Nationwide to axe 5% regular savings account on Friday

vixen1500

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

bettz

Typical I opened mine April 17th 2018,I'm already going to be losing my Tesco 3% in June

schiff

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.

vixen1500

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

MDMD

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_Richards

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.

BigBlueSky

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try to open a new one it is extremely tight and looking unlikely that you will be able to open a new one before it is withdrawn from sale ?

dcs34

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.

BigBlueSky

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 ?

short_butt_sweet

polymaff wrote: »

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. )

you say conundrum, i say arithmetic ...

should i close the regular saver i opened in late december, adding £250 on opening, and £250 near the start of each month from january onwards? i'd lose the high interest rate for the final 9 months, during which the balance would go from £1,250 (during april) to £3,250 (during december). that's an average balance of £2,250, over the 9 months. which gains the same higher interest as i'd get over a year from an average balance of £2,250 x 9/12 = £1,687.50.

if i open a new account in early april, adding £250 at the start of every month, i'd have a balance going from £250 (during april) to £3,000 (in march next year). which is an average balance of £1,625 over the year.

so keeping my existing account is better (because £1,687.50 > £1,625).

TBH, i was getting bored with running this account anyway. glad this will be my last one.

let's call the whole thing off