Regular Savings Accounts: The Best Currently Available List!

Cottage_Economy

cloud_dog said:

ForumUser7 said:

Some people mentioned it would be good if Nationwide was offering a switching bonus - there is one https://www.nationwidemediacentre.co.uk/news/nationwide-launches-top-of-market-gbp-200-switching-incentive-and-8-percent-regular-saver

Thought I would partake of this option for some regular cash we have available.  Was really quite surprised by how invasive NW are on information required in the application process (amount you will save this year, how much you earn, address of your employer, etc), which I would consider to be irrelevant for a savings account application.

So, disappointed with NW.

I was quite surprised as well but then I realised that my employer's name is on my salary deposit each month and they can work out roughly what I earn from that deposit as well, so there's nothing new to know about me on that score. Still felt a bit intrusive though

BestSeagull

The current account switch requires 2 direct debits. My spare current accounts don't have any and I am not going to start messing about with the direct debits I do have.

I'm wondering if it's worth opening a Nationwide current account in order to be able to qualify for the regular saver?

subjecttocontract

BestSeagull said:

The current account switch requires 2 direct debits. My spare current accounts don't have any and I am not going to start messing about with the direct debits I do have.

I'm wondering if it's worth opening a Nationwide current account in order to be able to qualify for the regular saver?

I came to the conclusion it wasn't worth a switch or opening a new Nationwide current account to make around £106 from a monthly saver after 1 year. I can do better than that elsewhere.

Nick_C

BestSeagull said:

The current account switch requires 2 direct debits. My spare current accounts don't have any and I am not going to start messing about with the direct debits I do have.

I'm wondering if it's worth opening a Nationwide current account in order to be able to qualify for the regular saver?

Very easy to generate 2 Direct Debits, and £200 tax free switching bonus is almost double what you will get in interest fron the Flex Regular Saver.  Go for it.

Bridlington1 maintains an excellent thread with ideas for generating DDs.

https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

My favourite is the Currensea Debit Card.  A debit card transaction on the Currensea Card generates a Direct Debit from your linked bank account.  You can link two accounts.  Not only is the Currensea card free, but if you apply for it via Top Cashback you will get £10 cashback.  A small additional payment each month to two of council tax, mobile phone, broadband, utilities etc - job done.

PRAISETHESUN

subjecttocontract said:

BestSeagull said:

The current account switch requires 2 direct debits. My spare current accounts don't have any and I am not going to start messing about with the direct debits I do have.

I'm wondering if it's worth opening a Nationwide current account in order to be able to qualify for the regular saver?

I came to the conclusion it wasn't worth a switch or opening a new Nationwide current account to make what would be £106 after 1 year. I can do better than that elsewhere.

The switch incentive on offer is worth £200 by itself if you're eligible, and the flex regular saver interest is an extra £104 on top of that. It's definitely a bit of faff given the DD requirement, but will be worth it for some.

Frogletina

I had problems setting up the new regular saver with Nationwide, but it was later showing as open in my mobile app. 

I then tried to make a payment into it from my Santander account but it said the account number was not recognised. I've now put £200 into the account by paying £200  into my flex account and then making a manual transfer to the regular saver.

chris_the_bee

Hattie627 said:

For those who opened the Coventry BS First Home Saver (the original one) on launch date (22 September 2021) (currently paying 5.60% variable) today is the annual interest payment date. Interest not showing yet, perhaps later today/overnight,

The account has one more year to run (it was for 3 years). 

This account lasts for 36 months. The interest is calculated daily and paid annually, on the anniversary of the date you opened the account.

SonOfPearl

I'm an existing NW member and have tried to open the new regular saver four times without success this morning. They are clearly having some problems, perhaps due to the number of applicants, or maybe some other IT issue. I think I'll wait until later today to see if the account appears on my internet banking and if not I'll try again. 

chris_the_bee

Bigwheels1111 said:

The rate as such is not flexable its fixed.

Its 8%, it only changes if you make 4 withdrawls.

I checked when I called.

Can Nationwide change the interest rate? Yes, the rates are variable. That means we can change them, up or down. Section 04 of ‘Our Savings Terms and Conditions’ explains when we can do this, and how we’ll let you know. 

flaneurs_lobster

Frogletina said:

I then tried to make a payment into it from my Santander account but it said the account number was not recognised. 

From the email received after opening the account this morning

Just so you know, if you’re paying in using another building society or bank, it may take up to 24 hours before they can find your new account details to make the payment.