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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  • GersGers Forumite
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    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.
  • xylophonexylophone Forumite
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    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......
  • bluenunbluenun Forumite
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    I had been paying in £250 on the 1st of each month for 10 months and 1 day, so 11 payments and just closed my account with £57 interest.

    I'll try to open a new regular saver tomorrow.
  • vixen1500vixen1500 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

    Didn't realise you could close before mature date and stjll get 5%
    Typically confused and asking for advice
  • colstencolsten Forumite
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    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.
  • vixen1500vixen1500 Forumite
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    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?
    Typically confused and asking for advice
  • edited 2 April 2019 at 8:47PM
    masonicmasonic Forumite
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    edited 2 April 2019 at 8:47PM
    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.
  • CityOwlCityOwl Forumite
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    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
    "Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness.
    Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

    Charles Dickens
  • veryintriguedveryintrigued Forumite
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    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!
  • vixen1500vixen1500 Forumite
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    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:)
    Typically confused and asking for advice
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