Nationwide pays savers 6.25%

pbw

YorkshireBoy wrote:

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

you are correct

Milarky

YorkshireBoy wrote:

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

Yes, that's to be avoided 'at all costs'. I'm sorry that I didn't read this notice as 'closely' as you YB! You CAN'T 'recycle' payments in that way as I suggested - the offending reference has been excised.

So that's how Nationwide are going to make it awkward for customers then? Take out more than £50 a month (assuming you stick to the maximum credits) and they penalise you with 0.5% interest-rate reduction on your whole balance.... take out more than £150 a month and they penalise you with a 2% reduction on the whole.

Compare that to Lloyds (which Nationwide's smart arsed Mr Bernau 'cleverly' doesn't) and it is not 'as good' since Lloyds will allow any amount and won't penalise you on rates (but don't quote me on that!!)

will456

Milarky wrote:

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


QUOTE]

where does it say base rate + 1% until jan 2010 in the press release

Milarky

will456 wrote:

where does it say base rate + 1% until jan 2010 in the press release

in the 'notes to editors':

"2 The interest rates applied on Regular Savings will track changes in the Bank of England Base Rate until 1 January 2010. Any changes will take effect within one month."

The 'interest rates' will all move together from their present level. The top rate is 6.25%, and that is 1% above base at present.

will456

i still dont definately see a base rate + 1 % guarantee thats clear and undeniable, does anyone else see the press release as it meaning base rate + 1% guarantee until 2010?

stphnstevey

I am dealing with a slower connection till I get my broadband, so haven't been able to look into this as closely as i would like.

But isn't the YBS Reguler Saver better than this? It also pays 6.5% (it might have gone up), allows £500 per month and continues longer than a year (I think about 3 or 5?).

I currently have A+L, Lloyds, Ipswitch, Stroud and Swindon, Halifax, YBS (in order of decreasing interest rates) - Should I add this to my portfolio?

I don't know if I have enough per month actually to put in another RS!!!??

metrobus

stphnstevey, i think the YBS RS pays 7.00% from sunday.

This new nationwide RS is being promoted with the far greater
flexability as its main plus points.

pbw

YorkshireBoy wrote:

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

milarky, i'm not sure if you have misunderstood or not. if someone withdraws £100, then deposits 300, then the growth is £200, thus u still get the full rate.

KTF

I already have the Lloyds Regular saver but as I have a Nationwide account I might open one of these as well. Once the 250 has gone over to Lloyds, if there is more than 100 left at the end of the month I can sweep it over to the Nationwide Regular saver. Saves me having to transfer it to Icesave and I get a better rate of interest.

Also, because there is no fixed amount I can push over whatever is left at the end of the month.

As the this is money article says, its basically an instant access account but you cant put more than 250 a month in it.

shazkhan111

can it be opened online?

Can the transfer be from another nationwide a/c i.e. esavings?