Regular Savings Accounts: The Best Currently Available List!

karlie88

adindas wrote: »

I am interested in knowing whether anyone managed to get both of them.

I recall one person getting both issues when Issue 2 was launched, but that's because the telephone adviser was none the wiser. Everyone else reported no success.

Jo_Blogs

adindas wrote: »

I am interested in knowing whether anyone managed to get both of them.

I have an Issue 1 and Issue 2.

mgarl10024

As I recall it was Kazaa242 who started all the trouble. They managed to get one of each, and then many of us tried afterwards with no success.

https://forums.moneysavingexpert.com/discussion/71086846

adindas

Jo_Blogs wrote: »

I have an Issue 1 and Issue 2.

karlie88 wrote: »

I recall one person getting both issues when Issue 2 was launched, but that's because the telephone adviser was none the wiser. Everyone else reported no success.

mgarl10024 wrote: »

As I recall it was Kazaa242 who started all the trouble. They managed to get one of each, and then many of us tried afterwards with no success.

https://forums.moneysavingexpert.com/discussion/71086846

I just called them on 0800 032 4604 a few minutes ago.
Answer: You can not have both accounts.

I think they made mistake at the beginning and now they stop it.

schiff

They'll wonder what's going on, I've just phoned them too !!

Westie983

Jo_Blogs wrote: »

With regards to Santander, who said you can't have an issue 1 fixed @5% and an issue 2 @3% variable? The terms of each issue state max one per customer not a max of one RS product overall per customer......:D;)

The branch when I visited and also the customer service advisor on the phone, lots of people have tried when it was first launched like I did and had no success...

I went into branch when it was first launched and was told that you cant have both issues, I think those that have may have just been lucky..

Also the T&C's don't mention the words Issue, it says 'One account per customer' and this is why customer advisors are not opening them if you already have a Regular E - Saver.

I have one month left then the account matures.

00jjwill

Hi all,

I'm new to the forum and not 100% convinced this is the correct place for this post - apologies if not - but it seemed as good a place as any.

I have recently switched current accounts from Santander 123 to HSBC Advance following Santander's interest rate slash, cashback cap reduction and account fee increase. I now want to ensure that my residual funds are earning me as much as they possibly can.

So far I have opened a HSBC linked Regular Saver with 5% interest to which I am contributing the maximum permitted £250/month. I currently have circa £10k residual cash which I would like to maximise my interest on. My plan is as follows:

1. Open a Nationwide FlexDirect account and transfer in £2,500 on which I would earn 5% (assuming £1,000 per month is paid in).
2. Open a second Nationwide FlexDirect account held jointly with my wife and transfer in £2,500 on which we would earn 5% (assuming £1,000 per month is paid in).
3. Jemmy monthly pay in requirements on Nationwide accounts by setting up standing orders from/to HSBC account.
4. Holding a FlexDirect account will qualify me for a Flexclusive Regular Saver account which I intend to transfer the maximum of £500 per month to. Again this would attract 5% interest.

Using the above method I calculate that I should earn in the region of £475 interest over the year with a closing balance of £14,000 across all accounts excluding accrued interest. In addition to the £200 I will receive from HSBC for switching my current account, that isn't too shabby.

A couple of questions:
1) Is there any reason why the above will not work? Nationwide terms and conditions seem to indicate that having 2 FlexDirect accounts earning the promotional interest rate is permissible providing one is joint.
2) is there a simpler mechanism to achieve the same or better outcome? From what I have seen 5% is the best rate out there by some margin.

I am aware the rates on all accounts are promotional so will either end after 12 months or indeed may be adjusted at any time. I have no objections to reassessing my options if/when this happens.

I have also considered the above potential benefit against the cost of any debt I hold. I have a credit card at 0% which I am repaying over the promotional period to March 2019. I have a low interest car hire purchase agreement through to May 2019. I have a 0% interest DFS hire purchase agreement through to November 2019. Our mortgage is fixed until 2020 at 2.69% (I am able to make overpayments). Factoring all of these in I believe that the best option is still for me to save in line with the above.

Essentially I'm just looking to make my money work for me a bit better than it currently is and would welcome any advice people have, be it an appraisal of the above proposal or any other suggestions.

Thanks all

James

Eco_Miser

That looks OK to me.
A couple of points:

• You could give £2500 plus £500 a month to your wife so she can open FlexDirect and Flexclusive Regular Saver accounts in her own name, unless she can open them with her own money.
• You could open a Tesco Current Account (or two) to earn 3% on the money waiting to go into a regular Saver.

soulsaver

FTAOD: You'll only be able to get 2 Flex Direct 5% incentive interest rates between a couple, not 3.. because you can't be first named on the JtAc to get the 5%.. so that means your OH couldn't hold one & get the 5% as she can't have one in her own name & be first named on 'your' joint...

From T&Cs page 18 Flex Direct

1. Account holding and ownership: 1.4 You will only be entitled to one introductory rate or offer (where applicable) on a Nationwide Group current account product.

Eco_Miser

The T&Cs certainly say that, but http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts says

Opening multiple FlexDirect accounts:
Under the terms and conditions of this account customers are only entitled to one promotional credit interest rate of 5% AER. (4.89% gross p.a) fixed. The only permitted exception to receive more than one promotional rate is if the additional account is held in joint names.

ETA This is mentioned in numerous threads such as https://forums.moneysavingexpert.com/discussion/5589897