Nationwide 6% regular savings account

TheMoneyMan

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.

If you complete a Managed Account Transfer with them and transfer all of your direct debits and regular payments to them, they will open the 6% regular savings account straight away. I guess they are trying to reward those who conduct their day to day banking with them, which seems pretty fair to me.

pqrdef

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.

And banks don't normally give anything away for nothing. It's basically an enticement to get people to switch their current account. But Nationwide have promised not to do new-customer-only offers, so they disguise it as a loyalty account.

But they'd be very disappointed if the only people opening this account were people who're already paying £750 a month through. No point in being nice to those, they're already in the keepnet.

bigfreddiel wrote: »

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

You get 6% of the daily average balance. This is the same method of calculation used by almost every savings account. If it says x%, you get x% of the daily average balance.

So a Flexclusive at 6% pays twice as much as you'd get for making the same monthly payments into a 3% instant-access account.

cmcbugg

Paying £250 in each month, means after 12 months you'll have £3072 (give or take a few ££s) in your account. Based on an interest rate of 6% minus basic rate tax (ie 4.8% pa). So the most interest you can make out of this account in 12 months is £72 (not £39).

innovate

£77.44 for 12 months, according to the MSE Regular Saver Calculator.

You can up this to £112 if you "dripfeed" from a 3.2% instant access saver.

All rather small numbers - - - - but a heck of a lot larger than if you do nothing.

someone

pqrdef wrote: »

But they'd be very disappointed if the only people opening this account were people who're already paying £750 a month through. No point in being nice to those, they're already in the keepnet.

I think we will have to see how the flex exclusive account range pans out.

In 2005 their e-saver had the best rate on the market for years plus a decent current account.

Could I dare say that they are acting like a mutual?