Nationwide start to save

missymouse

Yes you’re right 😂

missymouse

I also have the regular saving one which I believe is £200 a month

i wish there was an easy access lump sum one paying 3% in Nationwide 

you’d think there would be with high inflation 

Daliah

missymouse said:

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

did you see my screenshot😀

If you put £300 into the S2S in August, and/or if you deposit less than £25 or more than £50 per month in between now and February, you won't qualify for the prize draw. That is, if they enforce their published rules, which they don't appear to have done with the RS, as the max monthly deposit published for the RS is £200.

I wouldn't worry about the £5m limit - that's just a random max somebody put in. These accounts mature long before you could get anywhere near a £5m balance. Not that anyone would want to go over the FSCS limit, or have £5m in a cash account.

adindas

missymouse said:

I also have the regular saving one which I believe is £200 a month

i wish there was an easy access lump sum one paying 3% in Nationwide 

you’d think there would be with high inflation 

In Your previous post you are talking abut put lump sum of £300. You put £200 in Flex Regular Saver this month and £100 next month. That difference in interest you will receive between put lump sum £300 now vs and. £200 now in Flex regular saver + £100 next month is minuscule. Have I missed something here ??

missymouse

I have taken some money out of a matured account and want an account with easy access. I thought the save for it may work.I didn’t realise there was a monthly limit for first deposit just afterwards to be in the prize draw.  Oh well😀

Walda_Wild

Hi guys, I was going to open a separate thread, but it looks like there are people here who know a thing or two about saving accounts at Nationwide;)

I switched to Nationwide from Barclays last week as they offer better savings rates once you're a member + you get £100 switch offer with a Flex Student. My intention is to open a saving account to put my student maintenance loan in this year, as a part of my degree course would be a year abroad, which I'd need to fund in the future. 

Could someone kindly advise me on the most useful saving option at Nationwide? I am thinking - Flex Regular Saver with 3% AER and multiple access for a year. Yet, I read here that there may be restrictions on how much you could put in it initially and on the limit? So, where would you put the initial £3000 + an additional £6000 to make any reasonable savings within a year?

Many thanks in advance:)

adindas

Walda_Wild said:

Hi guys, I was going to open a separate thread, but it looks like there are people here who know a thing or two about saving accounts at Nationwide;)

I switched to Nationwide from Barclays last week as they offer better savings rates once you're a member + you get £100 switch offer with a Flex Student. My intention is to open a saving account to put my student maintenance loan in this year, as a part of my degree course would be a year abroad, which I'd need to fund in the future. 

Could someone kindly advise me on the most useful saving option at Nationwide? I am thinking - Flex Regular Saver with 3% AER and multiple access for a year. Yet, I read here that there may be restrictions on how much you could put in it initially and on the limit? So, where would you put the initial £3000 + an additional £6000 to make any reasonable savings within a year?

Many thanks in advance:)

Regular Saving account pays a better interest but amount of money you could put is restricted.

Easy access saving account you could put much more but paying a lower interest rate.

To get the best of both worlds, the solution is to split between high interest easy access saving account and several Regular Saving accounts. Drip feed monthly from high interest easy access saving account to several Regular Saving accountsto slowly moving your money into a better interest.

The List  of regular saver account (thanks to Special_Saver2 for his hard work and dedication)

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

The discussion of Easy access saving account.

https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area/p1

List of the best Easy access saving account. (thanks to soulsaver for compiling this. Saving time for everyone to trace himself)

https://forums.moneysavingexpert.com/discussion/comment/79447616/#Comment_79447616

Daliah

Walda_Wild said:

Hi guys, I was going to open a separate thread, but it looks like there are people here who know a thing or two about saving accounts at Nationwide;)

I switched to Nationwide from Barclays last week as they offer better savings rates once you're a member + you get £100 switch offer with a Flex Student. My intention is to open a saving account to put my student maintenance loan in this year, as a part of my degree course would be a year abroad, which I'd need to fund in the future. 

Could someone kindly advise me on the most useful saving option at Nationwide? I am thinking - Flex Regular Saver with 3% AER and multiple access for a year. Yet, I read here that there may be restrictions on how much you could put in it initially and on the limit? So, where would you put the initial £3000 + an additional £6000 to make any reasonable savings within a year?

Many thanks in advance:)

A  Regular Saver account doesn't lend itself to large initial deposit so you need to consider some other accounts, at other banks or building societies.

The Nationwide Regular Saver is good for £200 a month. The other Nationwide account worth considering, also 3% but max £50/month is their Start To Save one, which comes with a prize draw. Read the T&Cs for details.

Depending on how long you can lock up some or all of your money, Notice Accounts could be of interest. One very easy to manage one is the Zopa Smartsaver but the best short-ish term Notice Account is currently the OakNorth 90 days one. The longer you can lock your money away, the more interest you can get.

Notice Accounts: https://moneyfacts.co.uk/savings-accounts/best-notice-accounts/?quick-links-first=false
Fixed Term Savings: https://moneyfacts.co.uk/savings-accounts/fixed-rate-bonds/?quick-links-first=false

Walda_Wild

Adindas and Deliah, thank you both for some guidance, much appreciated. Albeit I am just not mathematically minded enough to figure out how best to spread or "drip feed" funds to my advantage. I was just looking for a simple way of putting a student loan away for at least a year with possible emergency access to funds. However, I am puzzled as to why saving accounts have to have monthly limits. Doesn't it defeat the bank's objective of accumulating as much revenue as possible?

RG2015

Walda_Wild said:

Adindas and Deliah, thank you both for some guidance, much appreciated. Albeit I am just not mathematically minded enough to figure out how best to spread or "drip feed" funds to my advantage. I was just looking for a simple way of putting a student loan away for at least a year with possible emergency access to funds. However, I am puzzled as to why saving accounts have to have monthly limits. Doesn't it defeat the bank's objective of accumulating as much revenue as possible?

Only regular savings accounts have monthly limits. This way they get a regular income and also give the customer a higher rate of interest.

If you want to put away a higher amount with easy access you need to open an easy access account.