Nationwide to axe 5% regular savings account on Friday

polymaff

Geordiejeans wrote: »

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

Welcome to the reality of the UK economy.

Snapdragon

colsten wrote: »

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

My first year on the current account finishes shortly so the 5% reduces to 1%. My regular saver matures next month and now can't be renewed.
There aren't any decent switches at the moment but I wasn't aware I could just keep the account until there are. I assumed I'd have to close it or keep having money going in and out every month to meet the rules, but I'm guessing those just applied during the year long intro period.

Have I understood your comment correctly; I could stop the SO into the account which was the £1000 a month needed for 'in credit interest'. Move the £2500 I had attracting 5% in the FlexDirect plus the maturing saver money elsewhere, just leaving say £1, and there would be no charges or any other requirements? So it could just sit there until such time as a decent switching offer comes up?:cool:

xylophone

Have I understood your comment correctly; I could stop the SO into the account which was the £1000 a month needed for 'in credit interest'. Move the £2500 I had attracting 5% in the FlexDirect plus the maturing saver money elsewhere, just leaving say £1, and there would be no charges or any other requirements? So it could just sit there until such time as a decent switching offer comes up

Yes, you could do this.

masonic

Snapdragon wrote: »

There aren't any decent switches at the moment

What about Santander?

Have I understood your comment correctly; I could stop the SO into the account which was the £1000 a month needed for 'in credit interest'. Move the £2500 I had attracting 5% in the FlexDirect plus the maturing saver money elsewhere, just leaving say £1, and there would be no charges or any other requirements? So it could just sit there until such time as a decent switching offer comes up?:cool:

My FlexDirect has sat with a zero balance for several months since I lost the 5% (well, £250 has moved through it per month to fund my RS).

castle96

Pl advise - I can? fund my RS from an outside source, or does it have to be from the FlexDirect
thanks

Reed_Richards

schiff wrote: »

...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!
.

My wife and I had a joint Regular Saver with Nationwide. This morning we got two identical letters about its closure, both addressed to both of us.

colsten

castle96 wrote: »

Pl advise - I can? fund my RS from an outside source, or does it have to be from the FlexDirect
thanks

You can fund it from a non-Nationwide account if you prefer.You do still need a qualifying NW current account throughout the duration of the RS.

[Deleted User]

colsten wrote: »

You can fund it from a non-Nationwide account if you prefer.You do still need a qualifying NW current account throughout the duration of the RS.

Can I just ask as I can't find the original t&c anywhere :

1.Do I need any direct debits set up to qualify for the 5% interest on my FlexDirect account or the RS ?

2.Once the 5% interest on FlexDirect ends, do I need to fund the account with £1000pcm to keep the RS ?

Many thanks in advance if anyone knows the answer to this.
I am looking at where I can simplify things as I've now done virtually every switch available.

redux

mummyof5 wrote: »

Can I just ask as I can't find the original t&c anywhere :

1.Do I need any direct debits set up to qualify for the 5% interest on my FlexDirect account or the RS ?

2.Once the 5% interest on FlexDirect ends, do I need to fund the account with £1000pcm to keep the RS ?

Many thanks in advance if anyone knows the answer to this.
I am looking at where I can simplify things as I've now done virtually every switch available.

No direct debit requirement

You still need to have the current account to qualify to hold the regular saver, but the £1000 a month in requirement is only to earn interest on the current account.

Thus if your current account is nominally £25, you pay in £250 and transfer it to the RS, no interest on the current account loses the chance of about 2 pence a month.

On the other hand, if you usually keep a couple of thousand in the FlexDirect, you might as well pay in £1000, pay £250 to the RS, £750 somewhere else, and get a few quid interest in the current account too.

[Deleted User]

redux wrote: »

No direct debit requirement

You still need to have the current account to qualify to hold the regular saver, but the £1000 a month in requirement is only to earn interest on the current account.

Thus if your current account is nominally £25, you pay in £250 and transfer it to the RS, no interest on the current account loses the chance of about 2 pence a month.

On the other hand, if you usually keep a couple of thousand in the FlexDirect, you might as well pay in £1000, pay £250 to the RS, £750 somewhere else, and get a few quid interest in the current account too.

Thanks my plan was to keep my £2500 in there until it had all gone to the RS, but I could do with moving the direct debits elsewhere.