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

Archi_Bald

ratechaser wrote: »

And no, don't have a flex direct account

You could probably have opened one in the time it took you to post your rant.

bowlhead99

ratechaser wrote: »

Oh !!!!!!... Just seen this thread as obviously Nationwide have not bothered to contact me. So the 2% regular saver that I've been patiently building a very large balance in over the past few years now has a 12 month life span. Ok the rate wasn't great but it was an ok place to park some spare money. Not any more. And no, don't have a flex direct account so the 5% saver isn't an option right now.

I don't have a flex direct account either. I just have the no-fee, free travel insurance, "flex account" which they have offered for over a decade - it's not interest bearing but perfectly functional, online and app banking and apple pay etc, and gives me access to the 'flex' range of products like a no-exchange-rate-loading credit card, a decent mortgage deal and this high interest regular saver, all of which I use. A decent suite of products with market-beating features.

So it's effectively bye bye nationwide for me...

frankly you're acting like any other bank now

Sorry if this is a bit of a rant

Yep!

, but I remember the days where Nationwide used to offer better and more straightforward savings accounts and bonds for members without having to play the current account game. I know it works for a lot of you, I just think it's a bit of a shame...

We can all dream wistfully about when building societies offered nice high rates for deposits and weren't bothered about giving any progressive products with uniquely higher rates (like regular savers) or current account banking features. Most building societies ended up getting swallowed up and interest rates are on the floor now from all providers. You can never please the mortgage customers at the exact same time as the savings customers.

Still, you call yourself 'ratechaser' but are walking away from a society that offers 5% on £500 a month just because you don't want to make a minimum monthly deposit in their current account by standing order? You're not chasing very hard

enthusiasticsaver

ratechaser wrote: »

Oh !!!!!!... Just seen this thread as obviously Nationwide have not bothered to contact me. So the 2% regular saver that I've been patiently building a very large balance in over the past few years now has a 12 month life span. Ok the rate wasn't great but it was an ok place to park some spare money. Not any more. And no, don't have a flex direct account so the 5% saver isn't an option right now.

So it's effectively bye bye nationwide for me... You can keep my kids JISA cash as long as you don't screw with that rate, and I'll keep a hundred quid in my share account because frankly you're acting like any other bank now so why not just demutualise and give me some shares!

Sorry if this is a bit of a rant, but I remember the days where Nationwide used to offer better and more straightforward savings accounts and bonds for members without having to play the current account game. I know it works for a lot of you, I just think it's a bit of a shame...

Why don't you just open a flex direct account and put your regular saver money in there (or £2500 of it) to earn 5% interest, stick the rest somewhere else to do the monthly feed in and then open the flexclusive to pay in £500 per month? Simples!

coyrls

Rollinghome wrote: »

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.

Yes.... that is the reason I am not signed up to "SavingsWatch"

ratechaser

enthusiasticsaver wrote: »

Why don't you just open a flex direct account and put your regular saver money in there (or £2500 of it) to earn 5% interest, stick the rest somewhere else to do the monthly feed in and then open the flexclusive to pay in £500 per month? Simples!

When I initially looked at the eligibility criteria, I thought you had to have had a flex account for at least 3 months, looks like I was wrong. Yes, maybe this is the way forward and (Bowlhead), maybe I am a bit irrational to get all misty eyed over what is basically a business. After all I play this game with other banks. I suppose I just see how NW operates these days as just another nail in the coffin of the principles of mutuality (fancy that, I apparently have some principles...). Ive had accounts with them all my life, so please indulge me here!

Anyway, perhaps I should go all in, open a basic account somewhere else 1st and then use TCB to get the 78 quid switching bonus.

enthusiasticsaver

ratechaser wrote: »

When I initially looked at the eligibility criteria, I thought you had to have had a flex account for at least 3 months, looks like I was wrong. Yes, maybe this is the way forward and (Bowlhead), maybe I am a bit irrational to get all misty eyed over what is basically a business. After all I play this game with other banks. I suppose I just see how NW operates these days as just another nail in the coffin of the principles of mutuality (fancy that, I apparently have some principles...). Ive had accounts with them all my life, so please indulge me here!

Anyway, perhaps I should go all in, open a basic account somewhere else 1st and then use TCB to get the 78 quid switching bonus.

I know it is all a game and I wish it was easier too. I would like to just put money in a savings account and not have to worry about funding it with a particular amount or setting up direct debits and just get a decent interest rate without them reducing it after a year so I just have to move it all again. Frustrating but can't see another way round of getting a decent return.

colsten

ratechaser wrote: »

Anyway, perhaps I should go all in, open a basic account somewhere else 1st and then use TCB to get the 78 quid switching bonus.

Way to go! And find someone who recommends you so you can both share another £200.

Looter

I've just opened this account today (4 Dec) and I know that you can pay in a max £500 a month, I know I risk sounding stupid by asking but when can I make another deposit? Is it 4 Jan? 1st Jan, i.e "next month"?

As interest is calculated daily I want to maximise the interest by paying in as soon as permissable.

YorkshireBoy

Looter wrote: »

I've just opened this account today (4 Dec) and I know that you can pay in a max £500 a month, I know I risk sounding stupid by asking but when can I make another deposit? Is it 4 Jan? 1st Jan, i.e "next month"?

1st Jan, if my reading of the account T&Cs is right. Does that concur with your own interpretation of the T&Cs?

Yorkshire_Pud

Looter wrote: »

I've just opened this account today (4 Dec) and I know that you can pay in a max £500 a month, I know I risk sounding stupid by asking but when can I make another deposit? Is it 4 Jan? 1st Jan, i.e "next month"?

As interest is calculated daily I want to maximise the interest by paying in as soon as permissable.

I wondered this and have just had a thorough read of all the blurb and although it doesn't specifically state Calender Month I would take it that this is what they mean, otherwise they would have to stipulate a month from account opening like Santander do with their 123 Current Account.

So 1st of the following Calender months, they reject it if its not allowed same as any other over funding according to their examples.