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    • TheDebtinator
    • By TheDebtinator 27th Sep 17, 4:20 PM
    • 234Posts
    • 63Thanks
    TheDebtinator
    Where to put savings?
    • #1
    • 27th Sep 17, 4:20 PM
    Where to put savings? 27th Sep 17 at 4:20 PM
    Hi all,

    I have 10k of savings currently in a low interest (1%) savings account.
    I have just opened up a Nationwide FlexDirect account so 2500 will be moved to that to earn the 5% interest over the year.
    I plan on opening one of their 5% regular saver accounts as well, which will end up having 3000 moved into it over the year.
    I will also be putting away 105 each month, which will increase by a a few pounds each month.

    Where should I keep the other 7500 while I drip feed it into the Regular saver account? Should I pay the 105 + each month into the same savings account or put it elsewhere?

    I note that Metro Bank do a 1.95% 12 month fixed savings account, but obviously if I opened this, I would only be able to put 4500 in it and then leave it there for the duration and then move it and the interest somewhere else, but is there somewhere else I could keep this to make my money work better for me? Especially the 3000 that I will drip feed into the regular savings account.

    Thanks.
Page 1
    • Eco Miser
    • By Eco Miser 28th Sep 17, 11:46 AM
    • 3,226 Posts
    • 2,989 Thanks
    Eco Miser
    • #2
    • 28th Sep 17, 11:46 AM
    • #2
    • 28th Sep 17, 11:46 AM
    Put the 105 and more into other Regular Savings accounts. See http://forums.moneysavingexpert.com/showthread.php?t=608697 which also has suggestions on where to keep the lump sum.
    Eco Miser
    Saving money for well over half a century
    • Vortigern
    • By Vortigern 28th Sep 17, 12:49 PM
    • 2,323 Posts
    • 1,532 Thanks
    Vortigern
    • #3
    • 28th Sep 17, 12:49 PM
    • #3
    • 28th Sep 17, 12:49 PM
    Hi all,

    I have 10k of savings currently in a low interest (1%) savings account.
    I have just opened up a Nationwide FlexDirect account so 2500 will be moved to that to earn the 5% interest over the year.
    I plan on opening one of their 5% regular saver accounts as well, which will end up having 3000 moved into it over the year.
    Originally posted by TheDebtinator
    As a couple you could have one FlexDirect each and one jointly. You could each have a Flexclusive Regular Saver.

    Since you already have a FlexDirect, you could refer your partner for a switch using Nationwide's Refer a Friend scheme and pick up a switching bonus.
    • Alexland
    • By Alexland 28th Sep 17, 10:18 PM
    • 780 Posts
    • 475 Thanks
    Alexland
    • #4
    • 28th Sep 17, 10:18 PM
    • #4
    • 28th Sep 17, 10:18 PM
    I referred my wife for a switch and we each got 100 then she referred me back (you can refer an existing customer if they haven't switched to Nationwide before) and we got 100 each again so 400 total. Nationwide even switched into my existing account!
    • TheDebtinator
    • By TheDebtinator 29th Sep 17, 10:48 AM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    • #5
    • 29th Sep 17, 10:48 AM
    • #5
    • 29th Sep 17, 10:48 AM
    Thanks guys. My wife is already a Nationwide FlexDirect customer who referred me initially. How could I then refer her?
    • TheDebtinator
    • By TheDebtinator 29th Sep 17, 10:58 AM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    • #6
    • 29th Sep 17, 10:58 AM
    • #6
    • 29th Sep 17, 10:58 AM
    As a couple you could have one FlexDirect each and one jointly. You could each have a Flexclusive Regular Saver.

