nationwide regular saver

MrsMillar

I too would have liked to have been told of this change as I can put in more than my current £250 per month. Thanks for the heads up OP!

Robert_Sterling_3

I think that this is a variable rate Regular Saver and the rate may change on April the first following todays bank rate cut.

Milarky

Robert_Sterling wrote: »

I think that this is a variable rate Regular Saver and the rate may change on April the first following today's bank rate cut.

But the rate is 'fixed' for each calendar month - thus you can deposit your £1000 - get a guaranteed 3% on the whole balance and then draw this out in April...

Investor44

Milarky wrote: »

But the rate is 'fixed' for each calendar month - thus you can deposit your £1000 - get a guaranteed 3% on the whole balance and then draw this out in April...

But in April you would earn virtually no interest - which would average it out to little more than 1.5% over the 2 months.
Currently the rate is 0.35% for not increasing the balance by at least £100 - and this will presumably be virtually nothing at all next month after the latest rate cut is applied.

RayWolfe

Not if you've drawn it out in month two.

Investor44

RayWolfe wrote: »

Not if you've drawn it out in month two.

Then aren't you better off with an instant access internet account such as YBS or N&P paying 2.75%?

shindigger

I sat in a Nationwide in London W1 for 25 minutes yesterday afternoon, with a cheque for £30grand in my pocket. Wanted to open a FRB. Was asked to wait. Lots of staff milling about.
Got continually ignored, left.

Never been impressed with them. Do banks actually WANT our money?
No wonder everyone chucked their cash at Iceland with an attitude like that.

I was attempting to place all my savings in mutuals.
The Coventry appear to have been very good.
The £30k has, reluctantly gone TO ICICI. Reluctantly because i wanted all my money in Brirish institutions.
But again ICICI have been pretty good so far.

RayWolfe

Yes, but as a very temporary home it has it's uses.
For example I have money in their e-savings that I need next month. So this month I've put 1K into the saver and will take it out on 1st March.

Robert_Sterling_3

davidmckay wrote: »

has very reasonable terms.

If ever you want to close the account then do so on the first day of the month as you get no interest for the month in which you close it.

sloughflint

Robert_Sterling wrote: »

If ever you want to close the account then do so on the first day of the month as you get no interest for the month in which you close it.

Nationwide don't see it like that

If in any month the balance reduces or increases by less than £100, money in your account still earns a competitive rate of interest for that month.

:rotfl: