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

noelphobic

Yorkshire_Pud wrote: »

Appears to be that way, no more tiered interest, and a £0 to £1,000 per month funding. Do check with Nationwide though.

I junked this account when they reduced the rate from 2.5% to 2%, not worth it with all the nasty little catch outs Nationwide built into it.

Think thay are trying to re brand themselves as the Friendly Society with their new Flexclusive Regular Saver without catches for once but not so Friendly that they could actually commit to paying the 5% for a whole 12 months so made it variable rate. Unlike all the other Regular Savers from TSB, HSBC, M&S, FD which are ALL fixed rate. But then that's because Nationwide are 'different'.

They do have a proven track record of reeling customers in then chopping the rate, like the so called Loyalty Saver which as a customer of over 15 years i got the top rate of 1.8% which swiftly went down to 1.2%.

I did enjoy closing my Regular Savings account in branch and the sheepish looks on their faces as I told them why and they looked for a pair of scissors to ceremonially cut up my bank card and bin it:)

I knew it was only a matter of time before I could no longer continue paying £500 per month in and didn't want to either pay in every other month or get a pathetic rate of interest.

Will be very pleased if I can use this as an instant access account as it can then also be my feeder account for my other regular savings accounts (First Direct, TSB and Skipton - although my first Skipton one is due to mature and the interest rate on the new one is disappointing.)

YorkshireBoy

2010 wrote: »

You can save maximum of £500 for 12 months equalling £6k.
How much interest would you accumilate and whats the eayiest method to work it out?

1. Read this thread
2. If you don't have much time, go straight to posts #134 & 139 in this thread
3. Use the MSE regular savings calculator on the main site
4. Google 'regular savings calculator'

"Easiest" is probably 2.

2010

Thanks YorkshireBoy,

We have a joint current account, can we both open a regular saver or just one of us?

YorkshireBoy

2010 wrote: »

Thanks YorkshireBoy,

We have a joint current account, can we both open a regular saver or just one of us?

See posts #91-93

(feel like a researcher here! )

RADDERS

2010 wrote: »

Thanks YorkshireBoy,

We have a joint current account, can we both open a regular saver or just one of us?

I spoke to nationwide yesterday and as we only have a joint account with nationwide we can only open a joint regular saver, if we had individual accounts we could have opened separate regulars savers. Hope that helps

YorkshireBoy

RADDERS wrote: »

I spoke to nationwide yesterday and as we only have a joint account with nationwide we can only open a joint regular saver, if we had individual accounts we could have opened separate regulars savers. Hope that helps

So what did you do. Hopefully what was posted here in #91-93? Don't tell me you took the 'easy' way and just opened a joint reg saver!

2010

YorkshireBoy wrote: »

So what did you do. Hopefully what was posted here in #91-93? Don't tell me you took the 'easy' way and just opened a joint reg saver!

Well Yorky, I`ve done nothing yet, but I think it will be the "easy way" for me with a joint.

Another two current accounts is the last thing I need to be a*sed about for what little bit extra interest this regular with produce.

Thanks for all your help BTW, appreciated.

YorkshireBoy

2010 wrote: »

Another two current accounts is the last thing I need to be a*sed about for what little bit extra interest this regular with produce.

Did you read post #93?

2010

YorkshireBoy wrote: »

Did you read post #95?

Thanks, I think you mean post #93.

The other account is a joint loyalty, so it looks like another two seperate savings accounts needs to be opened.

Too much hassle for very little gain.IMO or am I reading it wrong.

YorkshireBoy

2010 wrote: »

Thanks, I think you mean post #93.

I did mean 93, yes, thanks.

The other account is a joint loyalty, so it looks like another two seperate savings accounts needs to be opened.

Too much hassle for very little gain.IMO or am I reading it wrong.

2 minutes work.

I suppose it depends on what the alternative is?...3% somewhere else?

£6,000 x 2% /12 x 6.5 = £65

So for 2 minutes work that's an hourly rate of £1,950. We're talking barrister salary here!