The Top Easy Access Savings Discussion Area

RG2015

I really don't see the problem. Savings accounts come in several flavours, but once you decide upon how quickly access is required, all that remains is rate.

2.50% is higher than 1.50% so despite the limitations, it is a better option (with a prize draw thrown in as a bonus). 

Nick_C

Molehusband said:

soulsaver said:

In MSE terms, this is a 'regular saver' and features in that dedicated thread.
Regular Savings Accounts: The Best Currently Available List! - Page 485 — MoneySavingExpert Forum

To me this is not a Regular Saver because:

1 You can pay in whatever you want each month from £0 to £50, whereas with a standard Regular Saver you normally have to pay in the same amount each month and cannot miss a month.

2 With the Nationwide account you can withdraw at any amount (up to your balance) at any time. With a standard Regular Saver you can't do that - withdrawals only available at the end of the period (normally 1 year).

3 Subject to some T&Cs you can participate in a prize draw for up to £250. I've never come across a standard Regular Saver which offers that.

I consider the Nationwide account an Easy Access account for the above reasons.

And to me the Nationwide account is definitely a Regular Saver.

The features that you describe above apply to some Regular Savings Accounts.

Santander for example.

"There is no minimum monthly deposit. You can save up to a maximum of £200 each month for 12 months by standing order from your Santander current account."

"withdrawals can be made at any time"

https://www.santander.co.uk/personal/savings-and-investments/savings/regular-esaver

As for the prize draw, you've obviously never come across the Halifax Regular Saver.  

"Qualifying account for the Halifax Savers Prize Draw."

https://www.halifax.co.uk/savings/fixed-term/regular-saver.html

I consider the Nationwide Start to Save account to be a regular saver for the above reasons, and the best place to discuss it is the thread for regular savers.  

It is a Regular Saver that, like many others, gives you easy access to your money should you need it.

To quote from Nationwide themselves, "This regular saving account is designed to get you into saving. Put away money regularly and we'll enter you into our £250 prize draw."

https://www.nationwide.co.uk/savings/start-to-save/

mlc2009

It took quite a few weeks after the last Boe announcement for banks to increase the rates if I recall 

RG2015

mlc2009 said:

It took quite a few weeks after the last Boe announcement for banks to increase the rates if I recall 

Some announced increases to their mortgage rates much quicker  .

Malchester

Olinda99 said:

Let me get this right Nationwide - you are allowing us to pay in £50 a month so £600pa You can get 1.5% anyway but here you get 2.5% so that's an extra 1% ie £6 a year on £600 but because you pay in monthly the average is only about £300 so an extra £3 a year? 

You can repeat the second year with the £600 still there so second year you get £6 pus £3 again ie £9 (by which time interest rates everywhere will be 2.5% at least)

Where's the catch?

Total waste of time. It's a definite NO from me 

Consumerist

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

Zerforax

Interest rates just starting to climb when we've finally found a house and will be withdrawing from all the savings accounts soon. FML

Molehusband

Consumerist said:

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

I got a similar email except that mine had a small difference saying that the rate increases will be on most of their variables. When I had a similar message from them last month about increases from 1 June, the new rates topped most of the rates across the market. So I'm optimistic for 1 July.

One advantage they offer over many other providers is that when rates change I do not have to go through the hassle of closing old and opening a new account.

SJMALBA

Consumerist said:

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

Also (limited) info.here:

https://www.coventrybuildingsociety.co.uk/member/help/member-support/bank-of-england-base-rate.html

Consumerist

Molehusband said:

I got a similar email except that mine had a small difference saying that the rate increases will be on most of their variables. . .

I stand corrected.