Nationwide to axe 5% regular savings account on Friday

eskbanker

veryintrigued wrote: »

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.

I don't see anything in that wording that suggests that both holders of a joint current account can't each have a sole regular saver?

masonic

eskbanker wrote: »

I don't see anything in that wording that suggests that both holders of a joint current account can't each have a sole regular saver?

It depends on the definition of "first named account holder".

eskbanker

masonic wrote: »

It depends on the definition of "first named account holder".

Still not sure how to be honest - the first bit relates only to Flexclusive Regular Saver 2 so if anyone has one of those then that could complicate matters, but in the specific context of people holding the 5% Flex Regular Online Savers that this thread is all about then the wording effectively becomes:

you can only [STRIKE]be the first named account holder of one Flexclusive Regular Saver 2 or[/STRIKE] 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

gingercordial

Husband and I have had one each for several goes despite (at this point) only having one joint Nationwide current account between us.

If anyone is struggling to make it work, the trick is that the RS account will take the account holder name of the account that is nominated as funding it during the application process. Therefore when it asks you to choose how you are going to make your first deposit, selecting a joint current account will put it into dual names in which case you would be limited to one between you.

If you each have your own sole current account too, each choose that as the funding source and it should work.

If you don't, on closure of your previous RS you should have some sort of easy access savings account in online banking or you could quickly open a new one in your own name. Put £250 into this and use this as the source of the first month, ie this does not have to be a current account. As long as it is in your sole name this will work to open a new RS in your sole name.

You don't have to use this nominated account for anything else in the future, just fund the RS as normal from wherever you like going forward. It only matters during the online application/set up.

SpanishBlue

I'm another one who owes ColdIron a beer :beer:, Thanks ColdIron.

Old account shut yesterday lunchtime, new account opened and funded just now, 24 hours later.

For anyone who is not sure whether it's worth their while closing and opening a new account - if you start the process of closing your account, you are are told the exact amount of interest you will get before you confirm you want to close your account, so you can change your mind if the interest is not what you could better by closing and opening a new account.

veryintrigued

eskbanker wrote: »

I don't see anything in that wording that suggests that both holders of a joint current account can't each have a sole regular saver?

Cross purposes here I think.

My question was regarding two of us - both with current accounts and both with individual newly opened up 5% Regular Savers.

We have no joint current account but don't the T&C's stop us from having a joint 5% RS in addition?

polymaff

• you can only 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

Which I take to mean a couple can have individual FROS accounts or one joint FROS account - but not both.

colsten

SpanishBlue wrote: »

I'm another one who owes ColdIron a beer :beer:, Thanks ColdIron.

At this rate, we'll have to crowdfund a stay in a Detox Clinic for Coldiron :beer:

badger09

veryintrigued wrote: »

Cross purposes here I think.

Yes, I think you are

veryintrigued wrote: »

My question was regarding two of us - both with current accounts and both with individual newly opened up 5% Regular Savers.

That's not how I read your question

veryintrigued wrote: »

We have no joint current account but don't the T&C's stop us from having a joint 5% RS in addition?

Yes they do.

However, I don't understand how you inferred that that was what I was suggesting in my post which you quoted:cool:.

badger09

colsten wrote: »

At this rate, we'll have to crowdfund a stay in a Detox Clinic for Coldiron :beer:

But we'll be able to afford it from the extra interest we're generating by extending our accounts:T