Bank tart

papple77

Hi
Have a nationwide current account started May 17. The introductory offer of 5% paid monthly is due to end May 18. I recently in the last two months started one of their regular savings accounts (again 5% for 12 months )

My question is if I do tart to another bank this May will I loose the regular saving rate with them as I’ve “jumped ship” from their current accoint ?

Cheers in advance

northwalesd

papple77 wrote: »

Hi
Have a nationwide current account started May 17. The introductory offer of 5% paid monthly is due to end May 18. I recently in the last two months started one of their regular savings accounts (again 5% for 12 months )

My question is if I do tart to another bank this May will I loose the regular saving rate with them as I’ve “jumped ship” from their current accoint ?

Cheers in advance

From the T&Cs for the Flexclusive Regular Saver 2 account (paying 5%)

You need to be 18 or over and have your main current account with us. This means you must either:

hold a FlexOne, FlexStudent, FlexDirect or FlexPlus account
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.

So yes, you'll lose the attractive 5% benefit.

AndyPK

Yes, its best to keep the current account with them.

You can open another account and switch it to be a tart

AndyPK

you don't actually need to pay money in / though the current account though, unless you want to get the 1% on the current account.

papple77

Thanks for the answers all

papple77

AndyPK wrote: »

you don't actually need to pay money in / though the current account though, unless you want to get the 1% on the current account.

Don’t understand this. Could you explain more please ?

badger09

papple77 wrote: »

Don’t understand this. Could you explain more please ?

To get 5% on your Flexdirect current account, you're obviously funding it with £1k per month. After the 5% interest period ends there is no need to continue with the £1k pm if you're only keeping the account so you qualify for the 5% regular saver.

However, if you do continue with the £1k pm, you'll earn 1% on your balance.