5% Savings Loophole

Editha

Yes, joint as well as sole.

Editha

According to the article on MSE, you can have two Nationwide accounts, one of which is sole.

But, I cannot yet confirm that that is true. The responses I got to my online applications were rather confusing.

My first application in my name said that they'd let me know within five working days whether I was eligible for an account. My second application in my husband's name got an immediate response that he was successful. My guess is that this is because his income is higher than mine.

My third application was for the joint account, in my name, adding my husband's. Again, I got the message that they'll let me know within 5 days.

Eco_Miser

Editha wrote: »

Thanks for the tip, but the link doesn't work.

Sorry about that. Fixed now - it's the one colsten posted anyway.

anoncol

10_66 wrote: »

I thought you could only hold one "introductory rate" N'wide current account at a time?


http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/P857_ImportantInformation-TermsAndConditions.pdf


Do they allow you to open a joint one as well as sole then? (I'm assuming when you say three, you're counting one sole for yourself, one sole for your husband and one joint?

Well i didn't know that either. Very useful info indeed.

Editha

I phoned Nationwide today, and they confirmed that you can have the introductory rate on a joint account as well as a sole account, so a couple can have three accounts.

sharpharp

Editha wrote: »

I phoned Nationwide today, and they confirmed that you can have the introductory rate on a joint account as well as a sole account, so a couple can have three accounts.

Yes this is 100%, I've had the same setup for a year now.
Only problem is, the sole ones are now close to maturity, so gonna have to hot foot them elsewhere.


Anyone know if the Flexdirect counts as a "Current Account"? If so, might look to incentivize the move...

colsten

sharpharp wrote: »

Anyone know if the Flexdirect counts as a "Current Account"?

Of course it does, because that's what it is, a current account.

anoncol

How does it work with nationwide joint accounts regarding the "held an account in last year" etc? Are the joint/single account mutually exclusive with this rule or is it parallel and irrelevant?

Editha

Sorry, I don't know the answer to that ( don't understand the question actually!).

Our Nationwide acs are now set up.

So far I've spent three full days setting accounts up.

Expanding on what I posted above earlier:

Setting some of the accounts up, particularly the Lloyd's, has proved more complicated than just filling in a form on the internet. Due to a 'glitch' on the Lloyd's system, it created multiple profiles for me, which confused the bank employee who was checking our ID documents. What should have been a ten minute interview became an hour and a half.

Still, it is worthwhile when 5 year bonds are paying only 2.85% or lower.

jimjames

Editha wrote: »

I phoned Nationwide today, and they confirmed that you can have the introductory rate on a joint account as well as a sole account, so a couple can have three accounts.

Yep. As confirmed in post #721