Nationwide 6% regular savings account

buzzman

chucknorris wrote: »

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?

You must be a rich old man! :rotfl:

chucknorris

buzzman wrote: »

You must be a rich old man! :rotfl:

No I'm a gay whale married to an ostrich but over 23 years old (obviously).

EarthBoy

bigfreddiel wrote: »

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

The interest is 6%, exactly as they claim. You can't compare a regular savings account to an account where you deposit all the money in one go. If you haven't got a lump sum to put away then this is an excellent account and it will earn you a lot more than saving regularly in a non-regular saver account paying only 3.25%.

buzzman wrote: »

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

You won't find many better regular savings accounts than this one because of the unlimited withdrawals allowed.

chucknorris wrote: »

It's peanuts anyway only £250/month...

£250 is not peanuts to some people; me for one. It's a fair chunk of my wages.

jiggy2

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 have a dormant Nationwide account. What I have done is applied for an account transfer to Nationwide (from another account that has two standing orders set up) and then a few days later will apply for the regular saver.

The T&C says that either you must have deposited £750 for the last 3 months OR you must have completed an account tfr in the last 4 months and then deposit £750 going forward.

le_loup

bigfreddiel wrote: »

when you work it out the interest you earn is £39 or 3.25%

No it isn't. It's 6% of what you have deposited.
Would you expect on a repayment mortgage, to have to pay interest on the total of the original loan for the whole period?

Hooloovoo

buzzman wrote: »

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.

I agree with all of that. But I don't see what it's got to do with people thinking they will get paid interest on money they haven't paid into the account yet.

chucknorris

EarthBoy wrote: »

You won't find many better regular savings accounts than this one because of the unlimited withdrawals allowed.



£250 is not peanuts to some people; me for one. It's a fair chunk of my wages.

I get 8% on my first direct regular saver (but it is only £50/month more than this at a max £300/month), if you intend to withdraw you are not going to earn much interest anyway.

But the best one that I ever had was a few years ago with Halifax International, I paid in 2k a month and it paid 10%! (obviously rates were a bit higher then).

It's not the £250 that is peanuts it is the interest earned from it.

innovate

EarthBoy wrote: »

If you haven't got a lump sum to put away then this is an excellent account and it will earn you a lot more than saving regularly in a non-regular saver account paying only 3.25%.

You won't find many better regular savings accounts than this one because of the unlimited withdrawals allowed.

It's even a very nice account if you do have a lumpsum. You could use the MSE "dripfeeding technique" to get some extra interest on money you might have sitting in an instant savings account.

I agree, in terms of withdrawal flexibility this account comes top. 6% AER is ok-ish, but not top. In terms of AER, the FD Regular Saver still knocks the spots off everything else.

davefromkent_2

Regular saver has appeared in my nationwide online banking today. Applied online the day it was first advertised, sometime last week.

slinga

EarthBoy wrote: »

The interest is 6%, exactly as they claim. You can't compare a regular savings account to an account where you deposit all the money in one go. If you haven't got a lump sum to put away then this is an excellent account and it will earn you a lot more than saving regularly in a non-regular saver account paying only 3.25%.



You won't find many better regular savings accounts than this one because of the unlimited withdrawals allowed.



£250 is not peanuts to some people; me for one. It's a fair chunk of my wages.

IMO this is a good post.

Nowadays MSE has a lot of snyddey type posts cropping up.
I know that many questions are re asked time and time again or even seem like wind ups.
But many posters don't have the accumulated nous of a lot of MSE posters and/or previous questions have become outdated and/or some threads have become too big to be read in detail.