Nationwide Flexclusive Saver 5

KTF

Not as bad as it could have been, but mine is still going to live in my Santander 123 account...

Archi_Bald

Yeah, only an option if your Santanders 123s and Lloyds and BoS and TSB Vantages are full...which for quite a few people they are, so it's great there is a 2% account when the rest is max 1.5% for instant access

lemonjelly

On the Nationwide reg saver, is there a maximum amount you can use to open the account? Is that also £1000? Or are you able to open it with a larger sum & then credit up to £1000 a month?

EarthBoy

It's a £1000 per month max, so if you open it with £1000 you've immediately reached your first month's limit. There's no provision for opening it with a larger sum, -I don't know of any regular saver accounts which would allow that.

typistretired

beansy wrote: »

Thank you.

I stopped paying into ours when the Flexclusive saver came out but just noticed this is paying a higher rate than our 15 yr Loyalty Saver @ 2.10% so I have reinstated our mthly payments.

I hope you have opened a flexdirect account paying 5.00% AER (4.89% gross p.a.) in-credit interest on balances up to £2,500 (fixed for the first 12 months)1

zerog

Would I be correct in saying, if you only have a fixed amount of £1000 to save, you could earn an average 2.25% by keeping it in the Regular Saver 2.5% and the Flexclusive Saver 5 2% in alternating months?

So in odd months you will increase the balance from £0 to £1000 (earning 2.5%) while in even months the balance will be reduced from £1000 to £0, but the £1000 will be earning 2%.

I have £3500 in the old 6% reg saver which is becoming 2%, but only another £3000 (after maxing out everything else), so I'm not sure what the best strategy would be.

How much should I deposit each month so I can increase the balance by at least £500 per month without running out of money but still maximising the interest? Is there a time when I should withdraw all of it back into the 2% saver and then dripfeed into the 2.5% reg saver starting from £0?

Archi_Bald

I would use the Regular Saver Dripfeed calculator to work out the possible numbers.
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#savingscalc

I would also use put £2,500 into a FlexDirect if I didn't have one already. And I would then most likely try a second and possibly third FlexDirect since rumour has it people get the 5% AER in more than one of them. In any case, I would only bother with the 2% and 2.5% accounts if I had run out of options with the Nationwide, and non-Nationwide, interest-paying current accounts.

rb10

EarthBoy wrote: »

It's a £1000 per month max, so if you open it with £1000 you've immediately reached your first month's limit. There's no provision for opening it with a larger sum, -I don't know of any regular saver accounts which would allow that.

There are occasionally regular saver accounts that do allow a larger opening deposit. I don't know of any currently available, but in the past we've seen the Santander First Home Saver and Stroud & Swindon Regular Saver Plus, both of which allowed (from memory) £5k opening deposit and then £300/250 per month.

You are right to say that the opening balance of a NBS regular saver counts towards your first month's limit though.

lemonjelly

EarthBoy wrote: »

It's a £1000 per month max, so if you open it with £1000 you've immediately reached your first month's limit. There's no provision for opening it with a larger sum, -I don't know of any regular saver accounts which would allow that.

Apols for putting the same thing in 2 threads!:
I rang their customer services this afternoon & they told me there's no limit on the opening amount (up to the £5million maximum)!

Archi_Bald

Please read my response in the other thread. You were told porkies.