transfer Nationwide bonus saver balance to a regular saver?

ilikepoints

Can I transfer my Nationwide bonus saver balance to a regular saver?

Or do I have to start again with just £250

thanks

Baldur

ilikepoints wrote: »

Can I transfer my Nationwide bonus saver balance to a regular saver?

Or do I have to start again with just £250

From their website:

A Regular Savings account is right for you if...

• you want to save monthly up to £250, but no more than that, for as long as you like

Milarky

I don't think you can do that - because the terms of the regular saver only allow £250 to be depoisted per month. But I believe (someone may confirm this) you now have penalty free (i.e. no loss of bonus rate) access if you want to close the old bonus saver altogether...

Nationwide should also be able to confirm this.

But for £500 per month, the Halifax regular saver looks good - 7%fixed - assuming you haven't already got one?

ilikepoints

thanks everyone - hopefully i can just close it penalty free.

halifax seems like a great rate but had so much hassle from them in the past.

I generally prefer mutual companies as the good rates tend to last longer might just go for Britannia Directsaver reserve.

apt

Not sure that mutuals are, as a whole, any more reliable. To take just the Nationwide - e-saver, flexaccount, bonus saver, cash isa, membership reward bonds are just some examples of accounts where interest rates have been cut at some stage comparative to base-rate and/or the market. They've not really delivered what their advertising promises. On the other hand, Kent Reliance Direct Saver ISA, Yorkshire BS Internet Saver and Principality E-Saver are examples of mutual products that have paid a pretty decent rate consistently. Although I also have a Britannia Direct Saver Reserve it includes a 6 months 1% bonus so I don't have too many hopes for it over the long term.

ilikepoints

Might consider some of those accounts you suggested apt - thanks. None have a branch near me but I don't suppose it matters.

What I forgot to say was that generally I get better service too at mutual organisations, although Nationwide aren't nearly as helpful now as they once were.

alanq

Re Regular Savings Account

"If in any month your balance reduces, or increases by less than £100, you'll still get a competitive rate of interest for that month".

The AER is shown as 3.60% for balance changes of £1 - £99. Nowhere on the web site can I find the "competitive rate of interest" paid during a month when the balance reduces.

jakethesnake_2

Yes! - ALANQ, me too. I can't see that information anywhere. Can anyone else help?
If I pay £200+ a month for 11 months, but for one month i can only afford to save £50, what happens to the interest rate? Can someone please explain for me? Thank you in advance.

alanq

The web site is clear on that point. The interest rate is determined by the change in the BALANCE not the change in the PAYMENT into the account. In any month that you invest £50 more than you withdraw you will be paid the equivalent of 3.6% p.a. on the entire balance in the account.

The question I am asking is what happens when the balance grows by -£50 (perhaps £200 paid in as a regular payment and £250 withdrawn).

The_Fiddler_2

Interest is calculated monthly - if the balance increases by £250 in a month you get one rate, if it only increases by £50 in a particular month you get a lower rate of interest for that month.