Nationwide 6% regular savings account

buzzman

I have a dormant Nationwide Flexaccount and want to open a regular savings account. They stipulate you have to be paying £750 a month into the Flexaccount for 3 months.

Has anyone opened a savings account without this part of the criteria?

I will be paying this amount into the account whilst having the savings account but hoping I can open this earlier?

Thanks in advance.

le_loup

What do you think Terms & Conditions are?
How would you feel if they interpreted them to your disadvantage?

buzzman

Yes, fair point. Just wondered if the promise of regular £750 payment has swayed them to allow this account to be opened!

Sam_Malone

buzzman wrote: »

I have a dormant Nationwide Flexaccount and want to open a regular savings account. They stipulate you have to be paying £750 a month into the Flexaccount for 3 months.

Has anyone opened a savings account without this part of the criteria?

I will be paying this amount into the account whilst having the savings account but hoping I can open this earlier?

Thanks in advance.

I meant to buy a Lotto ticket last week and would have picked the 6 winning numbers.

Has anyone been paid out without this part of the criteria?

I will be buying a Lotto ticket for the next 3 months but hope I can claim for last week

Gromitt

buzzman wrote: »

Yes, fair point. Just wondered if the promise of regular £750 payment has swayed them to allow this account to be opened!

Promise of regular payment... not such much.

Promise of regular payment AND moving your banking to them (eg. direct debits and standing orders), you've got a chance. You'll have to use their own account switching service though.

bigfreddiel

besides the fact the original post is obviously a wind up - banks don't issue t&c's to be ignord or waived depending on who you are.

anyway these regular saver accounts that quote nice big rates of interest are misleading for most people who don't work out what what's actuallyon offer.

say you save £100/month
after oe year you will have saved £1200 - simple enough so far
but you won't ne getting 6% on £1200
what you get is
6% on £100
11/12ths of 6% on £100
10/12ths of 6% on £100
and so on down to
1/12th of 6% on £100

when you work it out the interest you earn is £39 or 3.25%, not £72 which is 6%

simple enough but not many people realise this.

hope that helps

buzzman

Sam_Malone wrote: »

I meant to buy a Lotto ticket last week and would have picked the 6 winning numbers.

Has anyone been paid out without this part of the criteria?

I will be buying a Lotto ticket for the next 3 months but hope I can claim for last week

Ok Ok jump on the bandwagon why don't you! Simple question was answered and no need for sarcasm

Hooloovoo

You'd have to be pretty dumb to think that you'll get interest on money you haven't even paid in yet.

Sadly there do indeed seem to be many pretty dumb people ...

buzzman

bigfreddiel wrote: »

besides the fact the original post is obviously a wind up - banks don't issue t&c's to be ignord or waived depending on who you are.

anyway these regular saver accounts that quote nice big rates of interest are misleading for most people who don't work out what what's actuallyon offer.

say you save £100/month
after oe year you will have saved £1200 - simple enough so far
but you won't ne getting 6% on £1200
what you get is
6% on £100
11/12ths of 6% on £100
10/12ths of 6% on £100
and so on down to
1/12th of 6% on £100

when you work it out the interest you earn is £39 or 3.25%, not £72 which is 6%

simple enough but not many people realise this.

hope that helps

Yes I understand your point. So someone has £250 a month spare cash, where should they be putting their money for the best return?

I thought of overpaying my mortgage but no way of getting my hands on the money if you need it!

chucknorris

It's peanuts anyway only £250/month, so what if they restrict it to gay whales that have had a sex change and married to an ostrich aged between 22 and 23 years old!

Edit: maybe I could lie about my age?

buzzman

Hooloovoo wrote: »

You'd have to be pretty dumb to think that you'll get interest on money you haven't even paid in yet.

Sadly there do indeed seem to be many pretty dumb people ...

Many companies entice people in with hopes of customers taking out other policies. The account stipulates £750 being paid in for the duration of the policy. Nothing is said if it's withdrawn a few days later!
There is no need to be calling people dumb. It is a topic of finding the best way to make your money work for you. Personal circumstances are different for each person.