Nationwide to axe 5% regular savings account on Friday

edited 30 November -1 at 1:00AM in Savings & Investments
256 replies 31.2K views
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  • patient_investorpatient_investor Forumite
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    I opened mine in February, I have another 10 months!
    Debt & mortgage free since 2011  |  Financial independence since 2017
  • BakingCBakingC Forumite
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    Damn did my switches in the wrong order. Should have gone to Nationwide last year instead of HSBC
  • 20102010 Forumite
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    If you paid in the max each month(£250) how much would the interest be after the year is up?
  • ColdIronColdIron Forumite
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    2010 wrote: »
    If you paid in the max each month(£250) how much would the interest be after the year is up?
    If you had read the article you would see that:
    • The account currently pays 5% AER variable interest and allows you to save up to £250 each month – meaning you can earn up to £80.64 interest a year (assuming you don't pay tax on your savings).
    But this will vary depending upon when in the month you opened the account and the interest rate is variable

    Lots of information on Nationwide products at the Nationwide web site
    https://www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits
  • MoneyMateMoneyMate Forumite
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    ctdctd wrote: »
    I've just closed my current one that matures this month.
    I'm hoping the system will let me open a new one before Friday!
    Should be able to open a new one within 48 Hrs after closing :beer:
    There are more questions than answers :shhh: :silenced:
    WARNING ! May go silent for unfriendly replies
    Please excuse me Spell it MOST times :o
    :)
    :A UK Resident :A
  • mhocmhoc Forumite
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    I've closed both of ours today - it can all be done online - look for other services on the left hand margin. The accounts get closed straight away and the balance goes to your current account. I should think you could do this over the phone if its easier - might be worth a try

    0800 302011

    OHs was near maturity so he had £80 in interest and mine which was a few months had £10 interest.

    Wednesday we open new accounts so at least we have 5% interest until April 2020
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
  • schiffschiff Forumite
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    I find this an interesting and valid view and can understand their action:

    "The regular savings account was launched to help members new to saving get into the savings habit. However, the significant majority (86%) are opened by existing savers and, on average, members with the account have around £20,000 saved with Nationwide in other accounts."
  • 18821882 Forumite
    436 Posts
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    On the other hand, people like myself are much much more likely to switch current accounts as this was a major incentive to stay!
  • roddydogsroddydogs Forumite
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    Yes they still continue throwing £200 a pop to refer a friend! No wonder they have to cut back.
  • colstencolsten Forumite
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    As per msallen, bu99er. Just switched to Nationwide in the hopes of one day being eligible for a nice 5% saver. The lesson here is: Don't wreck your credit rating kids.
    You don't wreck your credit rating by opening a current account.
    BakingC wrote: »
    Damn did my switches in the wrong order. Should have gone to Nationwide last year instead of HSBC
    You can still avail yourself of a 5% Regular Saver at Nationwide. Just open a FlexDirect account today, and then the RS tomorrow or Thursday. Unless they withdraw their current Refer A Friend offer, you will also still qualify for that one at a later stage.
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