Nationwide 2.5% Regular Saver ISA

innovate

jase1 wrote: »

I am not sure about the hassle of messing about with multiple current accounts -- especially as some of these do intro cashback deals which you won't get if you join without switching.

None of the interest paying requires account switching.

But fair enough, if you are already maxed out on these accounts, and/or cba with making the odd extra, that's fine. At least you have thought about it, and haven't blindly followed the "put your money into a cash ISA" mantra.

BTW, I don't think anyone has mentioned the TSB Plus account (5% AER) that accommodates £4,000 ( as everybody is allowed 2 x £2,000 accounts). For a lot of people, £4,000 is near enough all they can afford to put away in a single year, and with a £15K annual ISA limit, it is no problem for many people to dump their savings into a cash ISA.

But having an ISA for the sake of it, or because some journalist said you should have one, is just silly.

I am not putting down the Nationwide Reg Saver ISA, it can be quite good for some people. But as usual, the ISA "game" isn't a one size fits all, and for the vast majority of people, there is more money to be made outside a cash ISA, until at least March 2015.

ceejayblue

I'm becoming confused.com and yet everything people are posting sort of makes sense to me LOL! I have an ISA with Nationwide with very little in it, I have a flex account and my main current account is with First Direct where I have £42K in an ISA earning 2% interest at the moment. Although I'd like to get the 2.5% from the NW Regular saver, I've got a feeling I would be better off putting my allowance into the FD one and then doing £300 into their 6% regular saver (have done this in previous years). I have £26K in a Derbyshire savings account (I'm a non-taxper) and will use this to transfer the money to FD. Does this make sense to people or am I over complicating things again?

Archi_Bald

If you put £15K of your £26K straight into the 2% ISA (well, £5,940 now, and the rest on July 1), and the remaining £9K into Club Lloyds / TSB / FD Reg Saver, you probably get more than if you faffed about with a Regular Savings ISA.

Although you could consider a Santander 123 into the mix, too, and then some Regular Savings ISAs might yield more.

RowaN

DAMN! I missed the smallprint "a maximum monthly deposit of £1250" .... I've opened this today with £10... so my plan to dump £15k (less £10) into this in a few months time is no longer possible. Yet, I could have opened this with more than £1250?

I told the cashier in the branch (Surbiton) my plan and she didn't warn me about the limit... not very helpful banking at all.

YorkshireBoy

RowaN wrote: »

Yet, I could have opened this with more than £1250?

No.

I told the cashier in the branch (Surbiton) my plan and she didn't warn me about the limit... not very helpful banking at all.

The "limit" was detailed in the T&Cs she gave you to read and sign in branch during the application. You just didn't read the document/do your research before signing and agreeing to it...otherwise you'd have realised their was a monthly limit (until March 2015).

I don't want staff to read me (almost) every T&C (that's why I try to avoid phone applications wherever possible).

Maybe next time you should pick up a leaflet first and read/understand it in the comfort of your home before applying for financial products? Or do your research on the internet first?

Archi_Bald

There might be a cooling off period, even if you opened the ISA in Branch. You may be able to get your tenner back and have it cancelled.

Alternatively, open an S&S ISA and transfer your tenner into it, then withdraw it from there (or transfer it into a cash ISA after Juky 1), and it will be as if you had never opened a cash ISA before this year. You can then sit back and think about which cash ISA you really want.

But make sure you find an S&S ISA provider that doesn't charge for opening an account, and for making withdrawals. Otherwise it could get expensive.

le_loup

..... and make sure you know what you're signing up to this time.
I presume when you opened this account that you ticked the boxes saying that you have read the T&Cs. It's not as if they were voluminous or written in Serbo-Croat. Or perhaps you are Serbo-Croat and have difficulty with English!

RowaN

Thanks Archi Bald for this practical advice.

The other guys - please consider climbing down from your high horses about T&Cs. I didn't say I wanted the cashier to read all the T&Cs to me - I was just disappointed that I told her my plan to fill up the ISA with the proceeds from a property sale and she didn't think to advise me that it would be a problem. Perhaps she didn't really know what she was selling so perhaps she needs to take some time out to read the T&Cs as well.

YorkshireBoy

RowaN wrote: »

I was just disappointed that I told her my plan to fill up the ISA with the proceeds from a property sale and she didn't think to advise me that it would be a problem.

She perhaps thought you understood what you were applying for and intended to drip feed the £15K in over the year?


I'd have some sympathy with you if you'd said "I'm going to put £15K in this account next week...that'll be OK won't it?" and she'd said "that'll be fine".


But your very first question ("could I have opened it with more than £1,250") shows you haven't even taken a cursory glance at the product summary box (in the branch leaflet, on their internet website, or on the bit of paper she pushed across the desk!), let alone the detailed T&Cs...yet you still signed to say you had - and in doing so confirmed that you understood them!

le_loup

RowaN wrote: »

The other guys - please consider climbing down from your high horses about T&Cs.

It's far from a high horse, it's about education.
You chose not to read and understand what you were buying but, apparently, that's someone else's fault. And now it's my fault too for suggesting that next time you buy something that you know what you're buying.
Well, the very best of luck to you.