Nationwide to axe 5% regular savings account on Friday

KTF

Shame its been pulled but given the rate over the term is nearer 2.5% and mine has 7 months to go I am just going to let it run and transfer it into a S&S ISA instead.

I only consider the ones above 3% now as that is effectively 1.5% over the term and you can get that from Marcus without restrictions each month.

roddydogs

Deleted_User wrote: »

I am puzzled why Nationwide gave enough notice of the withdrawal of the 5% Regular Saver to allow existing accounts to be closed and replaced with new ones. They surely must have been alive to this trick. As far as I understand they could just have withdrawn the account to new applications without giving notice.

I closed mine yesterday, it was due to mature on 12 May and had £3000 in it. Got £68.60 interest, with £3,068.60 immediately transferred to my FlexAccount current account. Have opened a new RS today and transferred £250 in.

Yet your ok to use the loophole?

castle96

Have closed existing Reg Saver, but 'it' won't let me open a new one "yet" Will try again tomorrow. Also opended a new Flex Direct £2500/5% jobbie. Forgot I didn't already have one. (Why are all these a/cs so closely named.. Flex... ) confusing

[Deleted User]

Yes, happy to use any legal loopholes. Just don't understand why NW leave it open.

SpanishBlue

Just shut mine (it only had 3 weeks left to mature).


Hopefully I can open a new one before Friday evening, but if not, or they reduce the interest rate in the coming months, then I havn't lost much.

BigBlueSky

SpanishBlue wrote: »

Hopefully I can open a new one before Friday evening, but if not, or they reduce the interest rate in the coming months, then I havn't lost much.

But they could have reduced the interest rate on the current ones anyway, so worth doing.

colsten

KTF wrote: »

Shame its been pulled but given the rate over the term is nearer 2.5% .....

Oh not again. This has been discussed dozens of times.The rate is not nearer 2.5%. The rate is bang on 5% (variable).

fun4everyone

KTF wrote: »

Shame its been pulled but given the rate over the term is nearer 2.5%....

KTF

colsten wrote: »

Oh not again. This has been discussed dozens of times.The rate is not nearer 2.5%. The rate is bang on 5% (variable).

"The estimated balance after 12 months based on 12 monthly deposits of £250 with an interest rate of 5.00% AER/ gross p.a. (variable) would be £3,081.25."

3000 + 2.7% = £3081.

veryintrigued

KTF wrote: »

"The estimated balance after 12 months based on 12 monthly deposits of £250 with an interest rate of 5.00% AER/ gross p.a. (variable) would be £3,081.25."

3000 + 2.7% = £3081.

Oh dear.....