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

fuzzgun19

So the way this works is, say I have £1200 to save, I put in £100 per month for the 12 months =£1200.

And I could open another flexclusive reg saver in 12mths after this one has ended.

Have I got this correct please?

Vortigern

fuzzgun19 wrote: »

So the way this works is, say I have £1200 to save, I put in £100 per month for the 12 months =£1200.

And I could open another flexclusive reg saver in 12mths after this one has ended.

Have I got this correct please?

If you have the £1200 available now, you'd do better to pay in £500 this month, £500 next month, £191 the following month and £1 per month for the remaining months.

ETA: Since there is no obligation to make a regular monthly contribution with this account, you needn't bother with the £1 per month.

colsten

Or just put the entire £1,200 straight into a FlexDirect [for a year], or into a TSB Plus.

But if you are saving £100 a month, then the £100 a month into the FlexClusive Saver is a good plan. £100 a month into an M&S Regular Saver @ 6% is an even more rewarding plan.

fuzzgun19

Thanks both. I did think about the M&S one, but that would mean opening both current and ref saver, and I already have a Flexdirect.

I can't remember how long it took to open M&S last time, and is there any other advantages to the M&S?

apt

fuzzgun19 wrote: »

So the way this works is, say I have £1200 to save, I put in £100 per month for the 12 months =£1200.

And I could open another flexclusive reg saver in 12mths after this one has ended.

Have I got this correct please?

Unlike First Direct and M&S, Nationwide does not have a good track record in always having a high rate regular saver available for current account customers. The last time they had a high rate Flexclusive regular saver available was 2012. So you can't guarantee there will be one in December 2016.

colsten

fuzzgun19 wrote: »

Thanks both. I did think about the M&S one, but that would mean opening both current and ref saver, and I already have a Flexdirect.

I can't remember how long it took to open M&S last time, and is there any other advantages to the M&S?

If you have the M&S account already, go for the FD one. If you have both already, just use the Regular Saver of one of them.

If you have neither or just one of them, consider bagging the switching offer.

MrsWenger

Thanks to Vortigern and Uptdale for the suggestions relating to ISA and the Loyalty Saver options.

I called Nationwide Customer Services and was told we could open sole options by making an appointment in do it in branch. I have just spoken to my branch who confirm no appointment is necessary; they will send out two application packs which we either return to them or head office. The lady did say Customer Services could also have sent the packs out.

I hope this will help anyone else who has a joint current account but wants sole Flexclusive accounts.

onzey

Vortigern wrote: »

If you have the £1200 available now, you'd do better to pay in £500 this month, £500 next month, £191 the following month and £1 per month for the remaining months.

Is there an implication here that there has to be at least £1 paid in every month?

I thought there was no obligation to increase the balance each month which now applies also to my old Regular Savings account.

le_loup

onzey wrote: »

Is there an implication here that there has to be at least £1 paid in every month?

No.
No implication.
No condition.
The T&Cs of this account are remarkably simple.

Vortigern

onzey wrote: »

Is there an implication here that there has to be at least £1 paid in every month?

I thought there was no obligation to increase the balance each month which now applies also to my old Regular Savings account.

Perhaps I implied that a regular contribution would be required, since that is the case with most other regular savers, but I was wrong and this one is different.

There is no obligation to make a regular monthly contribution with this account.