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

dingdong3000

Thats great! my FlexDirect ended couple months ago and was about to switch to FlexAccount. I'll be sticking to this as this will save me having to transfer £750 each month xD

redux

Aletank wrote: »

Why can't they offer a decent paying savings account for long term customers ? £500 a month only, for 12 months then it reverts to their other minimal paying account.
I don't want to be swopping n changing n moving money all the time, just want a decent interest paying savings account for long term.

'Twas ever thus.

If I rummage in the filing cabinet or when I'm logged in to the Nationwide website, I can see what used to be NW Bonus Saver, Portman passbook, and Dunfermline monthly saver accounts, all of which were paying 5 to 6% when they were opened 20 to 15 years ago.

Half a dozen other similar former accounts elsewhere no longer exist as they started off, though admittedly the Leeds one was only downgraded early this year.

Nationwide8

By coincidence went into a Nationwide branch today to close a FlexDirect account that has just matured as regards 12 mths high interest,in theory so I can open another one in 12 mths for high interest..I do have various other accounts with Nationwide and have been with them for years.
Anyway nice lady behind the counter said not to close it as leaving it open qualifies me for the Flexclusive Regular Saver ( haven't been paying in external funds of £ 750 to Flexaccount ).So have come home and just opened it via internet banking...and Yes I still have the 2% Regular Savings but have had that for a few months.

King_Of_Fools

From:
http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/FSUA41-flex-service.pdf

Changes to your Regular Savings account:
We are making changes to all existing Regular Savings accounts to align the account with our Regular Saver accounts, therefore:
• From 1 December 2015, the interest rate across all interest rate tiers will increase to 2.00% gross p.a./AER (variable).
We are also making changes to the terms and conditions of the Regular Savings account so that on 1 December 2016, the account will transfer to an Instant Access Saver savings account (or nearest equivalent). The terms and conditions and the interest rate applicable to that account, at that time, will apply. The Instant Access Saver savings account is currently paying 0.50% gross p.a./AER (variable). In the meantime you can continue to increase your account balance by £1,000 per calendar month and use your account in the usual way. We will be writing to existing customers to explain these changes in more detail.

bristolleedsfan

Rollinghome wrote: »

So seems to be nothing to prevent existing holders of the Reg Savings account opening the Flexclusive account alongside.

I have just done so transferring 500.00 from existing "Regular Savings" account for initial opening deposit. :beer:

colsten

bristolleedsfan wrote: »

I have just done so transferring 500.00 from existing "Regular Savings" account for initial opening deposit. :beer:

Remember that if your RS balance doesn't increase by at least £500 a month, you get a ridiculous 0.1% interest for the month.

pafpcg

Nationwide8 wrote: »

Anyway nice lady behind the counter said not to close it as leaving it open qualifies me for the Flexclusive Regular Saver

That's true BUT you won't get 5% on a FlexDirect account again until all your FlexDirect accounts have been *closed* for 12 months. You have a choice.....

enthusiasticsaver

Just opened this. It does seem that you can only increase the balance by £500 per month so am assuming I cannot put in another £500 until 2 January. Is that right? At present there is a £1000 standing order going through 20th monthly from my Santander 123 account to my Nationwide Flex Direct account which is full at £2500. From that £1000 there is a standing order to my Nationwide Regular Saver ISA of £500 (paying 2.07%) and I have taken my initial opening deposit of £500 from there. The other £500 goes to TSB to feed the 5% regular saver there (only £250 per month) and recycle £250 back to Santander which is our main current account. The standing order to that though goes through on 20th December though so I think I will have to leave it in the ISA until 2 January and then transfer it to the Regular Saver manually. Any other ideas?

Nationwide8

colsten wrote: »

Remember that if your RS balance doesn't increase by at least £500 a month, you get a ridiculous 0.1% interest for the month.

Do you still have to increase the balance by at least by £500 to get the 2% ?? I can't see anywhere where it says you have to now ???

apt

pafpcg wrote: »

That's true BUT you won't get 5% on a FlexDirect account again until all your FlexDirect accounts have been *closed* for 12 months. You have a choice.....

You could the change the existing FlexDirect account to a Flexaccount or, if you have an account elsewhere with 2 direct debits you can switch, open a new flexaccount via topcashback and/or referal scheme and then close the existing flexdirect.