Nationwide to axe 5% regular savings account on Friday

ScoobyZ

Closed two yesterday before 10am (due to mature on 11th April) opened 2 new ones before 8am today.

hostertlady

fun4everyone wrote: »

I have 11 and I consider myself small time compared to some on the regular saver thread :money:.

blimey! where?? i'm stumped looking,,( well for the best rates actually)
most of my cash is in the 123 Santander,, I have good interest rate there as I have a good balance...

Neil_Jones

hostertlady wrote: »

blimey! where?? i'm stumped looking,,( well for the best rates actually)
most of my cash is in the 123 Santander,, I have good interest rate there as I have a good balance...

Where you store your money is up to you but I would respectfully suggest that you look into the "true" rate of the 123 account because you may be surprised.

colsten

hostertlady wrote: »

blimey! where?? i'm stumped looking,,( well for the best rates actually)
most of my cash is in the 123 Santander,, I have good interest rate there as I have a good balance...

The 123 is anything but a 'good' interest rate as you pay £5 a month for the privilege of a 1.5% interest rate - a rate you can get without any fee elsewhere in instant access accounts. Even if you manage to get £5 cashback each month, it's still a bad deal, as you would get that £5 regardless, and you can get it in a 123 Lite for £1 a month.

11 or more regular saver accounts can easily be accumulated if you have a need for it. For starters, you could have several Virgin ones at any one point in time. Although this is now only feasible if you live within easy access of a Virgin branch as they no longer offer online applications. Then you have FD, M&S, HSBC, Nationwide, Club Lloyds, a normal LLoyds RS, Halifax, BOS, Monmouthshire, YBS, Scottish Building Society, Chorley BS, Principality BS, TSB, and some local ones depending on where you live, such as KRBS. I presume you have seen the Regular Saver thread, which lists all of them?

stehouk

who is going to next to pull the plug on the 5% regular savers ?nationwide gone, santander gone, tesco 3% going, halifax dropped reward £2, leeds bs dropped from 3.5% just when i got in, there seems to be a pattern forming..........when i get in they stop.......i recently got in first direct, watch this space doh!

badger09

stehouk wrote: »

who is going to next to pull the plug on the 5% regular savers ?nationwide gone, santander gone, tesco 3% going, halifax dropped reward £2, leeds bs dropped from 3.5% just when i got in, there seems to be a pattern forming..........when i get in they stop.......i recently got in first direct, watch this space doh!

At least we now know who to blame:p

KiKi

Can I transfer directly into a new Nationwide Reg Saver from a different bank? I ask because on my old Nationwide Reg Saver I was transferring to my Flex Direct account, then internal transferring to the Reg Saver.

However, I can't see a requirement for an internal transfer - so I'm wondering why I set it up like that previously! I don't want to miss out on interest because I'm transferring in a way that's not acceptable to them.

TIA
KiKi

KiKi

colsten wrote: »

The 123 is anything but a 'good' interest rate as you pay £5 a month for the privilege of a 1.5% interest rate - a rate you can get without any fee elsewhere in instant access accounts. Even if you manage to get £5 cashback each month, it's still a bad deal, as you would get that £5 regardless, and you can get it in a 123 Lite for £1 a month.

I hadn't thought about it like that - I get around £10 cashback, so I consider myself £5 up, but if I moved to Lite, then I'd be £9 up, and could put my savings into a 1.5% savings account elsewhere. Just to weigh up whether the £48 benefit is worth moving...

ScoobyZ

KiKi wrote: »

Can I transfer directly into a new Nationwide Reg Saver from a different bank? I ask because on my old Nationwide Reg Saver I was transferring to my Flex Direct account, then internal transferring to the Reg Saver.

However, I can't see a requirement for an internal transfer - so I'm wondering why I set it up like that previously! I don't want to miss out on interest because I'm transferring in a way that's not acceptable to them.

TIA
KiKi

I have just set this up. I sent the first 250 from Nationwide. All future payments are from a Llyods current account.

YorkshireBoy

KiKi wrote: »

I hadn't thought about it like that - I get around £10 cashback, so I consider myself £5 up, but if I moved to Lite, then I'd be £9 up, and could put my savings into a 1.5% savings account elsewhere. Just to weigh up whether the £48 benefit is worth moving...

10 minutes to set up the Marcus (or whatever) account online.
3 minutes to fund it from Santander.

13 minutes equates to an hourly rate of £221.53 - how does that compare with your day job?


Or, to put it another way, if you dropped a £50 note from your purse and a gust of wind blew it away, if you could see it throughout would you be prepared to chase it for 13 minutes until it came to rest?