Regular Saving

Withy

I save a regular monthly amount in Nationwide BS Bonus Saver Account. Would I be better off transfering the money in it (approx 1500) to my current account and setting up a regular savings account with better interest, and forgoing the bonus due in November?

telly-addict

It all comes down to the rates - how does the rate of the bonus saver compare to, say, the Nationwide e-savings rate? You can have an e-savings account if you have a Flexaccount. There may well be better rates elsewhere, but if you are happy with Nationwide it is worth considering e-savings.

Just checked the Nationwide site - the rate including the bonus is 5%, the same as e-savings. Personally then I would wait until you get the bonus then transfer it over to e-savings (assuming you already have the Flex account). You can then transfer money easily to and from the Flex account with internet banking.

BTW - is the bonus paid on a different date to the interest - apparently 31 Dec is the interest date for the bonus saver?

grumbler

Withy wrote:

I save a regular monthly amount in Nationwide BS Bonus Saver Account. Would I be better off transfering the money in it (approx 1500) to my current account and setting up a regular savings account with better interest, and forgoing the bonus due in November?

I think it is still better to keep this account till November, but make just minumum monthly payments £20. If you have more money to save monthly just start another regular saving account with Halifax (7%, min. £25 p.m.) or HSBC (8%, but must have current account with them and pay salary into it).

Withy

Thanks will certainly consider this option

Kazza242

Derbyshire Building Society's Regular Savings Account is also worth a look. It pays 5.85% and allows you to deposit up to £1,000 per month. They currently have a special offer on (ends July, 31st) where you can open two of their regular savings accounts (i.e. depositing up to £2,000 per month). The good thing about this account is there is no term, therefore you can keep saving into it for many years, rather than just for one year.

Principality Building Society also have a regular savings account, which pays 6.75%. They allow you to deposit up to £500 per month. The account runs for a year.