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  • FIRST POST
    • mailmannz
    • By mailmannz 30th Mar 17, 4:41 AM
    • 190Posts
    • 76Thanks
    mailmannz
    What's the point??
    • #1
    • 30th Mar 17, 4:41 AM
    What's the point?? 30th Mar 17 at 4:41 AM
    After my house sale and clearing all my debts I'm left with a small sum of money (£30k) that I can do something with over the course of the next 6 to 12 months as I build up a deposit for my next house purchase.

    So I've been looking at ISA's and savings accounts but am just left feeling that's there's not actually much point in p1ssing around because the cards are just so stacked against us mere mortals!!

    There are high interest savings accounts but only for small sums of money (5% interest but only for £2,500) or high interest ISA's but you can only deposit up to £1000 initially then only add to it by £200 a month) or one of those new home buying LISA or what ever but you can only buy a house under £250k if you live outside London!!!!

    But yeah, I know this is all first world kinda of problems but I'm just left feeling the cards are so stacked against savers that there is literally no point and I be better off just taking my chances with premium bonds as the calculator says I'd likely win £400 a year anyway!!!

    Sorry for the rant.

    Regards

    Mailman
Page 2
    • EachPenny
    • By EachPenny 20th Apr 17, 5:38 PM
    • 1,390 Posts
    • 1,420 Thanks
    EachPenny
    You should be able to have three of the BoS accounts at £5000 each.

    And there should have a Saffron BS branch not far away from you to open a regular saver at 3.5%.

    Cards are still stacked though.
    • badger09
    • By badger09 20th Apr 17, 6:33 PM
    • 5,085 Posts
    • 4,280 Thanks
    badger09
    So after some faffing about Ive come up with the following table

    Santander 123 £20,000
    1.5% interest £300
    Cash back £67
    Fees £60
    TOTAL: £307 a year
    £500 a month pay in
    2 active direct debits

    Nationwide £2,500
    5% interest £125
    £1,000 a month pay in
    No requirement for direct debits to be paid

    Bank of Scotland £5,000
    2% interest £100
    £1,000 a month pay in
    3 active direct debits

    Tesco £3000
    3% interest £90
    £750 a month pay in
    3 active direct debits

    TOTAL Deposits: £30,500
    TOTAL Interest: £615 (which is effectively 2% interest over the year).

    All of that involves a lot of fiddling and moving money around to meet all the different deposit and direct debit requirements, which I guess is just the time it takes to set the money train up!

    Regards

    Mailman
    Originally posted by mailmannz
    I would make a Nationwide Flexclusive Reg Saver a priority. Another £500 a month @ 5%
    • mailmannz
    • By mailmannz 21st Apr 17, 11:34 AM
    • 190 Posts
    • 76 Thanks
    mailmannz
    I would make a Nationwide Flexclusive Reg Saver a priority. Another £500 a month @ 5%
    Originally posted by badger09
    I can't find this account on their site?

    There is the FlexPlus which pays 5% interest (BUT costs a tenner a month!) and the Flex Direct (which Ive listed in my table).

    Regards

    Mailman
    • badger09
    • By badger09 21st Apr 17, 11:48 AM
    • 5,085 Posts
    • 4,280 Thanks
    badger09
    I can't find this account on their site?

    There is the FlexPlus which pays 5% interest (BUT costs a tenner a month!) and the Flex Direct (which Ive listed in my table).

    Regards

    Mailman
    Originally posted by mailmannz
    Really

    1st on this list
    http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts
    • mailmannz
    • By mailmannz 21st Apr 17, 11:52 AM
    • 190 Posts
    • 76 Thanks
    mailmannz
    You should be able to have three of the BoS accounts at £5000 each.

    And there should have a Saffron BS branch not far away from you to open a regular saver at 3.5%.

    Cards are still stacked though.
    Originally posted by EachPenny
    Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

    Regards

    Mailman
    • mailmannz
    • By mailmannz 21st Apr 17, 11:56 AM
    • 190 Posts
    • 76 Thanks
    mailmannz
    I was looking in the wrong place!

    Pro
    £162 for the year is better!

    Con
    You have to have held a flex account for 3 months before you can apply for this account.

    Still...good find so thank you

    Regards

    Mailman
    • mollycat
    • By mollycat 21st Apr 17, 12:11 PM
    • 924 Posts
    • 1,857 Thanks
    mollycat
    Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

    Regards

    Mailman
    Originally posted by mailmannz
    Really?

    30 minutes, (say) for £45.

    Sounds okay to me
    • RG2015
    • By RG2015 21st Apr 17, 12:32 PM
    • 213 Posts
    • 74 Thanks
    RG2015
    [QUOTE=mailmannz;72434303]

    "You have to have held a flex account for 3 months before you can apply for this account."


    This is not correct. If you have a FlexDirect current account you can open the Flexclusive regular saver immediately
    Last edited by RG2015; 21-04-2017 at 12:36 PM.
    • mailmannz
    • By mailmannz 21st Apr 17, 4:02 PM
    • 190 Posts
    • 76 Thanks
    mailmannz
    Hahahahahah! I just got declined for the Flex account!

