Nationwide to axe 5% regular savings account on Friday

EarthBoy

Wheres_My_Cashback wrote: »

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..

Also TSB: "You must set up a monthly standing order between £25 and up to £250 from a TSB current account."

Whether they actually enforce this, I don't know.

Wheres_My_Cashback

EarthBoy wrote: »

Also TSB: "You must set up a monthly standing order between £25 and up to £250 from a TSB current account."

Whether they actually enforce this, I don't know.

My TSB RS since 2014? has been funded from Lloyds and never had any issue.

schiff

I've always found it useful to have the RS £250 come out of the £750 I deposit each month.

hostertlady

Wheres_My_Cashback wrote: »

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.

I always get back more than what I pay for the account fee, with my direct debits...
my interest is usually between £22 and £25 a month...
I don't think that's bad but like I say, I am open to being a better money saver!!:)

YorkshireBoy

Wheres_My_Cashback wrote: »

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.

You don't have Santander?

wiseonesomeofthetime

colsten wrote: »

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

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...)

Don't mistake my posts for ones of ignoring a good rate.

I got mine on 3 April as soon as I heard about it :beer:

wiseonesomeofthetime

colsten wrote: »

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

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...)

You are right. My mistake. Well, they held their rate on previous two I had so

It was my First Direct that was fixed, however, any withdrawal from that account mid-term kills the interest rate, hence it is worth the risk with Nationwide.

faddy

vixen1500 wrote: »

This is slightly of the main thread, but if/when the interest rate drops it makes sense to just close the current account. But I also have their select credit card, which used to pay cashback, does anyone know if you still get cashback as I can't see any mention of it on their website any more?

Thanks in advance

Yep, 0.25%

EarthBoy

Wheres_My_Cashback wrote: »

My TSB RS since 2014? has been funded from Lloyds and never had any issue.

They aren't the only only bank where the rules say one thing and practice another. Halifax has a rule that you can only make one payment a month into their regular savings account, but that didn't stop me making several monthly payments a few years ago. Halifax's rules also state that you can only have one Reward current account per person in your sole name. However, I easily managed to open a second one in my sole name just before Christmas.

EarthBoy

vixen1500 wrote: »

This is slightly of the main thread, but if/when the interest rate drops it makes sense to just close the current account. But I also have their select credit card, which used to pay cashback, does anyone know if you still get cashback as I can't see any mention of it on their website any more?

Thanks in advance

faddy wrote: »

Yep, 0.25%

Existing customers only, which will be why it's no longer mentioned on their website. The cashback was removed for new customers some time ago.