nationwide regular saver

shazkhan111

http://www.nationwide.co.uk/savings/instant_access/regularsavings/introduction.htm

does this mean they have amended the terms and conditions for existing account holders?

I used to pay £250 in to the account to get the top tier, now I have to pay £500-£1000.

Robert_Sterling_3

Yes I think that is correct. I too was doing £250 per month.

It is not like most Regular Saver Accounts.

It is Easy Access at a price.

sloughflint

Was going to double check but it is quite clear when one looks at the previous rates.

Good news is that you can deposit more money with instant access at a higher rate than last month but very poor on Nationwide for not warning existing customers.
I did an automatic sweep of £250 on 1/3.

Thanks for spotting and alerting us OP.

Milarky

sloughflint wrote: »

Good news is that you can deposit more money with instant access at a higher rate than last month but very poor on Nationwide for not warning existing customers.

Sorry, but how does the added tier 'disadvantage' customers where no advanced notice is given? Is it not possible to (e.g) pay an extra £750 this month since (AIUI) this account allows unlimited numbers of deposits?

Robert_Sterling_3

I think the number of deposits is not unlimited but it is high.
My best guess is that the maximum number of deposits in one calendar month is one thousand or even less.

cos69

Robert_Sterling wrote: »

I think the number of deposits is not unlimited but it is high.
My best guess is that the maximum number of deposits in one calendar month is one thousand or even less.

You are right, the terms on the web site say

£1 minimum
No maximum balance.
Maximum increase per calendar month is £1,000

davidmckay

I have this account. As far as I can see, the interest rate hasn't changed for those putting in £250 a month. What they have done is introduced an extra tier with a higher interest rate, and widened the £250 tier a bit. So no-one is disadvantaged by the change, but now savers have the option to increase contributions to £1000 a month if they want.

It's quite a good account, as you can make withdrawals and deposits as much as you want, as long as the net increase isn't above £1000 a month. The interest rate applied is calculated on the net balance at the end of the month. So you could take out £500 mid month, then deposit £1500 later in the month and still receive the highest tier of interest. It's not a market leading account, though, but has very reasonable terms.

sloughflint

Milarky wrote: »

Sorry, but how does the added tier 'disadvantage' customers where no advanced notice is given? Is it not possible to (e.g) pay an extra £750 this month since (AIUI) this account allows unlimited numbers of deposits?

If you had stuck with £250 as per usual you'd have got 2.35% ( it was 2.85% last month ie normal rate drop). Pay more than £500, you now get 3%.

Yes it is possible to add a further £750.It is well known to be more flexible than many other RSs around for both deposits and withdrawals.That was not the point I was making.

davidmckay wrote: »

I have this account. As far as I can see, the interest rate hasn't changed for those putting in £250 a month.

See above.Normal rate drop.

Am I really the only person to be a bit disgruntled at not receiving advance notification of the changes then? I'm amazed.

Robert_Sterling_3

I was not given advanced notice of the cut in the Bank Rate today.

sloughflint

Robert_Sterling wrote: »

I was not given advanced notice of the cut in the Bank Rate today.

Not quite the same though is it, Robert?

When I log in there was some message alerting about some change regarding the e -savings plus account which I don't have. They could have done the same about the RS surely.

Maybe I just got up the wrong side of the bed this morning. I realise it's just pennies at the end of the day.

Milarky

Here's a thought. If you only have £1000 to play with, you could pay this in one month, draw it down to £1 in the second month, wait until month three and then another £1000 again. Might sound pointless, but it gives you 3% every other month. If two people got together with an account each this could be improved to 3% (of £500 when split) a month...

Like I say, a bit pointless...