Nationwide to axe 5% regular savings account on Friday
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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.0 -
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.0 -
in the welcoming email they sent me they say the t&c can be found here:--
http://www.nationwide.co.uk/savings/terms
(not entirely sure what the difference is between the flex regular and flexclusive regular accounts is tho)0 -
(not entirely sure what the difference is between the flex regular and flexclusive regular accounts is tho)
The name change happened last year around September time I believe.
No material difference really as far as I was concerned. The new Flex Regular version introduced a "Nominated Account" feature. Also, when applying, the account opening and initial funding processes were separated thereby removing the problem of a new account always being opened in the name(s) of the funding source.0 -
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.
That would be a waste.
However, if you really want to leave the £2500 in there until it has all gone to the RS, you might as well carry on circulating £1k pm through it. That way, you'll get 1% on your reducing balance, which is better than 0%;)0 -
That would be a waste.
However, if you really want to leave the £2500 in there until it has all gone to the RS, you might as well carry on circulating £1k pm through it. That way, you'll get 1% on your reducing balance, which is better than 0%;)
Thanks that’s the plan.
It seems like a lot of aggro for little gain but a little is better than nothing !0 -
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Part of me wants to simplify the whole process now, but then I think £2 a month is £24 a year, and that's half a tank of petrol or an item of school uniform !!
It really depends how much time you can or are prepared to devote to it. It might not be so easy for you as I guess that you have your hands pretty full anyway
though you will be more than adept at multi-tasking. 0 -
It really depends how much time you can or are prepared to devote to it. It might not be so easy for you as I guess that you have your hands pretty full anyway though you will be more than adept at multi-tasking.
It's a bit of a hobby(and sometimes a challenge) that I do really enjoy.
Don't be fooled by my user name, 3 of the 5 are now adults 0
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