Regular savers

pete-20-11

To follow on from discussions above,

I requested an experian statutory credit report - it does show the searches for Tesco and First Direct current accounts even though no overdraft was taken.

It also shows an identification check for Tesco, in the search list, on the same date as the search for the current account.

colsten

Your experience tallies with mine.

george4064

Im going to open a Flexclusive Regular Saver account soon, just had 1 question; is there a limit of how many payments you can make per month into the RS account?

Couldnt find the answer on Nationwide's website: http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

YorkshireBoy

george4064 wrote: »

Couldnt find the answer on Nationwide's website:

(Almost) every product on their website has a FAQ section. Here's the one for the Flexclusive Regular Saver...

http://www.nationwide.co.uk/support/support-articles/faqs/flexclusive-regular-saver-faqs#xtab:how-can-i-add-money

...and in there you'll see...

You can add money as often as you like, but please note that Flexclusive Regular Saver has a maximum balance increase of £500 per month.

savings_my_hobby

Archi_Bald wrote: »

If you dripfeed £500 a month from 2 Tesco current accounts (3%) into a Nationwide Regular Saver (5%), you earn £244 instead of £180. That's 4% interest on your capital.

Dripfeed the same into 6% accounts, and you make £276, 4.6%.

All numbers before any tax. If your total savings are the £6K to start with, you'd not pay any tax on the interest after April 5 2016.

I'd want to drip feed money from my 3% current accounts into regular savers and immediately replace the money in my 3% current accounts to further maximise the returns, at least for as long as possible before I am forced to use the standard drip feed method.
Under my current plan, from April'16 I will need to save £950 per month to achieve this, I will be able to use £2500 from my soon to "expire" Nationwide Flexdirect If I fall short, which can/will be stored in another 3% account until needed, then finally I can (if needed) use money I have in my 3% accounts.

I may even set up a few more Regular savers and drip feed in with no intention of meeting the the maximum allowance
e.g put 100 per month in instead of £250 but the £950 per month future savings (touch wood) will be used to max out accounts