2k Savings - What to do?

JMLP

We'll pay the 2% rate on the first account you open in just your name. Plus, if you want to share another account with someone else, we'll pay the 2% rate on the first joint account you open with them.

JMLP

This may mean that the other 'joint' account holder opens the account and you are the second account holder - but hey it's 2%!

JMLP

I opened my first Nationwide account when it was paying 5% (on the MSE advise) but never put money in there or switched - I could have earnt £0.02p per month for a deposit of just £5  if I had any sense!  It went down to 2.5% on £2500.  Now 0.25% on maximum £1500. They are paying you to bank with them!
I like Nationwide - they are nice for customer service - a bit biased maybe but I have a mortgage with them (but it was also a good deal - and possibly the best around even now) and my normal savings account has reduced to 0.01% so was looking at options to transfer my nice 12 month regular saver (from Santander -  my main bank account because of cashback on utilities). 
If you have up to £10,000 (outta my league!) Nationwide  have a nice mutual bond going on (but tie up your money for 18 months) - no I don't work for Nationwide and I do shop around.  I work for a greeting card publisher and am currently furloughed - thankfully on full wage!

Brewer20

JMLP said:

This may mean that the other 'joint' account holder opens the account and you are the second account holder - but hey it's 2%!

It won't be any good for me then. I'm a previous Flexdirect account holder so was my wife. So if I apply for a joint account both our names have been with them on sole accounts.
I am still a customer (member) with a savings account but it doesn't make me eligible. Only got  £1.50 in there in savings, we both switched out of the current accounts.

JMLP

Worth a try for a joint account surely?  Even if you get 0.25%.  That's better than £1.50 at 0.01%!   And how long ago was your account/s or do you still have them? They may treat you as a new customer.   All worth looking into?

Brewer20

JMLP said:

Worth a try for a joint account surely?  Even if you get 0.25%.  That's better than £1.50 at 0.01%!   And how long ago was your account/s or do you still have them? They may treat you as a new customer.   All worth looking into?

There's an eligibility check thing, I read if you've previously had a Flexdirect account it's a no-go. I actually had two Flexdirect accounts at one time, Missus had one. I didn't get the 5% (wow yes it was back then) on both,  just the one a mistake I made at the time of opening, I thought I could.
We've switched all of them out, probably 2 years ago now, at least we made use by grabbing an incentive from NatWest & RBS. Now got 2 useless TSB accounts and that's about it, been with or got the lot previously.

JMLP

Well done you for switching - I didn't get savvy til about 2 years ago! Since going on this site and being so fed up with worrying about money I now know where every penny is!  I wish they taught all this in primary school - I would have had a few more decent holidays - or at least an upgrade on the ones I had!  Do you have a trustworthy person to open a joint account with?  I know I'm pushing the boundaries with my joint account thing - but they are actually making more money (my mortgage) out of me than I am out of them! I do find Nationwide good though - OMG Lloyds and TSB - never again!

DireEmblem

This - virgin money 2% interest account.  Focus on building an emergency savings pot, and then look longer term at a LISA / investing.  Make your goal 'not having to work', and see how many years your pennies today can equal pounds tomorrow.

Brewer20

JMLP said:

Well done you for switching - I didn't get savvy til about 2 years ago! Since going on this site and being so fed up with worrying about money I now know where every penny is!  I wish they taught all this in primary school - I would have had a few more decent holidays - or at least an upgrade on the ones I had!  Do you have a trustworthy person to open a joint account with?  I know I'm pushing the boundaries with my joint account thing - but they are actually making more money (my mortgage) out of me than I am out of them! I do find Nationwide good though - OMG Lloyds and TSB - never again!

My wife isn't that bothered with all this switching or trying to find the best place for her money. She actually refused last week for me to help her switch out of a dormant account to this Virgin Money account. She drinks wine too, I don't that much, guess where my wine will end up? No she hasn't a clue really about how much she can earn, I have to convince her to switch or set up a savings account to make a little extra for what little income she has coming in.
How many folk are like that these days, my neighbour told my the other day when talking about energy and internet companies and prices, I don't have a clue, they just take the payments. He genuinely didn't know how much he paid on each bill, not really interested either it seemed.

Alexland

Brewer20 said:

My wife isn't that bothered with all this switching or trying to find the best place for her money. She actually refused last week for me to help her switch out of a dormant account to this Virgin Money account. She drinks wine too, I don't that much, guess where my wine will end up?

The main reason I am doing the Virgin switching offer is to keep my wife supplied with white wine. It's annoying they make you have a mixed case as we already have unwanted bottles of red. I'll probably just give all the red bottles to her parents next time we see them. After drinking plenty in my youth I am now mostly done with alcohol (as a source of dehydration and headaches) preferring a can of diet coke and a 2% interest rate.