Nationwide savings accounts increase interest rates from 1st February

Daliah

where_are_we said:

 A couple of times in a year the 1st of the month is a non banking day ie Saturday, Sunday, or Bank Holiday in which case the SO payment will happen one, two or three days later.

Unless you use a bank which sends SOs 7 days a week. I believe Starling and Chase do. Plus, the receiving account needs to credit payments on the date they are sent, which not all of them do if the payment date is not a working day. But as you say, it's pennies, or even just fractions of pennies, so changing bank accounts for it would be overkill.

Penelopa.Pitstop

It's a shame, Flex Instant Saver is staying at 0.35%. I will have to move money from it to Loyalty Saver which will be 0.40%.

Daliah

Penelopa.Pitstop said:

It's a shame, Flex Instant Saver is staying at 0.35%. I will have to move money from it to Loyalty Saver which will be 0.40%.

Why take the pitiful Nationwide rate when you can get near double in other instant access savings accounts, and 2-7 times more in regular savers, some of which also allow withdrawals before maturity?

EssexHebridean

david72 said:

Am I right in thinking that Start to Save was intended to have a 2 year fixed lifespan and would convert into an ordinary (and presumably lower interest) savings account once it reached that point, or is this welcome rise in the interest rate an indication that this is no longer the case (or that I am misremembering)?

@EssexHebridean, if you have a Loyalty Saver account, its new interest rate of 0.4% is still sadly fairly meagre (it stopped being any kind of actual loyalty reward quite some time ago) and can be beaten by at least 0.2%-points (or 50% more interest) by a fair number of other instant access accounts.

Thank you - yes, it can - and we already have a fair number of the best options too  but the loyalty saver works well for me to house money for a specific purpose. Essentially it works as a halfway house and as soon as the balance goes over a certain level it gets transferred out and depleted back down again.  There are reasons I do it that way, but I am aware I could get a few pennies more elsewhere.  It still annoys me that for our "loyalty" we get a paltry interest rate and have lost benefits like travel insurance! (And THIS is why our main bank accounts are now with Santander!)