Best account for saving £500 per calendar month??

YorkshireBoy

ceredigion wrote: »

Open a FlexDirect put a £1 in it and forget it, Open the Flexclusive, set up a standing order from wherever you want, to pay in £500 per month

...but keep an eye on the Flexclusive interest rate and/or any communication they send. It's variable, whereas the FlexDirect's interest rate is fixed for the first 12 months. If they drop the rate, divert your cash to the FlexDirect for the remainder of the 12 months.

bobobski

ceredigion wrote: »

Why so complicated, the OP just wants a simple solution....



Open a FlexDirect put a £1 in it and forget it, Open the Flexclusive, set up a standing order from wherever you want, to pay in £500 per month

Why not open a FlexAccount? No point wasting the 1 year decent interest on the FlexDirect if the OP can't make use of it at this point; all else being equal, it's better to wait until the first Flexclusive matures and use the FlexDirect at that point to take some of the money from it.

ColdIron

Don't you have to switch or wait 3 months with the FlexAccount?

To open this account:
You need to be 18 or over and a main current account customer with us. This means you must either:

• Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount and:
  • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); or
  • completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months; or
• Hold a FlexStudent account and have paid in £1,500 in 2 or more transactions in the last 12 months.
• Hold a FlexDirect or FlexPlus account.

No_Name

When I opened my FlexDirect this time last year, I don't recall having to wait 3 months before I can open or fund a Flexclusive Reg Saver? Have I missed something and have I voided / jeopardised something?

masonic

No_Name wrote: »

When I opened my FlexDirect this time last year, I don't recall having to wait 3 months before I can open or fund a Flexclusive Reg Saver? Have I missed something and have I voided / jeopardised something?

No, you've not missed anything. There is no such requirement for the FlexDirect account. ColdIron has helpfully posted the requirements in the post above yours.

ColdIron

No, you're fine with a FlexDirect, it's the FlexAccount that you may have to wait with. Read the words in bold in post #14

racey

bowlhead99 wrote: »

Nationwide Flexclusive Regular Saver takes £500pcm paying 5% AER on the balance with penalty-free withdrawal.

To qualify you simply need to meet the T&C relating to holding a FlexAccount, FlexOne, FlexDirect, FlexPlus or FlexStudent current account. No direct debits are required.

You will not find a higher rate for that amount per month, or an account paying the same rate on a larger amount per month.

http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

I'm in the process of opening a Flexdirect account. Thanks for the tip. :T

No_Name

Thanks ColdIron and masonic - puts my mind at ease. I thought I'd mis-read something (maybe I did yesterday morning!)