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  • FIRST POST
    • prezzacc
    • By prezzacc 17th May 17, 6:06 PM
    • 100Posts
    • 5Thanks
    prezzacc
    Somewhere to save a small amount and drip feed for best interest
    • #1
    • 17th May 17, 6:06 PM
    Somewhere to save a small amount and drip feed for best interest 17th May 17 at 6:06 PM
    Hi All,

    Im looking at getting some interest on around £4k. Currently sat sadly getting a miserable 0.2% in an ISA. Id like to be able to get to the money if needed so dont want to lock it away. Chances are i may not need too.

    Im a bit stuck at what to do. I was thinking of getting a NW Flexdirect and the linked regular saver and drip feeding into that, getting interest from both? Im happy to move the minimum from my bank to the NW account and back again to fulfil the minimum and any other payments to maximise interest.

    Would appreciate your views.

    Thanks
Page 1
    • phillw
    • By phillw 17th May 17, 6:19 PM
    • 674 Posts
    • 340 Thanks
    phillw
    • #2
    • 17th May 17, 6:19 PM
    • #2
    • 17th May 17, 6:19 PM
    Im a bit stuck at what to do. I was thinking of getting a NW Flexdirect and the linked regular saver and drip feeding into that, getting interest from both? Im happy to move the minimum from my bank to the NW account and back again to fulfil the minimum and any other payments to maximise interest.

    Would appreciate your views.
    Originally posted by prezzacc
    Do it.

    Also try to get £100 for you and £100 for a friend that refers you.

    http://www.nationwide.co.uk/products/current-accounts/our-current-accounts/recommend-a-friend-tab#xtab:can-i-recommend-someone-who-already-has-a-nationwide-current-account
    • prezzacc
    • By prezzacc 17th May 17, 6:55 PM
    • 100 Posts
    • 5 Thanks
    prezzacc
    • #3
    • 17th May 17, 6:55 PM
    • #3
    • 17th May 17, 6:55 PM
    Great. Thanks Phil.

    I see the linked regular saver pays annualy the interest and i can make penalty free with drawels so how do they calculate the interest? Is it based over a year? Say i paid in 500 a month then in month 9 drew out £3k how would my interest be calculated?

    I would switch, but i want it as a seperate account really just for savings, not my every day money to go into.

    Thanks
    • YorkshireBoy
    • By YorkshireBoy 17th May 17, 7:19 PM
    • 29,332 Posts
    • 17,103 Thanks
    YorkshireBoy
    • #4
    • 17th May 17, 7:19 PM
    • #4
    • 17th May 17, 7:19 PM
    I see the linked regular saver pays annualy the interest and i can make penalty free with drawels so how do they calculate the interest? Is it based over a year? Say i paid in 500 a month then in month 9 drew out £3k how would my interest be calculated?
    Originally posted by prezzacc
    Interest is calculated (as it is for all accounts) each day. For this account, that would be:

    Closing Balance x 5% / 365
    I would switch, but i want it as a seperate account really just for savings, not my every day money to go into.
    £2.5K dumped in the FlexDirect would generate (£2.5K x 0.0489 =) £122.25 in interest over the year.

    Finding out how to 'switch' without switching your main account would almost double this return to £222.25 - and make your friend or family member £100 into the bargain. A total of £322.25 between you.

    Fancy doing a bit of research? Or maybe you're not interested in doubling your return?
    • prezzacc
    • By prezzacc 17th May 17, 7:39 PM
    • 100 Posts
    • 5 Thanks
    prezzacc
    • #5
    • 17th May 17, 7:39 PM
    • #5
    • 17th May 17, 7:39 PM
    Hi Yorkshire Boy, Im learning ! And yes, i am off to research that right now as i didnt know that was possible!

    Appreciate the heads up , most certainly will be looking into this.

    Thanks
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