Nationwide Flexclusive Regular Saver value HALVED

Terry98

I have just received a letter from Nationwide saying my Flexclusive Regular Saver is about to mature and fortunately remembered the OP's comments.

The letter states that the current FRS account will move to a Flexclusive Saver earning .5% (repeat .5%) on maturity.

It then states I can open a new FRS (issue 8) account earning 5% as soon as the old one matures.

The letter does not say anything about the maximum monthly payment reduction so I am posting this just in case anybody missed the OP's comments the first time round.

2010

I aslo got a letter saying maturity is coming up and it will transfer to a saver account paying half of one per cent.
It also says to wait until the day after maturity until you open another reg saver at 5%.

I had not noticed that they have chopped the monthly saving amount by half to £250, so thanks for pointing it out.


https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/flexclusive-regular-saver-2-terms-and-conditions

What would the interest be over the year at £250 a month?

justme111

£75
...........

bowlhead99

2010 wrote: »

It also says to wait until the day after maturity until you open another reg saver at 5%.

I had not noticed that they have chopped the monthly saving amount by half to £250, so thanks for pointing it out.

What would the interest be over the year at £250 a month?

Assmuing all the payments go in as soon as they can at the start of a month, you can get up to £81.25 on the RS account.

And also, assuming you already have the whole £3k that you'd deploy over the course of the year available from a previous matured account (rather than the £250pm being new money coming from salary or pension or whatever), you would be earning money in your other account on the remaining balanceof the £3k you'll eventually transfer over (i.e. the amount that hasn't moved into the new RS account yet). If that was all stuck in an account paying 0.5% it would give you about 7 quid, but if 1% then about £14 or 2% about £28 etc

*edit - I said 80.64 at first with the standard calculation thinking the interest was credited monthly but as it comes all at end of the year you get the full (proportionate) 5% on everything times the amount and day-count for each deposit.

Yorkshire_Pud

£81.25:). This message is 'too short'.

RG2015

You can deposit £250 per calendar month so in 365 days you can build up £6,500. If the first deposit is on the last day of a month and the second is a day later this £500 will earn almost a full month of interest.

After twelve months the interest will exceed £93 with the exact figure dependent on the exact timing.

Edit. Courtesy of ColdIron, the maximum is 13 x £250 which is £3,250. The maximum interest though is over £93.

AirlieBird

2010 wrote: »

What would the interest be over the year at £250 a month?

No need to have asked. The answer is in the summary box.

ColdIron

RG2015 wrote: »

You can deposit £250 per calendar month so in 365 days you can build up £6,500

Coughs

RG2015

RG2015 wrote: »

You can deposit £250 per calendar month so in 365 days you can build up £6,500. If the first deposit is on the last day of a month and the second is a day later this £500 will earn almost a full month of interest.

After twelve months the interest will exceed £93 with the exact figure dependent on the exact timing.

ColdIron wrote: »

Coughs

Oops, if only:)

Should of course be £3,250. I was thinking of the £6,500 I will have built up by late December based on the previous maximum of £500 per month.

Terry98

RG2015 wrote: »

You can deposit £250 per calendar month ...... If the first deposit is on the last day of a month and the second is a day later this £500 will earn almost a full month of interest.

Edit. Courtesy of ColdIron, the maximum is 13 x £250 which is £3,250. The maximum interest though is over £93.

Great idea but my current FRS matures on the last day of the month:mad::mad:

Why aren't there 31 days in November?