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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  • jackieblackjackieblack Forumite
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    Card readers are annoying

    I so agree with this :mad:
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  • schiffschiff Forumite
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    solartom wrote: »
    thanks every one for heads up and advice
    just cancelled mine going to reopen before 5/4/2019
    another good account gone

    Don't you mean a good account extended?
  • solartomsolartom Forumite
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    as this is the last time we are able to get this account at this rate (for now?) it is gone
    perhaps it is my rather pessimistic outlook on things
    but yes you are correct
    :coffee::coffee:
  • elantanelantan Forumite
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    trying to figure out of o can squeeze another 250 a month out of my budget
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  • Raging_BullRaging_Bull Forumite
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    This is very disappointing. My saver matures in November, but after that I think I’ll look to take my money elsewhere.

    I’m not sure what they’re offering after people have had a year of the Flexdirect account now this is gone. The 1.4% isa for members isn’t the best either.
  • badger09badger09 Forumite
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    elantan wrote: »
    trying to figure out of o can squeeze another 250 a month out of my budget

    Even if you can't, this is worth having as its really flexible. You don't have to pay in £250 each month, in fact you don't have to pay anything in every month. Its also instant access, so no worries about tying your money up for 12 months.

    If you're eligible, go for it. Absolutely nothing to lose:T
  • Zero_SumZero_Sum Forumite
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    Mine just matured yesterday. Had to wait a day to open new one, which ive just done
  • schiffschiff Forumite
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    This is very disappointing. My saver matures in November, but after that I think I’ll look to take my money elsewhere.

    Close it, withdraw your money, start another but make sure you do it no later than April 5, probably ON Friday by now. Then you can search for what is available next April rather than November.
  • londoninvestorlondoninvestor Forumite
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    schiff wrote: »
    I find this an interesting and valid view and can understand their action:

    "The regular savings account was launched to help members new to saving get into the savings habit. However, the significant majority (86%) are opened by existing savers and, on average, members with the account have around £20,000 saved with Nationwide in other accounts."

    I suppose it makes commercial sense for them then :(

    After all, anyone with £20k saved with Nationwide has proved their willingness to accept a highly uncompetitive rate on their savings.
  • polymaffpolymaff Forumite
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    Interesting conundrum for those who have held their present account for a few months and opened the account right at the end of a month then paid in on the first of the followings. )
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