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

organic_wanabe

My husband and I have a joint account (FlexPlus) with Nationwide. Would I be right in assuming that we are only eligible for one Flexclusive 5% Regular Saver?

le_loup

organic_wanabe wrote: »

My husband and I have a joint account (FlexPlus) with Nationwide. Would I be right in assuming that we are only eligible for one Flexclusive 5% Regular Saver?

Yes.
But you could be clever by opening another NW savings account each - transfer some money into those accounts - then open the regular saver by transfer from the other savings account!
Messy but doable.

roddydogs

Could some clever person work out 12 x £500 plus interest at the end of term, & after next April it will be tax free for most, wont it?

Vortigern

roddydogs wrote: »

Could some clever person work out 12 x £500 plus interest at the end of term, & after next April it will be tax free for most, wont it?

Somebody already has. See the previous page of this thread.

Biggles

I find it interesting that Nationwide have set a minimum sum of £1 as a first payment to open the account but no maximum. (see FAQs)

This, on the surface of it, would appear to mean that you could fund it with, say, £100,000 and just increase that by £500pm.

This would appear to be borne out by the fact that they limit withdrawals to '£500 at a cash machine or £500,000 in the form of a cheque.'

Is this poor drafting? Or does it actually mean what it says?

B_G_B

Biggles wrote: »

I find it interesting that Nationwide have set a minimum sum of £1 as a first payment to open the account but no maximum. (see FAQs)

This, on the surface of it, would appear to mean that you could fund it with, say, £100,000 and just increase that by £500pm.

This would appear to be borne out by the fact that they limit withdrawals to '£500 at a cash machine or £500,000 in the form of a cheque.'

Is this poor drafting? Or does it actually mean what it says?

Maximum initial deposit is £500. See t&c's.
http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

SevenOfNine

le_loup wrote: »

Yes.
But you could be clever by opening another NW savings account each - transfer some money into those accounts - then open the regular saver by transfer from the other savings account!
Messy but doable.

Excellent, thanks for this le loup. :T

I was just skimming the posts before whinging because our FlexDirect and FlexPlus are in joint names, but we want this savings a/c to be in only my name as non taxpayer so I can get the full 5%.

I've got a sole Loyalty Saver a/c....what a nit, didn't occur to me to just use that! Assume I can then fund each month from one of the joint accounts.

bsms1147

Biggles wrote: »

I find it interesting that Nationwide have set a minimum sum of £1 as a first payment to open the account but no maximum. (see FAQs)

This, on the surface of it, would appear to mean that you could fund it with, say, £100,000 and just increase that by £500pm.

Tried it to see, doesn't work. Will only allow £500 as per the T&Cs, otherwise gets rejected.

Biggles

B_G_B wrote: »

Maximum initial deposit is £500. See t&c's.
http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf

Rats. I read the 'More Details', the 'FAQs' and the 'Full Product Information'. I never came across the T&Cs, which is two or three clicks further on and, confusingly, contains some information not in the 'Full Product Information'!

It does beg the question, why do they limit cheque withdrawals to £500,000......

catoutthebag

Not sure what to do. I've opened this account as I have a wide range of product with them

I've got about 10k saved in their 1.6% or whatever isa. Shall I transfer all this out to the 5% and leave it til Dec 2016 and put it all back into a new isa from Jan 2017? I'm a basic tax payer but sometimes higher rate sneaks in. Self employed.

I've got about 7k saved for my tax return among their regular saver and 15yr loyalty saver. I could shut these down and pit it into their 5% thing. I could then put away at least £500 a month for income tax. But I won't get interest above 500£...doesn't bother me too much. I'd be putting away maybe 700 to 1000 I think.

Or just save my maximum of about £100 a month spare cash into it on its own.

Amy number crunchers know mg best way forward please?