Nationwide to axe 5% regular savings account on Friday

Frogletina

vernall wrote: »

Can someone who is good at working out interest work this out because I get it to a different figure to what Nationwide do lol

I opened my new RS on 16/9 (after my old one matured) with £250 and then have placed £250 in this account on the 1st of every month right up to 1/4. My balance is now £2000. Upon looking at closing it gives me a balance of £2029.28 so £29.28 in interest. Shouldn't it be more around the £45 mark?

No - the average amount in your account over this time is £1000. The interest rate is 5%, so 7 months at 5% is £29.17 - your interest is just a touch over.

frogletina

vernall

Frogletina wrote: »

No - the average amount in your account over this time is £1000. The interest rate is 5%, so 7 months at 5% is £29.17 - your interest is just a touch over.

frogletina

Thank you very much

Reed_Richards

Gers wrote: »

Got it done this morning.

Me too. Closed old Regular Saver on 3rd April, opened new one on 4th April.

Grateful thanks to ColdIron for posting the warning.

Bobblehat

Thanks Coldiron … closed one maturing on 20/04 before 10am yesterday, got email confirming closure 8am today and successfully opened new one this morning before 10am. Many thanks.

Redeegan

There is still time. Close it today, open a new one tomorrow. Can all be done on line. I closed mine at 11:49 yesterday morning (due to run to 02/12). They calculated my interest and sent what I’d saved since December plus interest straight to my nominated account. I opened a new one this morning. I only get an extra 4 months, you have the opportunity to get an extra11.87 months! Yay!

However

Can you have more than one??
The rule is shown at https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits:

Clear as mud, because yes you can have more than one. We have - one RegSave in name of one Joint Account Holder; a second RegSave in name of other Joint Account Holder. Although whether that's because we have two Joint Current Accounts couldn't say. Don't think N/W quite intended that, but ever since it started, we have taken out two RegSaves when the previous ones finished.

reub075

Likewise here, thanks to ColdIron and the other contributors who flagged up the imminent closure of new applications for this regular saver, and explaining how to extend this for 12 months, and the helpful advice for those unsure of the pros and cons of doing so.


I closed my existing Regular Saver yesterday at around 9am.
Closing balance transferred to FlexDirect within minutes.
Unable to open a new RS yesterday.
Got RS closure confirmation email at 08:15 today.
Successfully opened new RS this morning at 08:50 and made initial max deposit immediately.
Received welcome email for new RS soon afterwards.


Hopefully Nationwide will maintain the current rate of interest for the RS for the full 12 months.
The pool of available higher interest RS products seems to be dwlinding, with Santander reducing their headline product rate from 5% to 3%, Nationwide discontinuing theirs.
I think this just leaves the HSBC stable of brands - HSBC, First Direct, M&S.


I have the first two of these, but I don't seem to fit M&S Bank's customer profile, and now their current account needs 4 DDs to get the switch incentive, but just 2 DDs for access to the Monthly Saver.

badger09

hostertlady wrote: »

if we have a joint nationwide account, can we have a 5% regular saver each? i've done mine already..( closed previous one yesterday at 2pm and opened new one today at 8.30am)

Yes you can both have one. Tell your other half to get a move on though:p

eskbanker

However wrote: »

Clear as mud, because yes you can have more than one. We have - one RegSave in name of one Joint Account Holder; a second RegSave in name of other Joint Account Holder. Although whether that's because we have two Joint Current Accounts couldn't say. Don't think N/W quite intended that, but ever since it started, we have taken out two RegSaves when the previous ones finished.

So each of you only has one regular saver in your own name then? I don't see that contradicting their statements on the subject....

veryintrigued

badger09 wrote: »

Yes you can both have one. Tell your other half to get a move on though:p

Isn't that against the T&C?

Myself and OH have both closed and re-opened individual accounts in the past 24hours but don't have a joint one.

Please note:

you can only be the first named account holder of one Flexclusive Regular Saver 2 or be an account holder of one Flex Regular Online Saver account at any one time, which can be held in either sole or joint names
there can be a maximum of two joint account holders. Only one account holder needs to be a member with a main current account.