 5:40 PM
    • 71 Posts
    • 33 Thanks
    Sean473
    • #5
    • 12th Mar 17, 5:40 PM
    • #5
    • 12th Mar 17, 5:40 PM
    Can I just open one of those accounts and leave it or does it need direct debits going out etc?
    Originally posted by jlashcroft11
    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
    • By masonic 12th Mar 17, 5:43 PM
    • 9,125 Posts
    • 6,274 Thanks
    masonic
    • #6
    • 12th Mar 17, 5:43 PM
    • #6
    • 12th Mar 17, 5:43 PM
    The Flexiexclusive regular saver gets you 5% and requires 500 in each month.. You can open it 3 months after opening the Flexdirect account..
    Originally posted by Sean473
    Why not immediately after?
    • jlashcroft11
    • By jlashcroft11 12th Mar 17, 6:00 PM
    • 5 Posts
    • 0 Thanks
    jlashcroft11
    • #7
    • 12th Mar 17, 6:00 PM
    • #7
    • 12th Mar 17, 6:00 PM
    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
    • By masonic 12th Mar 17, 6:06 PM
    • 9,125 Posts
    • 6,274 Thanks
    masonic
    • #8
    • 12th Mar 17, 6:06 PM
    • #8
    • 12th Mar 17, 6:06 PM
    Hmm I don't really want to change current accounts, just wanted an account on the side building savings an interest.
    Originally posted by jlashcroft11
    There's no need to change current accounts, just open a new one. You can continue using whatever accounts you already have.
    • ceredigion
    • By ceredigion 12th Mar 17, 6:06 PM
    • 2,378 Posts
    • 2,965 Thanks
    ceredigion
    • #9
    • 12th Mar 17, 6:06 PM
    • #9
    • 12th Mar 17, 6:06 PM
    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..
    Originally posted by Sean473

    You sure ?
    • xylophone
    • By xylophone 12th Mar 17, 6:28 PM
    • 23,412 Posts
    • 13,608 Thanks
    xylophone
    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
    • By ceredigion 12th Mar 17, 6:46 PM
    • 2,378 Posts
    • 2,965 Thanks
    ceredigion
    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
    Originally posted by xylophone

    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
    • YorkshireBoy
    • By YorkshireBoy 12th Mar 17, 6:55 PM
    • 29,529 Posts
    • 17,326 Thanks
    YorkshireBoy
    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
    Originally posted by ceredigion
    ...but keep an eye on the Flexclusive interest rate and/or any communication they send. It's variable, whereas the FlexDirect's interest rate is fixed for the first 12 months. If they drop the rate, divert your cash to the FlexDirect for the remainder of the 12 months.
    • bobobski
    • By bobobski 13th Mar 17, 7:14 AM
    • 654 Posts
    • 1,505 Thanks
    bobobski
    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
    Originally posted by ceredigion
    Why not open a FlexAccount? No point wasting the 1 year decent interest on the FlexDirect if the OP can't make use of it at this point; all else being equal, it's better to wait until the first Flexclusive matures and use the FlexDirect at that point to take some of the money from it.
    #18: Save 12k in 2017: £10,032.12 / £12,000 (83.6%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £20,221.41 / £60,000 (33.7%) | Emergency fund by 31/12/2020: £1,553.13 / £5,000 (31.0%)
    • ColdIron
    • By ColdIron 13th Mar 17, 8:18 AM
    • 3,568 Posts
    • 4,278 Thanks
    ColdIron
    Don't you have to switch or wait 3 months with the FlexAccount?

    To open this account:
    You need to be 18 or over and a main current account customer with us. This means you must either:
    • 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; or
    • Hold a FlexStudent account and have paid in £1,500 in 2 or more transactions in the last 12 months.
    • Hold a FlexDirect or FlexPlus account.
    • No_Name
    • By No_Name 13th Mar 17, 1:57 PM
    • 65 Posts
    • 1 Thanks
    No_Name
    When I opened my FlexDirect this time last year, I don't recall having to wait 3 months before I can open or fund a Flexclusive Reg Saver? Have I missed something and have I voided / jeopardised something?
    • masonic
    • By masonic 13th Mar 17, 2:04 PM
    • 9,125 Posts
    • 6,274 Thanks
    masonic
    When I opened my FlexDirect this time last year, I don't recall having to wait 3 months before I can open or fund a Flexclusive Reg Saver? Have I missed something and have I voided / jeopardised something?
    Originally posted by No_Name
    No, you've not missed anything. There is no such requirement for the FlexDirect account. ColdIron has helpfully posted the requirements in the post above yours.
    • ColdIron
    • By ColdIron 13th Mar 17, 2:05 PM
    • 3,568 Posts
    • 4,278 Thanks
    ColdIron
    No, you're fine with a FlexDirect, it's the FlexAccount that you may have to wait with. Read the words in bold in post #14
    • racey
    • By racey 14th Mar 17, 9:44 AM
    • 148 Posts
    • 51 Thanks
    racey
    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
    Originally posted by bowlhead99
    I'm in the process of opening a Flexdirect account. Thanks for the tip.
    • No_Name
    • By No_Name 14th Mar 17, 3:19 PM
    • 65 Posts
    • 1 Thanks
    No_Name
    Thanks ColdIron and masonic - puts my mind at ease. I thought I'd mis-read something (maybe I did yesterday morning!)
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