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

Vortigern

catoutthebag wrote: »

Most my 7k will go in January for tax return.

In your position I would open the regular saver by transferring £500 from your Flexclusive ISA (5% minus tax is better than 1.6% tax-free)

Set yourself a reminder to transfer £500 from ISA to RegSaver on the first of each of the next 11 months. You can do the transfer in online banking but I don't think it can be automated.

When the account matures, use it to pay your tax, then start again.

Vortigern

pafpcg wrote: »

Isn't there a third choice?

- Open new Flexclusive regular saver account. After six months when you lose the 5% rate on your FlexDirect account, convert the FlexDirect to a Flexaccount (funding it with £750pm). Twelve months later (18 months from now), convert the Flexaccount to FlexDirect and start getting 5% again.

And a fourth choice:
Open a FlexAccount, keep it forever, funding with £750 in and out each month. (no need to maintain a large balance)

That way you get free European travel insurance and access to all their flexclusive offers.

bsms1147

billbennett wrote: »

You make the standing order to:
Sort code 07-00-93 Account number 33333334
Using your 1234/123456789 number as the payment reference.

Thanks, this worked.

I searched for that sort code and account number and arrived at this page:
http://www.nationwide.co.uk/support/support-articles/manage-your-account/sort-code-and-account-number-information
Which classes the regular saver under the 'Savings account with a bond / passbook, and /or an ISA' category.

Vortigern

TheNewGuy wrote: »

Hi do you mind telling me what 12mths on, 12mths off" with the FlexDirect is?

FlexDirect pays 5% interest for 12 months only.

After that you can close the account, wait for a year, then open another. (If the 5% offer is still available)

mgarl10024

Vortigern wrote: »

FlexDirect pays 5% interest for 12 months only.

After that you can close the account, wait for a year, then open another. (If the 5% offer is still available)

Beat me to it. Thanks for explaining.

King_Of_Fools

Just had another email from Nationwide:

Following yesterday's SavingsWatch communication about changes to your Regular Savings account, we wanted to clarify what this means for you.

• On 1 December 2015, the Regular Savings interest rate changed to 2.00% gross p.a./AER (variable) regardless of how much is paid in, up to the maximum of £1,000 per calendar month.
• From 1 December 2016, the account balance will be transferred into an Instant Access Saver account or equivalent and the terms and conditions and interest rate of that account at that time will apply. We will write to you nearer the time to provide more information about these additional changes and the options available to you.

The good news is that in addition to holding your existing Regular Savings account, you can also apply for a new Regular Saver or Flexclusive Regular Saver** (both 12 month fixed term accounts*) account that allows you to increase your account balance by up to £500 per calendar month. This means you can save up to £500 per calendar month in a new Flexclusive Regular Saver** or Regular Saver account and up to £1,000 per calendar month in your existing Regular Savings account.

castle96

“
Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and:

1. have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); or
2. completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months;

My flex direct changed to a flex a/c in Sept, so no X £750 p/mth since then. However I was told the account was designated "prime and eligible" as I "had paid in £750 p/mth for a least 3 mths in the last year"
Flexclusive opened ok

coyrls

King_Of_Fools wrote: »

Just had another email from Nationwide:

Following yesterday's SavingsWatch communication about changes to your Regular Savings account, we wanted to clarify what this means for you.

• On 1 December 2015, the Regular Savings interest rate changed to 2.00% gross p.a./AER (variable) regardless of how much is paid in, up to the maximum of £1,000 per calendar month.
• From 1 December 2016, the account balance will be transferred into an Instant Access Saver account or equivalent and the terms and conditions and interest rate of that account at that time will apply. We will write to you nearer the time to provide more information about these additional changes and the options available to you.

The good news is that in addition to holding your existing Regular Savings account, you can also apply for a new Regular Saver or Flexclusive Regular Saver** (both 12 month fixed term accounts*) account that allows you to increase your account balance by up to £500 per calendar month. This means you can save up to £500 per calendar month in a new Flexclusive Regular Saver** or Regular Saver account and up to £1,000 per calendar month in your existing Regular Savings account.

I have a Nationwide Regular Savings account but have not received any email from Nationwide.

King_Of_Fools

coyrls wrote: »

I have a Nationwide Regular Savings account but have not received any email from Nationwide.

Are you signed up for SavingsWatch?
http://www.nationwide.co.uk/support/ways-to-bank/text-alerts/savingswatch

Rollinghome

King_Of_Fools wrote: »

Are you signed up for SavingsWatch?
http://www.nationwide.co.uk/support/ways-to-bank/text-alerts/savingswatch

Say Nationwide: "Please note: when you register for SavingsWatch you are consenting to receive marketing communications by letter, telephone, email, SMS and other electronic means relating to SavingsWatch and other Nationwide products and services. Even if you had previously notified Nationwide that you did not wish to receive marketing communications."

If they changed the terms of an account two days ago then they should inform their customers regardless of whether they've signed up for their junk mail and texts.