Nationwide to axe 5% regular savings account on Friday

Gers

schiff wrote: »

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.

I've just done that! Closed the account as it had until to July to run so bit the bullet. Tomorrow I'll open a new RS. I've 'lost' the Leeds BS one and the VM online ones so thought it best to have this one for another year at 5%.

Thanks for the advice.

xylophone

on average, members with the account have around £20,000 saved with Nationwide in other accounts."

When I saw this, I wondered whether some wonder account had slipped under my radar......

vixen1500

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

Didn't realise you could close before mature date and stjll get 5%

colsten

londoninvestor wrote: »

After all, anyone with £20k saved with Nationwide has proved their willingness to accept a highly uncompetitive rate on their savings.

I had, until quite recently, more than £20K in a Nationwide ISA as this particular ISA was a market leader at the time I took it out.

vixen1500

Yes, I suppose it's worth closing and ooenjng another one but as its variable there is nothing to stop them just cutting the interest rate - do they have to give so many days notice? Or could they also do that on the 5th?

masonic

vixen1500 wrote: »

Yes, I suppose it's worth closing and ooenjng another one but as its variable there is nothing to stop them just cutting the interest rate - do they have to give so many days notice? Or could they also do that on the 5th?

As per the T&Cs they have to give 14 days notice to existing account holders, but they don't have to give any notice before changing the rate for new applicants.

Chances that they'll cut the rate before Friday are slim IMHO, but I doubt it will stay at 5% for the next 12 months. Therefore I'm keeping mine open with a £1000 balance, as I'd rather earn 5% on a larger balance for as long as it may continue, rather than possibly gain an extra ~£5 interest by closing and reopening, at the risk of not earning 5% in the final months.

CityOwl

Zero_Sum wrote: »

Mine just matured yesterday. Had to wait a day to open new one, which ive just done

Ours (OH & I) matured yesterday and I was going to wait until August to open new Regular Savers. Some big spends coming up, but I didn't want to miss out.

Thanks for the heads up, opened 2 shiny new Regular Savers about 10 minutes ago :j

veryintrigued

OH just tried to close theirs but got an error message that they can't be closed after 8pm.

Typically Nationwide don't state on the error message what time closure opens again!

vixen1500

colsten wrote: »

I had, until quite recently, more than £20K in a Nationwide ISA as this particular ISA was a market leader at the time I took it out.

Yep, me too:)

Rich2808

badger09 wrote: »

UGH

Wonder if they'll relaunch. Any takers for a new 3% rate?;)

Its still a good rate for a regular saver - a market leader excluding the 3 HSBC group 5% versions