Nationwide to axe 5% regular savings account on Friday

Wheres_My_Cashback

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

Did you set up the first one by phone perhaps as I believe at the time NW were stating/suggesting it comes from another NW account, but don't think that requirement has ever existed from memory. Don't have old T&Cs, but the latest make no mention of it being internal. Mine is an external transfer.

wiseonesomeofthetime

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 do exactly the same and have set up the same for the next 12 months, am interested in the answer.

My concern though is the variable factor of the latest offering when that was fixed in the one recently matured.

Is it worth it if is only to do a Santander and drop to 3% after a few months?!

colsten

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

Nationwide definitely pay interest if you fund your Regular Saver from an external account. I have done this for my previous one with them which has just matured, and there's nothing in the T&Cs that stipulates that the funding must be done by internal transfer.

colsten

wiseonesomeofthetime wrote: »

My concern though is the variable factor of the latest offering when that was fixed in the one recently matured.

IIRC, the rate on the Nationwide regular savers has always been variable.

wiseonesomeofthetime wrote: »

Is it worth it if is only to do a Santander and drop to 3% after a few months?!

Santander didn't drop the rate in mid-term. People got the full 5% AER on existing accounts. The new rate only applied to new accounts. It's obviously up to you what you do with your money, but why wouldn't you take a 5% AER rate for as long as you can still get it? (which is now less than 4 hours...)

KiKi

YorkshireBoy wrote: »

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?

Oh, I take your point, and I get the maths. But it's not £48 in 13 minutes right now - it's over a year so the comparison doesn't quite work for me (esp given that I'm on crutches so 13 mins chasing a £50 note would definitely be out of the question)! But you're right on the principle - £48 is £48, and add that to all my reg savers and saver bond interest bits, it all adds up. I've maxed out all the really good accounts!

KiKi

Wheres_My_Cashback wrote: »

Did you set up the first one by phone perhaps as I believe at the time NW were stating/suggesting it comes from another NW account, but don't think that requirement has ever existed from memory. Don't have old T&Cs, but the latest make no mention of it being internal. Mine is an external transfer.

No, def set it up online...it must either have been a requirement when I first set one up, or they strongly suggested I had to do it that way. I can't imagine why I'd do it otherwise, and I have a couple of other Reg Savers that require an SO from an internal bank account so may have thought it was necessary!

Thanks for confirming, though.

YorkshireBoy

colsten wrote: »

IIRC, the rate on the Nationwide regular savers has always been variable.

It has. I've just gone right back to the 2015/16 paperwork and each issue has been variable so far.

Wheres_My_Cashback

KiKi wrote: »

No, def set it up online...it must either have been a requirement when I first set one up, or they strongly suggested I had to do it that way. I can't imagine why I'd do it otherwise, and I have a couple of other Reg Savers that require an SO from an internal bank account so may have thought it was necessary!

Thanks for confirming, though.

AFAIK the only ones that stipulate internal are from the HSBC stable i.s HSBC, First Direct, M&S. Can't off the top of my head think of any others I have that require internal.

Maybe it's a little like the current a/c switching where many of the banks strongly suggest that you pay your monthly salary in to meet minimal deposit requirements, yet the reality is any deposit type will fulfil the requirement.

hostertlady

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.


see, I knew I was a rubbish moneysaver!!:(
i've just looked at the 123 lite, it says you don't earn any interest on any balances! so i'm just wondering whether to pop my balance over to my ISA in the new tax year?

Wheres_My_Cashback

hostertlady wrote: »

see, I knew I was a rubbish moneysaver!!:( im just wondering whether to pop it all over to my ISA in the new tax year?

Once you've deducted the £5 fee from your 123 monthly interest you're actually only earning about 1.20%, however you have to factor in the cashback from your DDs and of course your tax status to calculate whether it's actually worthwhile or not.