Nationwide to axe 5% regular savings account on Friday

david72

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.
KiKi

Previous editions of the regular saver accounts had internal account numbers and could only be funded from Nationwide current accounts. However, I noticed that when I opened my latest regular saver in February 2019 that it got a standard BACS sort code and account number, so I would guess that it could be funded from elsewhere (which did seem a bit odd to me at the time as I thought that these accounts were supposed to be loyalty accounts for Nationwide current account holders.)

schiff

Who would have thought in early February 1971 that the cost of a first-class stamp would eventually become 14 old shillings. Financial companies seem to pay no heed to the cost of postage, sending out stuff willy-nilly that has been dealt with online. I've had three separate letters this morning, all about the closure of my existing RS with Nationwide and the opening of the new one!

It doesn't seem that snail mail will ever die, at least not in certain places.

YorkshireBoy

david72 wrote: »

Previous editions of the regular saver accounts had internal account numbers and could only be funded from Nationwide current accounts.

That's not correct. All have been able to be funded externally. Sort code and collection account numbers were on their website. Lots of discussion on here at first launch.

colsten

_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.

I would suggest this is a personal choice rather than a rule.

Some people may have upgraded a long-standing FlexAccount account to a FlexDirect. For them, it might make sense to keep the account for the loyalty years.

Others might keep the account as a spare for any future switch offers.

A dormant FlexDirect is free of charge, so for many people there won't be a compelling reason the close it.

Wheres_My_Cashback

YorkshireBoy wrote: »

You don't have Santander?

Another one I forgot which was due to mature today but being a weekend isn't showing as such, nor has the additional £200 been transferred to the new one so no doubt that will take place in the early hours of Mon morning, well I hope it will.

Wheres_My_Cashback

EarthBoy wrote: »

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.

I think Halifax are known for letting extra accounts slip through the net. I still have 4 x sole name reward accounts, albeit a few years old now, but they're hardly worth keeping nowadays for just £2.

latinaid

2010 wrote: »

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

Mine matured today and I got £83.12 interest. I used to pay in on the 1st of each month.

polymaff

latinaid wrote: »

Mine matured today and I got £83.12 interest. I used to pay in on the 1st of each month.

Managed £92.61 on a "pushed payments" account opened 28/1/18

vixen1500

colsten wrote: »

I would suggest this is a personal choice rather than a rule.

Some people may have upgraded a long-standing FlexAccount account to a FlexDirect. For them, it might make sense to keep the account for the loyalty years.

Others might keep the account as a spare for any future switch offers.

A dormant FlexDirect is free of charge, so for many people there won't be a compelling reason the close it.

Well if they change the rate before June could swop to santander - more Amazon vouchers, planning on swopping my Tesco current accounts in May :T

Geordiejeans

Thank you; I struggle to find any savings account with Nationwide that's remotely competitive now.