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

Nationwide8

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.....

Well I can only have one sole FlexDirect acc so made roughly £120 in the last 12 mths,the Flexclusive Reg Saver should make at least that in the next 12 mth s with £500 a mth in.... in that 12mth s I couldn't get the high interest from another Flexdirect acc anyway.
I know I can't open another Flexdirect in 12 mth s if I keep the existing one open but who knows if the rules or product T&Cs will change in the future,also ?? New products in the next year.

Nationwide8

apt wrote: »

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.

You have to have a Flexdirect acc to open a Flexclusive Reg Saver as I haven't been paying in £750 into my Flexacc for 3 mth s or are you thinking I can close it now after the FRS is open ??? If I do that they could close the FRS as I no longer meet the criteria.

moi

Nationwide8 wrote: »

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 ???

No, not any more.

wrote:

As a Regular Savings customer we wanted to let you know that from today (1 December 2015) your interest rate has increased to 2.00% gross p.a./AER (variable) due to the launch of our new Regular Saver account. And you'll receive this rate regardless of how much you increase your account balance by per month for the next 12 months after which the balance will be transfered into an Instant Access Saver account or the nearest equivalent.

uptdale

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 ???

No. I've just had an email from Nationwide which says: "As a Regular Savings customer we wanted to let you know that from today (1 December 2015) your interest rate has increased to 2.00% gross p.a./AER (variable) due to the launch of our new Regular Saver account. And you'll receive this rate regardless of how much you increase your account balance by per month for the next 12 months."
The email makes it clear that the new Regular Saver account is a new product, and not a renaming of the Regular Savings account. So my old Regular Savings account continues, but with more generous terms - and does not stop you opening the new 5% account. You just can't open both a new 2% Regular Saver and a 5% Regular Saver. Now that's a tough choice!!

Nationwide8

moi wrote: »

No, not any more.

Thank you so you could put just general spending money of less than £500 a month into a Regular Savings acc opened before 1st Dec and still earn 2% up until Dec 1st next year even if your balance only increases by just £1 a month.

pafpcg

enthusiasticsaver wrote: »

.... so am assuming I cannot put in another £500 until 2 January. Is that right?

Yes, (though I think you can credit the new Flexclusive Regular Saver on 1st Jan.)

enthusiasticsaver wrote: »

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?

Crediting your ISA regular saver with £500 and then withdrawing it to transfer to the Flexclusive regular saver is just wasting some of your annual ISA allowance!

It appears that you want to save £1,500 per month in three regular savings accounts (Flexclusive, ISA and TSB regular savers), so you'll need to either find an additional source of funds or reduce the amounts going into each account.

Nationwide8

uptdale wrote: »

No. I've just had an email from Nationwide which says: "As a Regular Savings customer we wanted to let you know that from today (1 December 2015) your interest rate has increased to 2.00% gross p.a./AER (variable) due to the launch of our new Regular Saver account. And you'll receive this rate regardless of how much you increase your account balance by per month for the next 12 months."
The email makes it clear that the new Regular Saver account is a new product, and not a renaming of the Regular Savings account. So my old Regular Savings account continues, but with more generous terms - and does not stop you opening the new 5% account. You just can't open both a new 2% Regular Saver and a 5% Regular Saver. Now that's a tough choice!!

Interesting !!

King_Of_Fools

uptdale wrote: »

So my old Regular Savings account continues, but with more generous terms

For one year then it will move to a 0.5% instant saver!

pafpcg

Nationwide8 wrote: »

You have to have a Flexdirect acc to open a Flexclusive Reg Saver as I haven't been paying in £750 into my Flexacc for 3 mth s or are you thinking I can close it now after the FRS is open ??? If I do that they could close the FRS as I no longer meet the criteria.

We don't know how agressive Nationwide will be in closing a Flexclusive Regular Saver in these circumstances, so to play safe:

- Open a new Flexaccount (leaving your existing FlexDirect account open to ensure your Flexclusive regular saver stays valid).
- Fund your new Flexaccount with £750pm to meet the Flexclusive regular saver criteria (for twelve months or until you want to close the Flexclusive account).
- After three months, close the FlexDirect account.
- In fifteen months, you'll be eligible again for 5% on a new FlexDirect account.

Would that work for you?

oldfella

it looks like this doesnt have the restrictive deposit conditions of FD, so we can open and deposit at the end of the month, and pay further deposits at the start of following months.