Wihdrawing from Nationwide Regular Savings account

pavane

Hello,

Am I correct in my understanding I can withdraw any amount from this account (not full balance) and there will be only be a hit to the interest for that month?

According to the terms "the interest rate depends on the overall increase in the account balance in that calendar month" which is clear. Under "Taking money out", it states "16. You can withdraw any available funds in the account without notice or loss of interest. Withdrawals of interest count as a normal withdrawal from the account."

So, if I have balance of 10,000 and I withdraw 5,000 this month, the only penalty will be no interest for this month.

Also, "17. All withdrawals from the account must be made at a Nationwide cash machine unless the cash machine is unavailable or the withdrawal is above the cash machine limit" but the option to transfer online is there (I have not tried it to the end) so I presume not necessary to go to cash point (which won't allow 5,000 anyway)?

Archi_Bald

The info about withdrawals seems naff - you can definitely make an internal transfer from your Regular Saver to other accounts (although I only ever made a test £1 transfer out to my FlexPlus). May be what they mean is that people who don't have any other Nationwide account must use a cash machine.

No interest if your balance decreases in a given month, I think.

pavane

Thanks Archi Bald, you are everywhere!

Re-reading clause 17 a few times, it is implying a cash machine must be used for withdrawing any amount within the cash machine limit (not specified) unless "the cash machine is unavailable" (which machine? so when machines are down, online option becomes available?). The first part should be disproved as you say you've done the £1 test, unless that amount is too small for the cash machine. So maybe between minimum like £10 to max of machine (£500?) can't be done online.

Regardless, I agree, not well written. As I'm looking to transfer out several thousand, certainly beyond cash machine limits, online should be OK hopefully.

More importantly, would welcome any other feedback/experience on the consequences of decreasing the balance.

Joe_Bloggs

I have held a Nationwide regular saver for many years. I now realize that I have always ignored the ATM transaction only nonsense.

If you wanted to transfer £100 to another Nationwide account from the regular saver you could :-

a) Visit a ATM machine and withdraw the cash with the regular saver card. Then deposit the cash in a Nationwide self service till or over the counter into the desired account.

b) Transfer £501.00 to a Nationwide current account from the regular saver via internal transfer. Move the £100 to wherever it is required. Return £401 back to the regular saver.

When I have withdrawn funds from this regular saver I have always used an internal transfer, ignoring the ATM limits, without any consequences. It is less work for all concerned to do it this way.


The gross interest made or lost is £2.05 per month per £1000 left in the account at the end/start of the month.

J_B.

My FlexDirect days are over. The loss of this 5% kick-started a move to Santander 123 (3% on 3K to 20K) and Club Lloyds with 4% on £4K to £5K. The Club Lloyds regular saver gives 4% for £400 max per month.

Eco_Miser

I think that bit about the ATM means that you can't draw cash over the counter if an ATM is available.

le_loup

You can definitely transfer money from this account online.

pavane

OK, so:
- online internal transfer
- reducing balance will eliminate interest for that month, no other penalty
- there are no withdrawal limits but I plan to take out a several thousand in one transaction anyway so that ATM nonsense doesn't apply

Good, answered.

onzey

Joe_Bloggs wrote: »

If you wanted to transfer £100 to another Nationwide account from the regular saver you could :-

b) Transfer £501.00 to a Nationwide current account from the regular saver via internal transfer. Move the £100 to wherever it is required. Return £401 back to the regular saver.

Hi, I must be missing something here but why not just transfer £100 from the regular saver to another Nationwide account via internal transfer?

(Came across this thread while searching for all things to do with Nationwide Regular Savings account.)