Nationwide Regualr Saver vs Flexclusive Regular Saver

lukepa96

Hi guys,

I've tried to work this out but im clearly not very good at maths.

What account offers the most interest?

The Nationwide Regular Saver at 2.00% putting in the max of £1000 pcm

or

The Nationwide Flexclusive Regular Saver at 5.00% putting in the max of £500 pcm.

Any help is much appreciated.

Luke

darkidoe

Nationwide Flexclusive Regular Saver!

YorkshireBoy

The formula (making some assumptions, but it's good enough for your comparison) for calculating gross interest from regular savers is...


(12 x monthly deposit) x AER / 12 x 6.5


So over to you.


Of course if you go with your 5% option, what will you earn elsewhere on the other £500 per month?

bsms1147

5 > 2

Put the remainder somewhere else.

lukepa96

So over the course of a year the Flexclusive will accrue more interest?

Is it by 1% or is the mathematics not that simple?

darkidoe

If you have 1000, putting 500 in a 5% regular saver and the other 500 in another Saving/Current account paying >2% interest would beat the 1000pcm 2% regular saver. Go figure.

YorkshireBoy

darkidoe wrote: »

If you have 1000, putting 500 in a 5% regular saver and the other 500 in another Saving/Current account paying >2% interest would beat the 1000pcm 2% regular saver. Go figure.

Putting £500 a month into the 5% account and DOING NOTHING with the other £500 would still beat £1,000 a month in the 2% account!...in terms of "interest".

darkidoe

That's what makes the other 500 in another account soo amazing! haha

lukepa96

Ok, thanks for your help guys.

alanq

lukepa96 wrote: »

What account offers the most interest?
The Nationwide Regular Saver at 2.00% putting in the max of £1000 pcm
or
The Nationwide Flexclusive Regular Saver at 5.00% putting in the max of £500 pcm.

The no longer on offer Regular SavINGS account paid UP TO 2% interest on UP TO £1000 deposited each month.

The account now on offer is a Regular SavER which pays 2% interest on up to £500 deposited each month - the same monthly maximum as a Flexclusive Regular Saver.