Nationwide MySave

missile

Two separate Tesco saver account DDs works for me.

Consumerist

missile wrote: »

Two separate Tesco saver account DDs works for me.

I've recently set up DDs from two Tesco Internet Savers to qualify for BoS current account interest so glad to hear that will work ok.

JustAnotherSaver

missile wrote: »

Two separate Tesco saver account DDs works for me.

Thanks.

In the process of setting that up & then will close the MySave accounts down.

I'm actually looking forward to January & February. I have so many accounts & it'll actually be good to get rid of a few.

Come the end of February i'll no longer be managing...

4 MySave accounts
3 lots of 3 accounts with First Direct (reg saver, 1st account or whatever it's called & a savings account with them).

Since FD's regular saver has dropped to no longer being the number 1 regular saver out there (i'll be using Nationwide instead) i can get those accounts shut down. I've always hated their online system & the requirement for 2 other accounts alongside their regular saver was annoying so will be glad to get rid of it.

Eco_Miser

But the FD Regular Saver is still 5%, so if you have money earning less than that it's usually beneficial to dripfeed it into a 5% RS, and since you've already got the FD requirements set up, closing them seems counter-productive.

YorkshireBoy

Eco_Miser wrote: »

But the FD Regular Saver is still 5%, so if you have money earning less than that it's usually beneficial to dripfeed it into a 5% RS, and since you've already got the FD requirements set up, closing them seems counter-productive.

...especially when you consider that the FD product's interest rate is fixed, whereas Nationwide's is variable.

JustAnotherSaver

YorkshireBoy wrote: »

...especially when you consider that the FD product's interest rate is fixed, whereas Nationwide's is variable.

Hmm wasn't aware of that one actually. I thought Nationwide's was fixed also.

As for opening another FD regular saver, i couldn't afford to keep both going to be honest.

I opened the Nationwide one when every bank started pulling the plug on their interest rates as i was taking a guess that the 5% regular saver may drop. As i say though i wasn't aware Nationwide wasn't fixed. I thought it was.

First Direct will be coming to an end in February & i budgeted that i could afford to subscribe to both until then but not really much longer than that as it'd leave me short in my current account with direct debits, standing orders & the like.

Having found out Nationwide is variable though may have just changed that.
I may leave what is in there in there for now & instead of paying in to it (the Nationwide one) just re-open the First Direct one.

I was looking forward to doing away with another load of accounts & a card But if it works out better then i'll have to jump through those hoops.

JustAnotherSaver

What is the interest rate?


5.00% gross p.a./AER (variable).

Interest is calculated daily and paid annually on the anniversary of account opening and on closure.

Got me Haha what an idiot.

Eco_Miser

JustAnotherSaver wrote: »

As for opening another FD regular saver, i couldn't afford to keep both going to be honest.

First Direct will be coming to an end in February & i budgeted that i could afford to subscribe to both until then but not really much longer than that as it'd leave me short in my current account with direct debits, standing orders & the like.

Don't forget that in February you'll have the proceeds of the current FD RS looking for a home. That should keep two RSs going for a fair while. Unless you had already included that in your budget ...

JustAnotherSaver

Eco_Miser wrote: »

Don't forget that in February you'll have the proceeds of the current FD RS looking for a home. That should keep two RSs going for a fair while. Unless you had already included that in your budget ...

I had. My wife & I have a regular saver opened with Nationwide each so each month they were going to swallow £1,000 compared to £600 with FD. Soon adds up & unfortunately was too much for us right now. Thanks though.

I've sent a message to Nationwide asking what the penalty is for me to close my account early (the regular saver). I'll see what they say. There's currently £3,000 sat across two accounts (£1,500 each). If there's a fair penalty then i'll just let it sit there for the next 9 months while the rest goes to First Direct.

We'll need to pull our fingers out anyway as far as the saving goes next year. We've had a bad run with the house for the past few years so it's time to start repairing the bank accounts.

TheShape

JustAnotherSaver wrote: »

I had. My wife & I have a regular saver opened with Nationwide each so each month they were going to swallow £1,000 compared to £600 with FD. Soon adds up & unfortunately was too much for us right now. Thanks though.

I've sent a message to Nationwide asking what the penalty is for me to close my account early (the regular saver). I'll see what they say. There's currently £3,000 sat across two accounts (£1,500 each). If there's a fair penalty then i'll just let it sit there for the next 9 months while the rest goes to First Direct.

We'll need to pull our fingers out anyway as far as the saving goes next year. We've had a bad run with the house for the past few years so it's time to start repairing the bank accounts.

The Flexclusive Regular Saver is an instant access account with no penalty for withdrawal.

See term #15

http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P3026-flexclusive-regular-saver-terms-and-conditions.pdf