Nationwide to axe 5% regular savings account on Friday

[Deleted User]

schiff wrote: »

I had the PO account, hardly used it, useful to park some money in that I couldn't get 1.5% on, but I've recently closed it. The interest rate falls to not worth it in July so rather than forgetting about it, I've closed it.

I opened two to make use of the direct debits facility but I’m not needing as many now. Certainly not worth it for 1% on the Tesco account. It’s the most user unfriendly experience I’ve ever had.

[Deleted User]

schiff wrote: »

You could sit pondering with a calculator, makes it a bit easier

It is if you know what to press 🤣🤣🤣

castle96

ask your kids

[Deleted User]

castle96 wrote: »

ask your kids

Good shout 😁

veryintrigued

Apologies for resurrecting an old thread but my spreadsheet is lacking detail on early closure or partial withdrawal of this, now no longer available, product.

Can anyone please help?

Thanks in advance

[Deleted User]

You can close early without penalty and make partial withdrawals, subject to leaving a minimum balance in the account (possibly £25, not sure).

Snapdragon

veryintrigued wrote: »

Apologies for resurrecting an old thread but my spreadsheet is lacking detail on early closure or partial withdrawal of this, now no longer available, product.

Can anyone please help?

Thanks in advance

Does this help?

https://www.nationwide.co.uk/support/support-articles/terms-and-conditions/all-savings-terms-and-conditions

rcast1989

OK so I have what I know is a really silly question but can someone please explain in layman's....When I opened the account I assumed the £3000 *5% = £150 total interest.

Why is the max amount only £80.64??

I know there i a difference between gross and AER but how is it caculatated??

fred246

You have only had £3k in for the last month. The first month the balance was only £250. It's calculated daily.

Frogletina

rcast1989 wrote: »

OK so I have what I know is a really silly question but can someone please explain in layman's....When I opened the account I assumed the £3000 *5% = £150 total interest.

Why is the max amount only £80.64??

I know there i a difference between gross and AER but how is it caculatated??

The £3000 is not in the account for the whole of the 12 months.

You get 5% interest on the money for the length of time it is in there. The last payment, for examplei, if it is in the account for 28 days gets 5% just for those 28 days

Nothing to with gross or AER