Nationwide to axe 5% regular savings account on Friday

edited 30 November -1 at 1:00AM in Savings & Investments
256 replies 31.2K views
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  • FingerbobsFingerbobs Forumite
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    Phew! I just renewed my Nationwide RS at the end of February. Still got almost 11 months to run :-)
  • A_Random_ManA_Random_Man Forumite
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    Just did mine now via website :)

    EF - £107.96/£1500 (7.19%)
    Debt Remaining: £0.00 - Debt Free
  • pearl123pearl123 Forumite
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    MoneyMate wrote: »
    Should be able to open a new one within 48 Hrs after closing :beer:
    Excellent. I've just closed mine.
  • peter3hgpeter3hg Forumite
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    Mine matures on 1st May so would I be able to close it now, receive the currently accrued interest, and then reopen a new one before the deadline?
  • ColdIronColdIron Forumite
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    See post #17
  • fun4everyonefun4everyone Forumite
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    mhoc wrote: »
    I've closed both of ours today - it can all be done online - look for other services on the left hand margin. The accounts get closed straight away and the balance goes to your current account. I should think you could do this over the phone if its easier - might be worth a try

    0800 302011

    OHs was near maturity so he had £80 in interest and mine which was a few months had £10 interest.

    Wednesday we open new accounts so at least we have 5% interest until April 2020

    Good thinking, thank you for the tip :cool:
  • pearl123pearl123 Forumite
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    It is still a variable account.
  • reduxredux Forumite
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    mhoc wrote: »
    I've closed both of ours today - it can all be done online - look for other services on the left hand margin. The accounts get closed straight away and the balance goes to your current account.

    Wednesday we open new accounts so at least we have 5% interest until April 2020

    Are you already confident there is no trailing embargo to prevent a new one, as if the old one was still there, or just hoping?
  • Clive_WoodyClive_Woody Forumite
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    pearl123 wrote: »
    It is still a variable account.
    I just checked, yes it is (5.00% gross p.a./AER (variable*))
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • KeepOnKnittingKeepOnKnitting Forumite
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    As per msallen, bu99er. Just switched to Nationwide in the hopes of one day being eligible for a nice 5% saver. The lesson here is: Don't wreck your credit rating kids.
    colsten wrote: »
    You don't wreck your credit rating by opening a current account.

    You can still avail yourself of a 5% Regular Saver at Nationwide. Just open a FlexDirect account today, and then the RS tomorrow or Thursday. Unless they withdraw their current Refer A Friend offer, you will also still qualify for that one at a later stage.

    No, you have to have much more happen than that to wreck your credit rating, but the fact is that I did and as a result I am not allowed a flexdirect, or the subsequent regular saver. I am stuck with a flex basic, so no pretty savings rates for me. I re-iterate my lesson: Don't wreck your credit rating kids.
    Save £12k in 2021 #11
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