nationwide regular saver

gele

I have recently opened a joint flex direct [following good advise in a previous post] and have added a regular saver to it. I am the 1st named account holder. Does this mean I cannot have a regular saver on a sole account if I were to open one? I am now thinking that I read somewhere on here that I can only hold one.

alanq

gele wrote: »

I am now thinking that I read somewhere on here that I can only hold one.

In the Ts&Cs perhaps?
https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/flexclusive-regular-saver-terms-and-conditions

Alexland

You cannot be named on more than one 5% Regular Saver so (as a couple) you could have a joint one OR two single ones. You can be named on multiple Flex Directs so (again as a couple) you can have a joint one AND two single ones.

gele

Thanks for a very clear reply. Only 1 of us [we're acouple] has a sole account and we have a joint, so just 1 regular saver with Nationwide then. That's ok.

youngretired

If you opened the regular saver and funded the initial deposit from the joint account then yes you can only have the 1 regular saver. However if you funded the initial deposit from a sole account held elsewhere then you both could hold a regular saver each (soles) as the regular saver mimics the account that the deposit came from. Though you can only have 1 account in your name either joint or sole as mentioned before.

Alexland

youngretired wrote: »

If you opened the regular saver and funded the initial deposit from the joint account then yes you can only have the 1 regular saver. However if you funded the initial deposit from a sole account held elsewhere then you both could hold a regular saver each (soles) as the regular saver mimics the account that the deposit came from. Though you can only have 1 account in your name either joint or sole as mentioned before.

It's not the funding source but seems to be if you have any other sole accounts with Nationwide. When renewing my RS this month I managed to open it in my sole name despite our only current account being in joint names. I had the old matured RS open (new product name with a zero balance) which was in sole name (we had already transferred the sole current accounts to Natwest for the switch offer). Once the new RS was open I closed the old matured RS account.

Alex.

youngretired

No it's from the funding source. So if you applied for the account out of your online banking and you funded it from an account elsewhere (as no requirement to be funded from a Nationwide account) then it would mimic the account name on that account. You only need to hold a Flex either sole or joint to entitle you to the regular saver. So long as the initial deposit is from a sole account then both parties can have one, you then can fund the remaining months via the joint account.

youngretired

I think if you apply during online banking then it may ask you to fund from internally (I've always done this as choose the close option on maturing one) but if applied out of your online account then you can fund from anywhere.

Alexland

youngretired wrote: »

I think if you apply during online banking then it may ask you to fund from internally (I've always done this as choose the close option on maturing one) but if applied out of your online account then you can fund from anywhere.

Yes I applied for the RS outside online banking and funded from our joint flex direct and it opened in my name only. We will do the same when my wife renews her RS later in the year.

planteria

summed up perfectly by Alexland.
i was disappointed that they reduced the max monthly contribution from £500 to £250/m:(.

cloud_dog

Alexland wrote: »

Yes I applied for the RS outside online banking and funded from our joint flex direct and it opened in my name only. We will do the same when my wife renews her RS later in the year.

Pretty much as Alexland said, you simply sign up to it as a non-online banker (if that makes sense), and then complete the process. We did the same last year as I am a HRT payer and wanted the RS in the OH name, even though my name is first on the NW account.