nationwide regular saver

Robert_Sterling_3

OK so what happens if it decreases by more than £100 ?

sloughflint

I'm not too sure if you simply do not comprehend how the product works or fail to see the funny side of the quoted statement.

http://nationwide.co.uk/savings/instant_access/regularsavings/managing.htm

in case the former.

orangeslimes

davidmckay wrote: »

The interest rate applied is calculated on the net balance at the end of the month.

Are you sure? I assumed it calculated daily with the rate determined by the net increase each calendar month?
I have this account with about £1500 in it can't decide if it worth keeping building this account up or opening a new regular saver somewhere else...i am not sure how long i will able to top it up with £500 to get the top rate so it is a bit annoying and if i top it up with less i might as well put it to a instant access account.
Also I can't find anywhere where it says what the "competitive" rate of interest i get is, if the balance reduces one month.

sloughflint

orangeslimes wrote: »

Are you sure? I assumed it calculated daily with the rate determined by the net increase each calendar month?
I have this account with about £1500 in it can't decide if it worth keeping building this account up or opening a new regular saver somewhere else...i am not sure how long i will able to top it up with £500 to get the top rate so it is a bit annoying and if i top it up with less i might as well put it to a instant access account.
Also I can't find anywhere where it says what the "competitive" rate of interest i get is, if the balance reduces one month.

It has to be calculated daily.
It's the net increase that determines the interest rate for the month.

61. The overall balance in the account can be increased by a maximum of £1,000 per calendar month from the starting balance. The starting balance is the account balance at the start of the first day each month. Interest paid to the account does not count towards the monthly increase in balance.

'competitive' was the laughing point ( in my view). Not quite zero as Robert stated but close: 0.34%.

loulou41

I guess to get the higher rate, there is nothing stopping you to withdraw some money at the end of the month and put it back again at the beginning to get the higher rate. I can afford to save £300 a month and I was thinking of withdrawing £200 and putting the money back to make it a total of £500. It's a bit of a hassle. Does this make sense? I have never considered using my regualr saver as an instant access without penalty. I know, I can get about the same rate with e-saver, but I like that I can switch my money instantly online with NW.

sloughflint

If I understood your post correctly then I'm afraid that would not work Loulou for getting the higher rate.

It is useful for temporary fluctuations ( ie ditch the esaver that could be used in that way) but to get the higher rate, the net balance must increase each month by at least £500.

Robert_Sterling_3

loulou41 wrote: »

I can afford to save £300 a month and I was thinking of withdrawing £200 and putting the money back to make it a total of £500. It's a bit of a hassle. Does this make sense?

No it does not make sense.
The interest rate paid depends on how much the balance at the end of the month differs from the balance at the end of the previous month. So in your case this would be +£100 and you would have interest at the rate fot that tier.