Nationwide start to save

missymouse

Can anyone help

i opened one of these and was hoping to put in a lumpy sum but you can only put in £300 a month then only add £25 a month if you want to be in the prize draw

yet on the blurb it gives a huge figure you can put into the account

thanks

missymouse

A lump sum😊

adindas

missymouse said:

Can anyone help

i opened one of these and was hoping to put in a lumpy sum but you can only put in £300 a month then only add £25 a month if you want to be in the prize draw

yet on the blurb it gives a huge figure you can put into the account

thanks

I do not think put are allowed to put lump sum of £300

Prize draws will take place on 21 February 2023, 22 August 2023 and 20 February 2024.

To be entered into a prize draw, you'll need to increase your account balance by at least £25 (but by no more than £50) in each of the six Calendar Months leading up to the month of the prize draw.
For example, to qualify for the prize draw on 21 February 2023, the total balance in your account needs to increase by at least £25 in August, September, October, November, December and January.

If you increase your balance by more than £50 in a month running up to a prize draw, you will not be entered for that prize draw.

Net time you have a question regarding Regular Saving Account (RSA) it is better to put your query in this thread as many people might have similar RSA that you are holding, thus have a good personal knowledge of that Regular Saving Account
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1
I personally do not have much expectation of the price draw. I open this account as they pay a decent rate of 2.5%., and it is easy access

GhibliFan

I opened one of these in July. It was Start to Save 2, though.  There was no mention of a lump sum anywhere.  Could you post the blurb saying you can put in a lump sum?  I'm just wondering if you might have mixed it up with another account.  AFAIK the original Start to Save didn't allow for lump sums either.

missymouse

I’ll try

or does this mean if you had the account for 50 years’😀

missymouse

Gradually adding to it.  I wish there was a normal account paying this rather than one where you Ned to lock your money away

ForumUser7

adindas said:

missymouse said:

Can anyone help

i opened one of these and was hoping to put in a lumpy sum but you can only put in £300 a month then only add £25 a month if you want to be in the prize draw

yet on the blurb it gives a huge figure you can put into the account

thanks

I do not think put are allowed to put lump sum of £300

Prize draws will take place on 21 February 2023, 22 August 2023 and 20 February 2024.

To be entered into a prize draw, you'll need to increase your account balance by at least £25 (but by no more than £50) in each of the six Calendar Months leading up to the month of the prize draw.
For example, to qualify for the prize draw on 21 February 2023, the total balance in your account needs to increase by at least £25 in August, September, October, November, December and January.

If you increase your balance by more than £50 in a month running up to a prize draw, you will not be entered for that prize draw.

Net time you have a question regarding Regular Saving Account (RSA) it is better to put your query in this thread as many people might have similar RSA that you are holding, thus have a good personal knowledge of that Regular Saving Account
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1
I personally do not have much expectation of the price draw. I open this account as they pay a decent rate of 2.5%., and it is easy access

You may already be aware of this, but just incase you are not, the Start to Save Issue 2 rate went up to 3% as did the Flex Regular Saver rate on 1st September this year

Daliah

missymouse said:

Can anyone help

i opened one of these and was hoping to put in a lumpy sum but you can only put in £300 a month then only add £25 a month if you want to be in the prize draw

yet on the blurb it gives a huge figure you can put into the account

thanks

The Start 2 Save T&Cs are here: https://www.nationwide.co.uk/savings/help/terms/start-to-save-issue-2/

I can't see anything about paying in a huge figure, or £300 a month. To qualify for the draws, the monthly deposit in each of the 6 months preceding a draw needs to be no less than £25, and no more than £50.

missymouse

I put £300 in to start but wanted to put a large sum in

did you see my screenshot😀

Ratewatcher

Looking at the screenshot - I think it is the maximum balance which is confusing. In my experience with flex regular savers - you can only put in the quoted amount eg. £50 (to be in the prize draw it needs to be minimum of £25) but you could technically pay in for ever more and I think this is where the maximum balance comes in. Of course you won't put in for ever more because the rate is variable and they will ensure it is nice and low after 12 months for the people who forget to cancel their standing orders into it

GhibliFan

That's the Flex Regular Saver, not the Start to Save.  I think you can put up to £200 per month into this one. Don't know about the max. of £5,000,000 tho!