Nationwide to axe 5% regular savings account on Friday

edited 30 November -1 at 1:00AM in Savings & Investments
256 replies 31.2K views


  • jackieblackjackieblack Forumite
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    ctdctd wrote: »
    I've just closed my current one that matures this month.
    I'm hoping the system will let me open a new one before Friday!

    When I saw the news this morning, I wondered if this would work
    MoneyMate wrote: »
    Should be able to open a new one within 48 Hrs after closing :beer:
    Sound hopeful! :)
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  • eskbankereskbanker Forumite
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    redux wrote: »
    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?
    The error message from the online application suggests it's just a temporary timing issue:
    We’re unable to open this account for you at the moment.

    You can only hold a limited number of this account type and you have either:

    - Reached the maximum number permitted and will need to close one of your existing accounts of this type
    - Recently closed an account of this type that has not yet cleared from our records

    Please note: it can take up to 48 hours for a closed account to clear from our records. After that, you’ll be able to complete your application for a new account*.

    *Subject to this product still being on-sale. We have the right to withdraw products at any time.
  • SpeculatorSpeculator Forumite
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    I've closed my a/c because it was nearing maturity anyway but my wife is keeping hers because it was opened only in December and just in case Nationwide decide to withdraw it early due to a rush of new accounts being opened.
  • fun4everyonefun4everyone Forumite
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    I'm trying anyway, mine was due to mature in a month so not going to miss out on too much if for some reason I can't open another one in 48hrs.
  • I_am_spartacusI_am_spartacus Forumite
    132 Posts
    100 Posts Second Anniversary
    Hi Guys,

    I've just jumped ship from my current regular savings account, intending to start a new one before the 5/4/19.

    A quick heads up, and not wishing to teach my grannie to suck eggs, but don't forget to cancel any standing orders linked to the cancelled account!
    I am, therefore I think.

  • Doc_NDoc_N Forumite
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    That was the last and only good reason for keeping any accounts with Nationwide.

    Farewell then Nationwide.
  • aj23_2aj23_2 Forumite
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    Glad I switched and opened one the other week now.
  • edited 2 April 2019 at 4:26PM
    fun4everyonefun4everyone Forumite
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    edited 2 April 2019 at 4:26PM
    Card readers are annoying
  • solartomsolartom Forumite
    37 Posts
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    thanks every one for heads up and advice
    just cancelled mine going to reopen before 5/4/2019
    another good account gone
  • HarvicHarvic Forumite
    36 Posts
    10 Posts First Anniversary
    Well I was wondering what to do when the current account rate dropped to 1% from 5% later this year, guess this kind of makes it an easy closure! Has been profitable, had the £100 refer a friend to join, referred the other half for £100 each and sat £2.5k cash at 5% with the regular saver on top. Think they'll make a loss on me. Their website is straight from the 90s anyway!
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