Nationwide launch new 5 per cent regular saver for current account customers

Rich2808

MSE Note:

Thanks Rich2808.

Check out our Regular Savings Accounts guide for the top paying accounts

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As from today Nationwide are introducing a 5 per cent flexclusive regular saver for flex plus, flex one and flex direct current account customers as well as flex account customers paying in at least £750 a month. Its a 12 month fixed term but you can invest up to £500 a month.

They seem to have revamped their ISA range slightly too - in comes the help to buy isa but their 2 per cent on up to £20k save to buy isa targeted at first time buyers seems to have been dropped.

Can't post a link as I am a newbie but it's on their website.

Lolly88

Wow that's great. Not only a good interest but you can pay in £500 a month too that trumps the overall interest offered earned by the 6% regular savers.

Here's the link

http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

bsms1147

This is good. Can't find where to open it though - finally get to a page that says 'Apply' and then it's not on the list of things I can apply for.

I imagine it'll be ready in the morning.

MDMD

It's a pity that their criteria for a main current account customer seems to be a bit restrictive. I'm currently in the 'year off' between flex direct accounts so I think I'd need to switch something to qualify as I haven't been paying £750 in for 3 months.

bowlhead99

MDMD wrote: »

I'm currently in the 'year off' between flex direct accounts so I think I'd need to switch something to qualify as I haven't been paying £750 in for 3 months.

Ah, the old "I'm a customer who never left but want to exploit the t&c to screw them out of more promotional interest rate as a 'new' customer next year, so don't want to join them as a new customer again just yet but if I don't I'm missing out on a good account" quandary.

It's a pity that their criteria for a main current account customer seems to be a bit restrictive.

Damn them for putting restrictions on the accounts in some sort of an attempt to offer the premium products to people who are ACTUALLY 'main current account customers'

namecheck

What great news, thanks OP. Unexpected but I'm not complaining.

stringer_bell

Can i have this and also the 2 percent regular saver?

redux

MDMD wrote: »

It's a pity that their criteria for a main current account customer seems to be a bit restrictive. I'm currently in the 'year off' between flex direct accounts so I think I'd need to switch something to qualify as I haven't been paying £750 in for 3 months.

Such a loyal customer, not having an account at the moment, and contrary to that comment, still not actually barred from being one.

This development means you could get decent interest all the time (well, foreseeably for the life of this product anyway), not just in the first year, and with less messing about opening and closing other accounts there. Stop whingeing.

Ken68

Thanks Rich....am consolidating so just in time.

richy999

MDMD wrote: »

It's a pity that their criteria for a main current account customer seems to be a bit restrictive. I'm currently in the 'year off' between flex direct accounts so I think I'd need to switch something to qualify as I haven't been paying £750 in for 3 months.

The £750 requirement is only for FlexOne or FlexAccount holders.
As you hold a FlexDirect account, you do qualify.

Kendall80

Its another good option and certainly worth considering. However, by my calcs assuming basic rate tax this account works out to 2.2% annual equivalent. I believe the 6% monthly saver options work out slightly better in terms of annualised rate post tax - roughly 2.5% for 1stD. If I had the 6k available as a lump sum i'd still put it in a 5% current account, then 4% Club Lloyds if 5%ers maxed.