Is this possible?

ValiantSon

YorkshireBoy wrote: »

Don't you watch the news or current affairs programmes? Read the papers? The base rate is 0.5%. It's been at an historic low for a decade or so, and 0.25% for the bulk of it. Mortgage rates can be had for between 1% and 2% interest.

And you thought Nationwide were going to give you a 60% return on your cash?...30 times the rate they're charging their mortgage customers, and 20 times the rate they're charging their loan customers...seriously? That's quite scary really!

Unnecessarily rude.

You and I may understand, but others may not and it was a genuine mistake. They haven't done anything to hurt you so why not just try to be pleasant?

If you don't have anything nice to say then don't say anything.

mgdavid

ValiantSon wrote: »

Unnecessarily rude.

.....

exactly which word or words do you think were rude? The pointers are good advice for the future. One shudders to think what else the OP doesn't know that could be to their enormous detriment in adulthood. As far as I remember I understood simple and compound interest from about the age of 15 through a combination of school and parents, having been earning money and having a PO savings account from about 12.

WibblyGirly

Kim_13 wrote: »

Interest is paid monthly. It works out at just over £10 per month. Sadly it's 5% for the year though, not per month.

As you may need some of the money before June, you might consider opening a FlexAccount with Nationwide instead. This can be used (via switching to Nationwide through the switch service, or paying in £750 per month for 3 calendar months) to qualify for the Flexclusive Regular Saver which also pays 5%. You can only pay in £250 per month in this case but it is instant access so you're free to withdraw the money when you need. This allows you to save your FlexDirect (it is now being restricted to one 5% per person) for when you have £2,500 that you can leave in for the full year.

If you have the saver via a FlexAccount you need to continue the £750 per month transfers, as it's an ongoing requirement to hold the account and switching to them only gets this waived for 4 months.

If you have a FlexStudent account with them you automatically qualify for the Flexclusive Regular Saver without any switching or minimum account pay in required.

If you hold a current account with Nationwide, it's an easy job to upgrade it to FlexDirect online when you're ready - though remember to up the monthly funding to £1,000 for the FlexDirect interest when the time comes.

A FlexDirect is useful to keep when it reduces to 1% as it means you don't need to fund it monthly to open and keep a saver. There is no rule against opening a new 5% saver when one runs out. Though you'd need to continue the monthly £1,000 pay ins if you wanted to get 1% interest on up to £2,500 in the FlexDirect.

Sorry for the long post - feel free to ask if you need anything clarified further.

Thank you so much for this! I intend to go in today to ask about the student account so I'll ask about their saver as well. The regular saver sounds ideal to me! I've already moved all my money out of my savings into my regular account which is a higher rate. Thank you for this, I really appreciate it

Kim_13

WibblyGirly wrote: »

Thank you so much for this! I intend to go in today to ask about the student account so I'll ask about their saver as well. The regular saver sounds ideal to me! I've already moved all my money out of my savings into my regular account which is a higher rate. Thank you for this, I really appreciate it

You're welcome.

Forgot to add that the interest on the Flexclusive Regular Saver is paid on the maturity of the account, as is the case with most Regular Savers.

WibblyGirly

Kim_13 wrote: »

You're welcome.

Forgot to add that the interest on the Flexclusive Regular Saver is paid on the maturity of the account, as is the case with most Regular Savers.

I won't be touching anything that goes in it! It'll replace my help to buy savings account as this has better interest.
I couldn't get the student account as my course doesn't have long left. I've opened the standard one to access the saver one. When I'm working I'll open the flex direct for 5%, didn't want to do it too soon and not benefit the full amount.

Thank you so much! :j

binaryuniverse

WibblyGirly wrote: »

I won't be touching anything that goes in it! It'll replace my help to buy savings account as this has better interest.

If you're saving towards buying a house, just remember that the bonus, a Help To Buy ISA (or Lifetime ISA) gives you, will dwarf any interest rate you can get. You may be better off putting the money in to those still.

ValiantSon

mgdavid wrote: »

exactly which word or words do you think were rude? The pointers are good advice for the future. One shudders to think what else the OP doesn't know that could be to their enormous detriment in adulthood. As far as I remember I understood simple and compound interest from about the age of 15 through a combination of school and parents, having been earning money and having a PO savings account from about 12.

The whole tone of post was rude and condescending.

You may well have understood these things when you were still a child - congratulations - but not everyone does and it is so much better to politely explain, rather than make snide condescending remarks. The post in question did nothing to improve the OP's understanding, but instead just mocked them.

WibblyGirly

binaryuniverse wrote: »

If you're saving towards buying a house, just remember that the bonus, a Help To Buy ISA (or Lifetime ISA) gives you, will dwarf any interest rate you can get. You may be better off putting the money in to those still.

I'm in the process of transferring the Help to buy ISA into a LISA and adding the extra £4000 before the cut off for the 25% bonus on both parts I plan to save into the 5% account for the year, collect the interest then move that to the LISA before the end of the tax year and top up with savings from elsewhere with a better rate.

binaryuniverse

Excellent. That's exactly how I'm doing it. Stuff the cash in high interest savings, then move £4000 in to the LISA, before the end of the tax year. Best of luck. :beer:

mgdavid

ValiantSon wrote: »

The whole tone of post was rude and condescending.

.........

only in the opinion of 'some bloke on the internet'.
Not in the opinion of 'some other bloke on the internet'.
Alternative views are available....