Nationwide to axe 5% regular savings account on Friday

veryintrigued

Closed my old one at 18;30hrs yesterday and able to open a new one at 04:30hrs today.

Thanks for the heads-up

solartom

Welcome to your new account
We’re pleased to let you know that your Flex Regular Online Saver is open and ready for you to use. We’re sending you a letter with confirmation of your account number in the post.
Took a while could not find the ok buttons on the legal sheets at first but got there in the end
again thank's to all who spent time and effort to supply info

jackieblack

veryintrigued wrote: »

Closed my old one at 18;30hrs yesterday and able to open a new one at 04:30hrs today.

Thanks for the heads-up

Similar success here
Closed mine yesterday afternoon around 4pm, have just successfully reapplied online, opened a new one and transferred first £250 in

ctdctd

ctdctd wrote: »

I've just closed my current one that matures this month.
I'm hoping the system will let me open a new one before Friday!

New account opened just now and funded - 22.5 hours after old old closed! :beer:

10_66

BigBlueSky wrote: »

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try to open a new one it is extremely tight and looking unlikely that you will be able to open a new one before it is withdrawn from sale ?

If it helps, you don’t have to wait 48 hours. As mine was due to mature in a couple of weeks’, I closed mine at around 5.30pm yesterday (2nd Apr) and opened new one around 6am this morning (3rd Apr).

bowlhead99

short_butt_sweet wrote: »

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

Yes, the best route may not be obvious

Effectively if you choose to stop and restart the account, it might intuitively seem like you have got one over on Nationwide because they'll be giving you a high interest rate for a longer time.

But actually what you are choosing to do by stopping and resetting is repeat those first few months of the product in which very little is actually in the account, and the interest income for that period is not very lucrative. Having already suffered that bit to get to the richer rewards in the latter part of the account life (where more money is able to be on deposit with them), there may not be much of a "win" by having another crack at those first few not-very-lucrative months!

Also of relevance to some - if you close your account this week, you'll get paid all the interest accrued in the account to date. For me that would mean paying 40% tax on it as I've probably already used up my personal savings allowance for 2018/19. Whereas if the interest comes through at account maturity, it would go against next year's allowance as originally anticipated.

Gers

veryintrigued wrote: »

Closed my old one at 18;30hrs yesterday and able to open a new one at 04:30hrs today.

Thanks for the heads-up

I get this message:

We’re unable to open this account for you at the moment.

You can only hold a limited number of this account type and you have either:

- Reached the maximum number permitted and will need to close one of your existing accounts of this type
or
- Recently closed an account of this type that has not yet cleared from our records

Please note: it can take up to 48 hours for a closed account to clear from our records. After that, you’ll be able to complete your application for a new account*.

BigBlueSky

I currently have £2,250 in mine (opened at the end of August - 23rd)

Would it be beneficial to me to close and reopen again? - It has taken a while to build up a fairly decent amount in the account?

fun4everyone

I closed my old one at 13.30 yesterday and successfully opened one at 07.30 this morning.

The only strange thing was immediately after I successfully opened it, and got the welcome email I also got the email that says "we have closed your savings account at your request" about yesterdays closure. I never received any communication yesterday. The new one is however open and appears to be operating as normal.

colsten

bowlhead99 wrote: »

Also of relevance to some - if you close your account this week, you'll get paid all the interest accrued in the account to date. For me that would mean paying 40% tax on it as I've probably already used up my personal savings allowance for 2018/19. Whereas if the interest comes through at account maturity, it would go against next year's allowance as originally anticipated.

Presumably you aren't planning to earn less next year, so whether you pay 40% tax this year or next is a moot point? Obviously it is of relevance to people who do expect a drop in their income which is big enough to shift them into a lower tax band.