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

Pincher

Looter wrote: »

when can I make another deposit? Is it 4 Jan? 1st Jan, i.e "next month"?

I just set it up for 1st of each month, from the second month, for any Regular Saver.


You can even try it on by saving a 13th £500, on 1st December 2016.


Unless you do something really bizarre, the admin people have seen it all. They will tell you to stop if it's naughty.

Looter

If I tried to pay in on the 1st Jan (via online banking) and it's deemed too early would an error message appear or would it be considered as breaking the T&C's and end up being transferred into another account paying dismal interest? You hear these kind of horror stories when you don't play ball with the banks. (Yes I'm a worrier lol).

colsten

Looter wrote: »

If I tried to pay in on the 1st Jan (via online banking) and it's deemed too early

too early for what? You can pay in up to £500 each calendar month.

Looter wrote: »

(Yes I'm a worrier lol).

you are

YorkshireBoy

Pincher wrote: »

I just set it up for 1st of each month, from the second month, for any Regular Saver.

I thought that wasn't possible with FD? Unless they've changed the rules? Or maybe you don't have an FD regular saver and you're just referring to those you do have/have had in the past?

YorkshireBoy

Looter wrote: »

You hear these kind of horror stories when you don't play ball with the banks.

You "play ball with the banks" by reading, understanding, and complying with, the T&Cs.

The regular saver T&Cs are to be read in conjunction with their "Savings General terms and conditions".

The regular saver T&Cs say you can increase your balance by up to £500 per month.

The "Savings General terms and conditions" (which are to be read in conjunction with the regular saver T&Cs remember!) say, on page 1...

_meaning_of_words_and_expressions_1(iii) wrote:

'Month' means a calendar month

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P2797.pdf

ratechaser

colsten wrote: »

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

Ok, so double dipping works here does it, you don't get mailed a specific link you have to use in a referral?

All I have to do is find a friend now... And then ask if they have a nationwide account

bsms1147

Looter wrote: »

If I tried to pay in on the 1st Jan (via online banking) and it's deemed too early would an error message appear or would it be considered as breaking the T&C's and end up being transferred into another account paying dismal interest? You hear these kind of horror stories when you don't play ball with the banks. (Yes I'm a worrier lol).

If you try too early you'll get an error message saying that your account balance can only be £500, and the money won't transfer.

colsten

ratechaser wrote: »

Ok, so double dipping works here does it, you don't get mailed a specific link you have to use in a referral?

you don't need a specific link. There's some magic (manual??) verification going on at the Nationwide end.

ratechaser wrote: »

All I have to do is find a friend now... And then ask if they have a nationwide account

There should be plenty of friends who would oblige if asked..... (but count me out as I am no longer eligible)

noelphobic

Apologies if this has already been asked and answered. Do the changes to the Regular Savings account (the 'old' 2% one) mean that I will get the 2% rate irrespective of whether I pay in and/or withdraw or not? In other words, I can use it like an instant access account, provided I don't increase the balance by more than 1k a month?

I'm very pleased if that's the case!

Yorkshire_Pud

MSE says in its Summary for this account regarding interest rate:

5% AER fixed for 12 months.

Nationwide says the interest rate is Variable but that the Flexclusive Regular Saver account runs for a fixed 12 month TERM.

The counter assistant in my local Nationwide said interest is fixed at 5% for 12 months.

I'm confused.