    Ill just have to try again in a month or two once my credit status has improved

    Regards

    Mailman
    • EachPenny
    • By EachPenny 21st Apr 17, 6:23 PM
    • 1,390 Posts
    • 1,420 Thanks
    EachPenny
    Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.
    Originally posted by mailmannz
    I partly agree, but it depends where your nearest branch is. I wouldn't travel 100 miles to open one, but I did take a minor detour on a planned journey and park for free in order to go into a branch to open one. The application form was available to download online, so all I had to do was drop it off, wait while they photocopied my ID, and the whole thing took no more than 10 minutes, 20 if you include the time to fill the form in at home.

    I figure it is another £45 I wouldn't have if I hadn't bothered.

    I'd also add that £135 is a lot more than the hourly rate I charge when I work (O.k. that's a very rough calculation!)
    • picks
    • By picks 22nd Apr 17, 8:26 AM
    • 173 Posts
    • 61 Thanks
    picks
    But pretty much everywhere in Cambridgeshire is the middle of nowhere, apart from Cambridge, so that's a given.
    Originally posted by Malthusian
    I would never have thought of Peterborough being in "the middle of nowhere".
    • RG2015
    • By RG2015 22nd Apr 17, 8:56 AM
    • 213 Posts
    • 74 Thanks
    RG2015
    I would never have thought of Peterborough being in "the middle of nowhere".
    Originally posted by picks
    Many people do not regard Peterborough as part of Cambridgeshire and Cambridgeshire County Council does not include Peterborough. I cannot say for sure but I believe that most Peterborough residents do not think of themselves as part of Cambridgeshire.
    • picks
    • By picks 22nd Apr 17, 9:01 AM
    • 173 Posts
    • 61 Thanks
    picks
    Many people do not regard Peterborough as part of Cambridgeshire and Cambridgeshire County Council does not include Peterborough.
    Originally posted by RG2015
    What will the new Mayor of Cambridgeshire make of that when he gets into office?
    • RG2015
    • By RG2015 22nd Apr 17, 10:06 AM
    • 213 Posts
    • 74 Thanks
    RG2015
    What will the new Mayor of Cambridgeshire make of that when he gets into office?
    Originally posted by picks
    Ha! That's what a lot of Peterborough folk are saying!

    At the risk of being pedantic, the election is actually for the "Mayor of Cambridgeshire and Peterborough"
    • picks
    • By picks 22nd Apr 17, 7:37 PM
    • 173 Posts
    • 61 Thanks
    picks
    Ha! At the risk of being pedantic, the election is actually for the "Mayor of Cambridgeshire and Peterborough"
    Originally posted by RG2015
    However while Peterborough, like many similar unitary authorities, may not be controlled by the county council it still lies within the county of Cambridgeshire. Similarly, for example, Milton Keynes lies within the county of Buckinghamshire even though MK has its own unitary authority.

    If Peterborough wants to be totally outside of Cambridgeshire I suggest they approach neighbouring counties to see if they can join them. I doubt Ladbrokes would give them good odds of it actually happening.
    • RG2015
    • By RG2015 22nd Apr 17, 9:13 PM
    • 213 Posts
    • 74 Thanks
    RG2015
    Have a look at the Peterborough page on Wikipedia. The first paragraph states:-

    "Peterborough ......Historically part of Northamptonshire..."

    Most counties' boundaries are just random and have often changed over the years.
    • eskbanker
    • By eskbanker 23rd Apr 17, 12:00 AM
    • 5,024 Posts
    • 4,772 Thanks
    eskbanker
    Have a look at the Peterborough page on Wikipedia. The first paragraph states:-

    "Peterborough ......Historically part of Northamptonshire..."

    Most counties' boundaries are just random and have often changed over the years.
    Originally posted by RG2015
    Much like the contents of Wikipedia then!
    • silvermum
    • By silvermum 30th Apr 17, 4:32 PM
    • 123 Posts
    • 49 Thanks
    silvermum
    Sorry to crash the thread, but re needing to have the FlexDirect open for 3 months before getting the Flexclusive - I am having the same issue! Where did you see this isn't true? Has it changed perhaps?
    • ColdIron
    • By ColdIron 30th Apr 17, 4:48 PM
    • 3,198 Posts
    • 3,653 Thanks
    ColdIron
    You don't need to wait 3 months with the FlexDirect, you are confusing it with the FlexAccount

    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.
    • RG2015
    • By RG2015 30th Apr 17, 5:49 PM
    • 213 Posts
    • 74 Thanks
    RG2015
    Sorry to crash the thread, but re needing to have the FlexDirect open for 3 months before getting the Flexclusive - I am having the same issue! Where did you see this isn't true? Has it changed perhaps?
    Originally posted by silvermum
    Hi silvermum,

    I applied for a Nationwide Flexdirect current account on 19th Dec 2016 and received an email on the 20th Dec saying that I had been successful. However I had to wait until 28th Dec for the account details to arrive in the post so I could deposit £2,500. I opened the Flexclusive regular saver on 28th Dec and deposited £500.

    I also deposited £500 on 3rd Jan 2017 by standing order with subsequent payments on 1st of every month. Therefore I will have accumulated £6,500 plus interest of £183 by the time the account closes on 27th Dec 2017.
    Last edited by RG2015; 30-04-2017 at 5:59 PM.
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