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

ceredigion

bobobski wrote: »

I may well be behind the curve here, but I've just seen that Quidco are offering £35 cashback if you fully switch to Flex Direct (http://www.quidco.com/nationwide-flexdirect-current-account/). No good for me as I won't be switching but perhaps useful for some?

Topcashback are offering £78, and Quidco will prise match if you prefer

johnk

billbennett wrote: »

You make the standing order to:
Sort code 07-00-93 Account number 33333334
Using your 1234/123456789 number as the payment reference.

Anyone tried making a fast payment as above? I thought I try one before setting up the standing order but it failed miserably. I then received all kinds of nonsense from Nationwide CS via secure message as to why. Only one answer that sounds sensible is that this is a holding account and does not accept fast payment. Don't know how it works.

Yorkshire_Pud

johnk wrote: »

Anyone tried making a fast payment as above? I thought I try one before setting up the standing order but it failed miserably. I then received all kinds of nonsense from Nationwide CS via secure message as to why. Only one answer that sounds sensible is that this is a holding account and does not accept fast payment. Don't know how it works.

If you have a passbook you use the holding account.

If you have a bank card you use the details on the card.

One or the other not both:)

johnk

Yorkshire_Pud wrote: »

If you have a passbook you use the holding account.

If you have a bank card you use the details on the card.

One or the other not both:)

Thanks. I applied online and has neither card nor book (yet).

clivep

I have a Regular Savings account and just realised that this did not exclude me from opening a Flexclusive Regular Saver account (which would have been the case if I had a Regular Saver account).

In the FAQs for the Flexclusive Regular Saver the "I already hold a Regular Savings account, can I open a Flexclusive Regular Saver?" question states:

"Yes, if you already hold a Regular Savings account, you can continue to increase your account balance by up to £1,000 per calendar month in your existing account and also open a Flexclusive Regular Saver account, where you can save up to an additional £500 per calendar month".

Consequently, I have now opened a Flexclusive Regular Saver account and put £500 in it in addition to the £1000 I'm putting in the Regular Savings account.


However, this FAQ has a second paragraph which reads:

"You can also transfer up to £500 per calendar month from your existing Regular Savings account into a Flexclusive Regular Saver account".

No you can't! I tried doing this and the transfer was rejected with an error message saying the maximum I could pay in at present is £0.00.

I called the Nationwdie helpline yesterday and the best answer that we arrived at was that this paragraph of the FAQ is wrong and was meant to mean something different but we could not work out what!

I've sent a secure mess asking them to clarify... "If I have paid £500 into my Flexclusive Regular Saver in a given calender month then can I or can't I ALSO transfer in £500 from my Regular Savings account as the FAQ says".


I did not think it was allowable to pay in more than £500 per month into the Flexclusive Regular Saver account but in that case what on earth is the 2nd paragraph of the FAQ supposed to mean?

Yorkshire_Pud

£500 is the maximum that can be paid in to the FlexRegSaver per month.

You could fund this £500 wholly or in part from your Regular Savings account as one of a number of funding options.

You can't double up to make £1,000 a month!

Take out £5 from your FRSaver now and then transfer £5 from your Reg Savings account, should work and not be rejected.

I wouldn't bother to play games with Nationwide over it!;)

redux

clivep wrote: »

However, this FAQ has a second paragraph which reads:

"You can also transfer up to £500 per calendar month from your existing Regular Savings account into a Flexclusive Regular Saver account".

No you can't! I tried doing this and the transfer was rejected with an error message saying the maximum I could pay in at present is £0.00.

I called the Nationwdie helpline yesterday and the best answer that we arrived at was that this paragraph of the FAQ is wrong and was meant to mean something different but we could not work out what!

I've sent a secure mess asking them to clarify... "If I have paid £500 into my Flexclusive Regular Saver in a given calender month then can I or can't I ALSO transfer in £500 from my Regular Savings account as the FAQ says".


I did not think it was allowable to pay in more than £500 per month into the Flexclusive Regular Saver account but in that case what on earth is the 2nd paragraph of the FAQ supposed to mean?

I don't think there is any ambiguity at all.

You can pay up to £500 from Regular Savings to Flexclusive Regular Saver.

You can increase your Flexclusive Regular Saver by up to £500 per month.

The latter condition doesn't exclude that the money might come from the Regular Savings account, but money may also have come from another. It doesn't give permission to send £500 from each of several accounts. If you've already paid in £500 from one source and not removed any in that month, the next attempt from any source will be rejected

Kantankrus_Mare

Managed to open reg saver account a few weeks ago but only just got around to depositing my first £500 today.

Does that mean I can do my next £500 anytime in Jan?

Im assuming yes as its "calendar month"?

YorkshireBoy

Kantankrus_Mare wrote: »

Managed to open reg saver account a few weeks ago but only just got around to depositing my first £500 today.

Does that mean I can do my next £500 anytime in Jan?

Im assuming yes as its "calendar month"?

You assume correctly.

Kantankrus_Mare

Thanks yorkshire boy............got one more question.

The rest of my monthly payments ......I want to transfer from natwest account but says I need a card reader to do this.

A silly question I know.......but never really used these before.....does it have to be a natwest card reader which I dont have.

Think we have a nationwide one somewhere kicking around the house.