Nationwide cutting 5% rate

General_Grant

YorkshireBoy said:

General_Grant said:

YorkshireBoy said:

eddie7612 said:

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

Regular savers, and indeed any savings accounts, are of no relevance to your mortgage plans, being as they don't appear on your CRA credit file, which the lender will search.

The Nationwide account to which he was referring is a current account.

I'm well aware of that. Start reading from "I already have..." for some context as to why I made the statement.

We obviously interpret his post differently.  I didn't think he was concerned about his savings accounts only the effect of opening another current account.  He was just explaining that he was already getting reasonable interest elsewhere.   Never mind.  We'll probably never know.

eddie7612

General_Grant said:

YorkshireBoy said:

General_Grant said:

YorkshireBoy said:

eddie7612 said:

Not sure if I should open one of these or not. It's likely I will be applying for a mortgage once normality resumes, so not the best time to apply for a new account, especially as I already have quite a "magic money tree" of accounts, regular savers etc. There again it's unlikely we'll see rates like 5% again for a long time. Or maybe in the future there will be an incentive and it's best to remain not a Nationwide customer. Any thoughts?

Regular savers, and indeed any savings accounts, are of no relevance to your mortgage plans, being as they don't appear on your CRA credit file, which the lender will search.

The Nationwide account to which he was referring is a current account.

I'm well aware of that. Start reading from "I already have..." for some context as to why I made the statement.

We obviously interpret his post differently.  I didn't think he was concerned about his savings accounts only the effect of opening another current account.  He was just explaining that he was already getting reasonable interest elsewhere.   Never mind.  We'll probably never know.

Thanks to those who responded. Yes this is correct, my concern was opening another current account, both because of the hard credit search and adding complexity to my finances at a time where they will be under scrutiny. I already have several current accounts (to access the linked regular savers) so my affairs are already complex compared to most. 

As you said, I'm getting reasonable interest elsewhere and feel lucky at this time to still have several 3% regular savers (and one 5% ). But there is always space to have a bit more cash earning a good rate!
 

Teesieb

The Nationwide 5% offer.  We tried to transfer from Flexaccount to FlexDirect two weeks ago.  The 5% was 2% for £1500 and no travel insurance, which we had already and reluctant to lose.  All Nationwide interest rates have slumped. It is like skating on thin ice - step on one variable interest rate and it liable to crumble anytime.

Penelopa.Pitstop

I just opened new account. So now we have FlexPlus joint and two individual FlexDirect accounts for myself and my husband. You don't need to change your existing account, just open new ones.

colsten

Teesieb said:

The Nationwide 5% offer.  We tried to transfer from Flexaccount to FlexDirect two weeks ago.  The 5% was 2% for £1500 

This is inconsistent with what it says on Nationwide's website. If you started your application before 1 May 2020, the current rate of 5% AER (4.89% gross) will apply for the first 12 months on balances up to £2,500.



See also https://www.nationwide.co.uk/-/media/MainSite/documents/products/current-accounts/shared/P7430-rate-and-charges.pdf

You have until tomorrow night to secure yourself a 5% account.

badger09

Husband & I have joint old style Flex Account retained for travel insurance benefits and used as our 'main' joint account. We also have individual Flex Direct accounts & I've been trying to persuade him for years to open a joint one for the 5% interest. He finally agreed about an hour ago, prodded into action by reduction of interest on his (substantial) cash ISA balance down to 0.03%!

Application via the app stalled part way through  - 'tech error'. Same again 10 minutes later. 
Same again in OLB using Chrome, no error message this time, just got stuck, twice. 
Beginning to think 'that's Karma' but decided one last try using Edge. Application approved.

Phew, talk about cutting it fine  
Will help him with Ford Money ISA xfer when I've recovered.

colsten

I now know where your nickname stems from 😂😂😂! Well done for not giving up

badger09

colsten said:

I now know where your nickname stems from 😂😂😂! Well done for not giving up

LOL in my previous life, I was once described as a 'Rottweiler'. I prefer to think of myself as tenacious
Fortunately his Ford Money ISA xfer application was done and dusted in less than 5 minutes. Heaven only knows how he'll cope with 'tinternet' if I go first, though somehow he manages to watch endless sport & dubious reruns of ancient comedies on his iPad. 

[Deleted User]

I've just worked out that the FlexDirect account will now make a whole £3.75 per year or around 32p per month.
FlexDirect is now virtually identical to the FlexAccount once the promo year is over.

digalumps

don't forget to.put the 3.75 on your tax return...