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

le_loup

All NW regular savers have been variable and never have they changed them within the year.
Conspiracy theory?
Why are they offering this account? To attract new customers to their bank accounts. Why would the want to stop people to getting their bank accounts? They can never have enough, surely if the COE wants to get his bonus.
This account will run at current rates for 12 months, then they will do another on for another 12 months.

MrsWenger

jimjames wrote: »

If you only have a joint current account then you may do better than (or as well as) to open new sole accounts using their recommend a friend. That will net you £200 each.

You could then apply for the savers under each sole account.

Hi Jimjames, many thanks for your reply. That is an option I had not considered so thanks for suggesting it. I didn't expect that the referral fee would be an option given we are existing customers. We have banked with them for about 25 years with a variety of products at different times so could not be considered new customers.

Vortigern

MrsWenger wrote: »

Hi Jimjames, many thanks for your reply. That is an option I had not considered so thanks for suggesting it. I didn't expect that the referral fee would be an option given we are existing customers. We have banked with them for about 25 years with a variety of products at different times so could not be considered new customers.

NW are rather generous with their refer a friend incentive.

Where a NW joint account already exists:
Husband refers wife, who switches a spare account into the existing joint account, or a new account. Both partners receive £100
Wife refers husband, who also switches a spare account. Both receive another £100.

apt

TartanSaver wrote: »

I have never been aware of a regular saver being variable before, always explicitly fixed.
.

It's hardly unknown. Nationwide has had variable rate fixed term regular savers before, and, despite your suspicions, did not vary the rate.
http://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2012/4/cheshire-and-derbyshire-building-societies-reward-regular-saving

2010

NW has a track record of wheeling savers in and then cutting the rate.
Loyalty saver as one example.

MrsWenger

Vortigern wrote: »

NW are rather generous with their refer a friend incentive.

Where a NW joint account already exists:
Husband refers wife, who switches a spare account into the existing joint account, or a new account. Both partners receive £100
Wife refers husband, who also switches a spare account. Both receive another £100.

That is very interesting Vortigern, thanks for providing the information.

MrsWenger

2010 wrote: »

The way you told me to do it was to not log in and to put sole account.
I filled everything in and it didn`t give you a choice about the card.
I filled in to take the intial funding from a NW account.
At the end of the app. it said it`s being processed and could take up to 7 days.
If I had logged in it would have been done instant but would have been joint.

Hi 2010, can I please ask if you opened two of the new saving accounts and was the funding account you used a current account or a savings one? I have had feedback, which I appreciate, on a couple of points I raised in my initial post but I am still not sure how best to try and get two opened rather one than based on our joint account.

Has anyone else been able to get a card by using the methodology of not logging into their online banking when opening the account?

MrsWenger

Hi, I have been looking into this further and seem unable to make progress. The recommend and receive £100 each option relates to actually switching an account to Nationwide and we don't want to do that as our non Nationwide current accounts have benefits we wish to keep.

I have looked to set up sole name savings accounts as suggested in post 93 but initial funding has to be from an existing Nationwide account. As ours is joint it says the new saving account will also be joint.

If anyone knows how I can open savings accounts in sole names I would appreciate it if you could let me know what to do please.

Vortigern

MrsWenger wrote: »

If anyone knows how I can open savings accounts in sole names I would appreciate it if you could let me know what to do please.

If you haven't already paid in to a cash ISA this tax year, you could open a Nationwide ISA, pay in a small amount of cash and use this to make the first payment to a regular saver.

ISAs are individual, they can never be joint.

(I started my NW regular saver with a payment from a NW ISA)

uptdale

If you haven't already paid in to a cash ISA this tax year, you could open a Nationwide ISA, pay in a small amount of cash and use this to make the first payment to a regular saver.

As far as I can see, you could also open a sole Loyalty Saver account, as long as you have had the joint current account for at least a year. If you go to the website without logging in, go to Savings, then click on Loyalty Saver 1, it then gives you a choice of sole or joint accounts.