Nationwide Regular Saver Withdrawal

badger09

As I've recently become eligible for the NS&I 65+ Bonds:o, I have some headroom in my 3% accounts.

I plan to withdraw all but a few £s from My Nationwide Regular Saver. If I do this on 1 April, I assume the interest earned so far will simply sit there until 31 October unless I start increasing the monthly balance again. I'm reluctant to close it completely despite the imminent reduction to 2%.

I'm sure there has been discussion previously about the best date to withdraw, but for some reason, I could only access the 1st of pages of results from an advanced forum search :cool: and the only thing I found was this
https://forums.moneysavingexpert.com/discussion/5145166

Can anyone with better searching skills help? Or confirm my assumption?
Thanks

le_loup

Close it and get all the interest now. You know the rate drops in a few days time?

noh

Withdraw the balance on the first of the month to avoid getting the lowest interest tier for any more days in that month.
You will get the interest paid into the regular saver account on 31st of October.
Alternatively you could close it on the 1st of the month and receive the interest due and open another when required.

ScarletBea

le_loup wrote: »

Close it and get all the interest now. You know the rate drops in a few days time?

2% is hardly a negligible rate, you know...

Milarky

ScarletBea wrote: »

2% is hardly a negligible rate, you know...

It is given the requirement to feed £500 in every month just to get the advertised rate.

Nationwide - On Your Side (catchy but hardly honest self description)

ColdIron

2% is fine if you're feeding it from a 1.5% account

badger09

Apologies for not replying sooner. I've been having wifi issues

noh wrote: »

Withdraw the balance on the first of the month to avoid getting the lowest interest tier for any more days in that month.
You will get the interest paid into the regular saver account on 31st of October.
Alternatively you could close it on the 1st of the month and receive the interest due and open another when required.

Thanks noh, that's exactly what I thought

ScarletBea wrote: »

2% is hardly a negligible rate, you know...

Agreed

ColdIron wrote: »

2% is fine if you're feeding it from a 1.5% account

Yes indeed

badger09

le_loup wrote: »

Close it and get all the interest now. You know the rate drops in a few days time?

Yes I do