Nationwide Future Saver

hermante

Does anyone know whether this account has a maximum balance or tiered interest rates. I know you can only put in £5000 a year but have had the account for 3 years and now has £16000 - can I keep adding £5000 each year and still earn the full interest potentially until my child is 18? As the account is off sale I can't find any info easily.

wmb194

hermante said:

Does anyone know whether this account has a maximum balance or tiered interest rates. I know you can only put in £5000 a year but have had the account for 3 years and now has £16000 - can I keep adding £5000 each year and still earn the full interest potentially until my child is 18? As the account is off sale I can't find any info easily.

It's always a good idea to save account terms when you open them but using the search function on Nationwide's website can usually find you pages on old accounts. 

I found this page re the Future Saver, accounts opened on or after 13/12/19:

https://www.nationwide.co.uk/savings/help/terms/future-saver/

It does have tiered rates and it looks like the balance can be increased by up to £5k pa.

hermante

What are the tiered rates? By tiered rates / max balance I mean if the balance is over £15k or something then the rate goes to 0% for money above that

trickydicky14

hermante said:

What are the tiered rates? By tiered rates / max balance I mean if the balance is over £15k or something then the rate goes to 0% for money above that

Number 9 in the T&C above covers what is meant by tiered rates. I don't know about 0% interest on cash over 5K but it states you should only pay in a max of 5k per year, number 16 in the T&C.

hermante

I'm not talking about £5k per year. After 10 years there could be well over £50k in the account if it was all left there - will all of it continue to earn whatever the interest rate is?

But it seems like only Nationwide is able to answer this question.

wmb194

hermante said:

I'm not talking about £5k per year. After 10 years there could be well over £50k in the account if it was all left there - will all of it continue to earn whatever the interest rate is?

But it seems like only Nationwide is able to answer this question.

You're not doing very well at this, are you? It's on Nationwide's website at:

https://www.nationwide.co.uk/savings/check-savings-interest-rate/

No maximum balance stated here or in the terms.

refluxer

hermante said:

Does anyone know whether this account has a maximum balance or tiered interest rates. I know you can only put in £5000 a year but have had the account for 3 years and now has £16000 - can I keep adding £5000 each year and still earn the full interest potentially until my child is 18? As the account is off sale I can't find any info easily.

Just to clarify on the above, you can pay £5000 per account year into a Future Saver and there is no maximum so you will currently earn 3% on the full amount, provided you only make a maximum of one withdrawal per account year. If you make two or more withdrawals, then the lower (1%) rate will apply from the date of the second withdrawal until the account anniversary date, at which point it will revert back to 3%.

These rates are presuming that you also have a Nationwide current account. If you don't, then both rates will be lower (and the account much less attractive as a result).