    Since you already have a FlexDirect, you could refer your partner for a switch using Nationwide's Refer a Friend scheme and pick up a switching bonus.
    Originally posted by Vortigern
    Hmmmm, so technically a joint FlexDirect account would allow us to then put 2500 in, but we need to pay in 1k a month from another bank.. hmmmmm
    • Alexland
    • By Alexland 29th Sep 17, 1:43 PM
    • 780 Posts
    • 475 Thanks
    Alexland
    • #7
    • 29th Sep 17, 1:43 PM
    • #7
    • 29th Sep 17, 1:43 PM
    @TheDebtinator once you have your Nationwide account then just refer her using the same method she referred you. She will need to switch a bank account from another provider into a new or existing account in accordance with their switching terms.
    Last edited by Alexland; 29-09-2017 at 8:24 PM.
    • TheDebtinator
    • By TheDebtinator 3rd Oct 17, 12:32 PM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    • #8
    • 3rd Oct 17, 12:32 PM
    • #8
    • 3rd Oct 17, 12:32 PM
    She is already with Nationwide and has a current account
    • Cotta
    • By Cotta 3rd Oct 17, 3:48 PM
    • 2,514 Posts
    • 992 Thanks
    Cotta
    • #9
    • 3rd Oct 17, 3:48 PM
    • #9
    • 3rd Oct 17, 3:48 PM
    Drip feeding 500 per month into your regular saver with Nationwide still leaves most of it exposed to earning nothing and remember the regular saver is only for one year.
    • soulsaver
    • By soulsaver 3rd Oct 17, 4:12 PM
    • 1,495 Posts
    • 541 Thanks
    soulsaver
    She is already with Nationwide and has a current account
    Originally posted by TheDebtinator
    The referral incentive is for switching in a(n other) current account, not for opening one.
    • Eco Miser
    • By Eco Miser 3rd Oct 17, 4:31 PM
    • 3,226 Posts
    • 2,989 Thanks
    Eco Miser
    Drip feeding 500 per month into your regular saver with Nationwide still leaves most of it exposed to earning nothing and remember the regular saver is only for one year.
    Originally posted by Cotta
    So far, the regular saver has been renewable every year, with whatever conditions were current at the time. It's apparent short duration is no reason not to take advantage of 5% while it's around.
    Other Regular Savers are available at 5% and lower, and other current accounts also pay worthwhile interest, although not as much as last year.
    Eco Miser
    Saving money for well over half a century
    • Cotta
    • By Cotta 3rd Oct 17, 4:37 PM
    • 2,514 Posts
    • 992 Thanks
    Cotta
    So far, the regular saver has been renewable every year, with whatever conditions were current at the time. It's apparent short duration is no reason not to take advantage of 5% while it's around.
    Other Regular Savers are available at 5% and lower, and other current accounts also pay worthwhile interest, although not as much as last year.
    Originally posted by Eco Miser

    What do you mean it's renewable? Surely If I have 1000 in at the end of it's term - I can't just renew then for another 12 months @ 5% with the original 1000 there?
    • Eco Miser
    • By Eco Miser 3rd Oct 17, 5:00 PM
    • 3,226 Posts
    • 2,989 Thanks
    Eco Miser
    I mean you can start another one. The question of where to put the accumulated money is to be considered in 12 months time, or so, when the offers then available are known.
    Some people arrange things so that a Regular Saver matures each month, and the proceeds are immediately fed into its replacement and the other 11 RSs. The instant access and wide variability of monthly payments available on many of the RSs help to make this viable.

    Other people take the accumulated Saver proceeds and invest them as a lump sum in an S&S ISA.

    Either way, they keep renewing the regular savers as they mature.
    Eco Miser
    Saving money for well over half a century
    • Cotta
    • By Cotta 4th Oct 17, 9:19 AM
    • 2,514 Posts
    • 992 Thanks
    Cotta
    I mean you can start another one. The question of where to put the accumulated money is to be considered in 12 months time, or so, when the offers then available are known.
    Some people arrange things so that a Regular Saver matures each month, and the proceeds are immediately fed into its replacement and the other 11 RSs. The instant access and wide variability of monthly payments available on many of the RSs help to make this viable.

    Other people take the accumulated Saver proceeds and invest them as a lump sum in an S&S ISA.

    Either way, they keep renewing the regular savers as they mature.
    Originally posted by Eco Miser


    That's an interesting point. I will have this conundrum early next year when my Nationwide RS matures. As least now I know I have the option of setting up a new one, however as you said, where does the surplus go?
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