Why doesn't Nationwide allow me to upgrade Cashbuilder to Loyalty Saver?

Aaron3195

I have a cashbuilder savings account which I've had since around 13. As I've now been a loyal Nationwide member for 20+ years they never informed me about Loyalty Saver - I only found this out myself by browsing their savings webpage. I've also found Cashbuilder only pays a measly 0.10% interest, whereas Loyalty Saver has 1.10%.

My Flexaccount has an Upgrade button in the online bank, but never seen one appear for my cashbuilder account. If I applied for a Loyalty Saver online I'm not sure if it will keep the same account number and sort code as my Cashbuilder, as I do not want to be bothering with the hassle of informing companies that pay in money a change of account number. Does anyone know?

kuratowski

I used to have a nationwide loyalty saver, it didn't have a bank sort code at all, instead a building soc roll number, so on this basis I am fairly confident you would not keep your account number.

Anyway, if you take a look at the MSE Top Savings Accounts guide (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/) you will see that there are probably better options out there for you.

EarthBoy

Nationwide doesn't provide the facility to upgrade savings accounts, so no, you won't keep the same account no and sort code, they'll be different.

Terry_Towelling

Both the rates you have quoted for these two products are way below what you can get in many other places. However, if you really want to stay with Nationwide, and if the hassle of advising people of a change in accounts is too much to bear, why don't you just open up a Loyalty Saver and also keep your Cashbuilder? All you then have to do is transfer stuff from one to the other whenever you like.

xylophone

Have you ever had a Flexdirect current account?

Thomas_Crown

kuratowski wrote: »

I used to have a nationwide loyalty saver, it didn't have a bank sort code at all, instead a building soc roll number, so on this basis I am fairly confident you would not keep your account number.

Anyway, if you take a look at the MSE Top Savings Accounts guide (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/) you will see that there are probably better options out there for you.

To pay money in to a Nationwide Loyalty Saver account, you would use the following details:-

Sort Code: 07-00-93

Account No, 33333334

Ref: Your Account Number

alanq

Thomas_Crown wrote: »

To pay money in to a Nationwide Loyalty Saver account, you would use the following details:-
Sort Code: 07-00-93
Account No, 33333334
Ref: Your Account Number

Thanks. I had forgotten that. Link to Nationwide
https://www.nationwide.co.uk/support/support-articles/manage-your-account/savings-pay-money-in/savings-pay-money-into-savings-account#xtab:twistyitem5-loyalty-saver

Aaron3195

xylophone wrote: »

Have you ever had a Flexdirect current account?

No I haven't. 5% interest is nice, but I'm unsure how to put in £1k income a month to take advantage of it. One of my benefits goes into the cashbuilder so would transferring some of it to FlexDirect every month count as income? Also a lot of the income would have to be paid out again for bills, rent etc.

Terry_Towelling wrote: »

Both the rates you have quoted for these two products are way below what you can get in many other places. However, if you really want to stay with Nationwide, and if the hassle of advising people of a change in accounts is too much to bear, why don't you just open up a Loyalty Saver and also keep your Cashbuilder? All you then have to do is transfer stuff from one to the other whenever you like.

I may do that instead.

Thanks all for replies

djpailo

Aaron3195 wrote: »

No I haven't. 5% interest is nice, but I'm unsure how to put in £1k income a month to take advantage of it. One of my benefits goes into the cashbuilder so would transferring some of it to FlexDirect every month count as income? Also a lot of the income would have to be paid out again for bills, rent etc.



I may that instead.

Thanks all for replies

The only requirement is you pay in a total of £1000 or more into the account. It doesn't state anywhere that there has to be a minimum single payment of exactly £1000 or higher.