Nationwide savings account

dai_bach

Hi all,

Just looking at the nationwide 5% offer and wanted to check something with those of you in the know. I did search the forum but couldn't see the answer.

It says you need to pay in £1k per month to get the interest. Would it work if I opened the account with £2.5k, then each month transfer in £1k and instantly send it back out? Sorry if this is an obvious question, but it seems too easy?

Cheers.

oscarward

dai_bach wrote: »

Hi all,

Just looking at the nationwide 5% offer and wanted to check something with those of you in the know. I did search the forum but couldn't see the answer.

It says you need to pay in £1k per month to get the interest. Would it work if I opened the account with £2.5k, then each month transfer in £1k and instantly send it back out? Sorry if this is an obvious question, but it seems too easy?

Cheers.

Yes you could do that, but is it worth the hassle for £80 ish per year?

YorkshireBoy

oscarward wrote: »

Yes you could do that, but is it worth the hassle for £80 ish per year?

It's £122.25 for one year only.

dai_bach

Thanks for the replies.

Doesn't seem like much hassle to me to spend a couple of minutes a month to move some money around, but you can of course disagree with me!

Can I ask you what you would do with it then? I need it to be instant access for the moment and 5% for 12 months seems like a good deal?

colsten

dai_bach wrote: »

Doesn't seem like much hassle to me to spend a couple of minutes a month to move some money around, but you can of course disagree with me!

Many of those of us who have been doing this sort of thing for years do it all with SOs.

dai_bach wrote: »

Can I ask you what you would do with it then?

Do with what, and when?

soulsaver

dai_bach wrote: »

Thanks for the replies.

Can I ask you what you would do with it then? I need it to be instant access for the moment and 5% for 12 months seems like a good deal?

For £2.5K its 5% rate is currently the best FSCS protected deposit deal you can get..
And if you're married you can have one each & a joint I believe, but this has been disputed previously. Still.. nothing to lose by trying if you have the funds.

dai_bach

colsten wrote: »

Many of those of us who have been doing this sort of thing for years do it all with SOs.

Do with what, and when?

Hadn't thought of SO - cheers, that will make it no hassle at all!

Sorry I was responding to Oscar and didn't quote him. He said is it worth the 'hassle' for £80 a year. So I was just wondering if I had missed a better deal somewhere else..

bhjm

please be aware - the money 1000 per calendar month has to come from a NON-Nationwide account

badger09

And, just for clarity, the account to which OP refers - Nationwide's FlexDirect, is a current account - not a savings account.

Nationwide do however also have a savings account Flex Regular Online Saver, max £250 per month deposit, paying 5%.

MABLE

oscarward wrote: »

Yes you could do that, but is it worth the hassle for £80 ish per year?

Most certainly is when you have to do very little to get it.

[Deleted User]

I would say it was worth it considering you can just do the transfers online in a couple of minutes.

Or like someone else said you can set up a standing order to do it.

D