Nationwide Regular Saver.

where_are_we

Thanks for reminding me of 13 payments, deposit yesterday + 12 SO`s 1/12/21 to 1/11/22. That measly £24 return has just gone up to £26! Will that change the naysayers opinions - probably not.

Malchester

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

Daliah

JP2019 said:

Lol good old brits rushing around for a measly 24 pound a year interest extra.

I’ll save myself the hassle and just pass on this

It's what money saving experts do. Hang around for a bit longer, you might become one yourself 

Alexland

It's below my incentive to effort ratio threshold but I can see how it might work for people who have other reasons for maintaining a relationship with Nationwide. For us we only opened their current accounts for the switch incentives so they will still get closed. I prefer Virgin where they also offer 2% per account without needing to mess around with regular payments.

ColdIron

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

That's an unfair comparison. You are comparing an account that increases by £200 PCM so will only have half the final balance on average with one that has the whole balance for the year. If you calculate them both in the same way the difference is closer to £20

ColdIron

where_are_we said:

Thanks for reminding me of 13 payments, deposit yesterday + 12 SO`s 1/12/21 to 1/11/22. That measly £24 return has just gone up to £26! Will that change the naysayers opinions - probably not.

Probably more than that. Don't forget that as you are opening the account at the end of the month your first full month(ish) will have £400 and not just £200. That extra £200 for the full year will earn you £4

Malchester

ColdIron said:

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

That's an unfair comparison. You are comparing an account that increases by £200 PCM so will only have half the final balance on average with one that has the whole balance for the year. If you calculate them both in the same way the difference is closer to £20

Thanks Cold Iron but for me it is a relevant comparison. I would transfer the money from an easy access account into the regular saver each month hence the calculation I did, and for me it is not worth it. Even if it was £20 (actually £16.80) the difference it is not worth it

Dandytf

Daliah said:

Dandytf said:

from 200 opening, what's min monthly payment thereafter.

thanks

No min monthly deposit, not even for the initial deposit, just a monthly max of £200. See the account terms on the Nationwide website.

cool so Zero is minimum, that's fine as Max isn't currently an option, unless I re assign other savings

thanks

ColdIron

Malchester said:

ColdIron said:

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

That's an unfair comparison. You are comparing an account that increases by £200 PCM so will only have half the final balance on average with one that has the whole balance for the year. If you calculate them both in the same way the difference is closer to £20

Thanks Cold Iron but for me it is a relevant comparison. I would transfer the money from an easy access account into the regular saver each month hence the calculation I did, and for me it is not worth it. Even if it was £20 (actually £16.80) the difference it is not worth it

You haven't accounted for the money waiting to be added, it won't be earning 0% (although some people won't have a lump sum and just contribute as the cash becomes available)

Try the MSE Regular Saver calculator, choose the drip feed option

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

Malchester

ColdIron said:

Malchester said:

ColdIron said:

Malchester said:

I am never sure about these accounts. If you put £200 in a month for a year the interest is £24. If you keep the £2400 in an easy access acount for a year at 0.6% the interest is £14.40. It seems a lot of fuss for such a small increase in interest

That's an unfair comparison. You are comparing an account that increases by £200 PCM so will only have half the final balance on average with one that has the whole balance for the year. If you calculate them both in the same way the difference is closer to £20

Thanks Cold Iron but for me it is a relevant comparison. I would transfer the money from an easy access account into the regular saver each month hence the calculation I did, and for me it is not worth it. Even if it was £20 (actually £16.80) the difference it is not worth it

You haven't accounted for the money waiting to be added, it won't be earning 0% (although some people won't have a lump sum and just contribute as the cash becomes available)

Try the MSE Regular Saver calculator, choose the drip feed option

https://www.moneysavingexpert.com/savings/regular-savings-calculator/

Sorry about that. Using the calculator it is £18 not £16! Big mistake by me! Not enough to be bothered about