Nationwide pays savers 6.25%

mattih5

Would this be gross or net?

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=416673&in_page_id=7

Not as good as the Alliance & Leicester one!

I have had the A&L current account for over a year now, does anyone know if I can open their 12% regular saver or is for new customers only?

pbw

this is gross

YorkshireBoy

Nationwide Press Release

Make sure you read the small print.

Madiba_2

Pretty rubbish compared to everywhere else.

That site link says HSBC have put up their interest rates, but the HSBC site disagrees.

Chadsman

The account is available from tomorrow. Here is the NW press release...
http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=942

[edit]I've just seen YB beat me to it! :doh: I cant see any indication as to whether you can make more than one payment per month...?[/edit]

RayWolfe

It must be the most complex yet! Although, I guess if you pay in a regular £250 every month it's not so bad.

pbw

Chadsman wrote:

[edit]I've just seen YB beat me to it! :doh: I cant see any indication as to whether you can make more than one payment per month...?[/edit]

"Unlimited withdrawals can be made so long as there are sufficient funds in the account and unlimited credits can be made as long as the monthly balance increase does not exceed £250."

pbw

RayWolfe wrote:

It must be the most complex yet! Although, I guess if you pay in a regular £250 every month it's not so bad.

in my opinion, if you pay in £100 per month it is still very competitive

Kazza242

mattih5 wrote:

Not as good as the Alliance & Leicester one!

I have had the A&L current account for over a year now, does anyone know if I can open their 12% regular saver or is for new customers only?

The A&L 12% regular saver is available to new Premier current account customers only. The regular saver must be opened at the same time as the current account to qualify. The A&L regular saver will be withdrawn on 7th February '07.

Milarky

RayWolfe wrote:

It must be the most complex yet! Although, I guess if you pay in a regular £250 every month it's not so bad.

It's closest the Lloyds TSB (8% account) in its features. It claims to be superior in having

- being base rate+1% for 3 years until Jan 2010 (and may then gradually lose its competitiveness - but not staightaway)

- allowing multiple desposits (none of the other accounts cited do)

- being card based (so it becomes genuinely 'instant access') account - and not tied to the internet


It also says "Bonus Saver will be closed to new business from the 23 January 2007. Members who hold a Bonus Saver account can transfer all or part of their balance to another Nationwide savings account without notice or penalty – subject to the terms and conditions of the account chosen." which is a 'bonus' for those - like my sister, who has a substantial balance in the Bonus Saver account, who I've be trying to get to move to a better rate. She can plug straight into 6.25% PROVIDED she can keep up payments of £250 per month

[Nope! that bit of logic is wrong too! They simply mean that Bonus Saver becomes penalty free - the terms on this new account limited opening deposits to £250 wherever the cash is from]

I thought I'd been reading this news release 'closely' and hadn't seen any serious drawbacks... There is one (see below) concerning small withdrawals but it is worth opening for the rate.

On withdrawals - or even closure - it looks as though the 'first of the month' would be a good time to do this since interest at the highest prevailing rate will be earned one (calendar?) month at a time.

..but I take your point - it IS a a complicated offer!

YorkshireBoy

Milarky wrote:

PROVIDED she can keep up payments (which can be recycled if necessary) of £250 per month

...but doesn't the balance have to 'grow' by £100 per month to avoid dropping onto the lower interest tier for that month?