Nationwide to axe 5% regular savings account on Friday

edited 30 November -1 at 1:00AM in Savings & Investments
256 replies 31.2K views
145791026

Replies

  • Rich2808Rich2808 Forumite
    1.1K Posts
    1,000 Posts Fifth Anniversary Combo Breaker
    ✭✭✭
    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
  • vixen1500vixen1500 Forumite
    589 Posts
    Part of the Furniture 500 Posts Combo Breaker
    ✭✭
    This is slightly of the main thread, but if/when the interest rate drops it makes sense to just close the current account. But I also have their select credit card, which used to pay cashback, does anyone know if you still get cashback as I can't see any mention of it on their website any more?

    Thanks in advance
    Typically confused and asking for advice
  • bettzbettz Forumite
    147 Posts
    Part of the Furniture
    Typical I opened mine April 17th 2018,I'm already going to be losing my Tesco 3% in June
  • schiffschiff Forumite
    19.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    bettz wrote: »
    Typical I opened mine April 17th 2018,I'm already going to be losing my Tesco 3% in June

    Don't you read the thread?

    Close it and open a new one on Friday 5/4/19, or earlier if it works.
  • vixen1500vixen1500 Forumite
    589 Posts
    Part of the Furniture 500 Posts Combo Breaker
    ✭✭
    schiff wrote: »
    Don't you read the thread?

    Close it and open a new one on Friday 5/4/19, or earlier if it works.

    I have, but unfortunately got a message saying unable to close after 8.00pm - which seems a bit weird, going to try in the morning then see if I can reopen in time.

    Does seem as if the cashback on my select credit card has also stopped, now thinking an account swop to Santander seems a good idea
    Typically confused and asking for advice
  • edited 2 April 2019 at 10:12PM
    MDMDMDMD Forumite
    947 Posts
    Sixth Anniversary 500 Posts Name Dropper
    ✭✭✭
    edited 2 April 2019 at 10:12PM
    badger09 wrote: »
    UGH

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

    Per this article:
    https://www.moneywise.co.uk/news/2019-04-02/nationwide-to-withdraw-its-5-flex-regular-online-saver
    The building society says it has no immediate plans to launch a replacement product.

    Although this article is riddled with errors- saying the Santander RS pays 5% and the Tesco Current Account 3%
  • Reed_RichardsReed_Richards Forumite
    1.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    I tried to close my account but was told that
    We can’t close your account just yet

    We’re sorry, but our online account closure service is unavailable at the moment.

    Please try again during the following hours:

    Monday to Saturday, before 8pm.
    Reed
  • BigBlueSkyBigBlueSky Forumite
    329 Posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    Just found this thread. If it takes 48 hours to close the account and then try to open a new one it is extremely tight and looking unlikely that you will be able to open a new one before it is withdrawn from sale ?
  • dcs34dcs34 Forumite
    290 Posts
    Fourth Anniversary 100 Posts Name Dropper
    ✭✭
    Possible but risky. Also note that new accounts can have the interest rate dropped at any time afaik, so unless you're is ~a month or so of maturing you probably won't benefit if the rate is cut at some point in the next four months or so.
  • BigBlueSkyBigBlueSky Forumite
    329 Posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    dcs34 wrote: »
    Possible but risky. Also note that new accounts can have the interest rate dropped at any time afaik, so unless you're is ~a month or so of maturing you probably won't benefit if the rate is cut at some point in the next four months or so.

    I opened my account back in August, so 8 months in, but the account was variable then anyway, so could still be cut - regardless of whether I keep my existing account or close and open a new one ?
This discussion has been closed.
Latest MSE News and Guides

Students - apply for uni funding NOW

If you plan to get a place via 'clearing'

MSE News

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides