Nationwide to axe 5% regular savings account on Friday

[Deleted User]

I opened mine in February, I have another 10 months!

BakingC

Damn did my switches in the wrong order. Should have gone to Nationwide last year instead of HSBC

2010

If you paid in the max each month(£250) how much would the interest be after the year is up?

ColdIron

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

MoneyMate

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:

mhoc

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

schiff

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."

1882

On the other hand, people like myself are much much more likely to switch current accounts as this was a major incentive to stay!

roddydogs

Yes they still continue throwing £200 a pop to refer a friend! No wonder they have to cut back.

colsten

KeepOnKnitting wrote: »

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.