Nationwide Switch Offer £200 September 2023

pecunianonolet

SickGroove said:

Managed to apply for the switch today...

Can I log into the Nationwide account now or do I need to wait for the switch to complete/paperwork from Nationwide? I've got my new account/sort code details so not sure if I can register for online banking with just those?

I'm looking to set up that linked 8% savings account asap.

Cheers

I would wait with the reg saver opening until end of December, that way you get 13 payments in and the last one earns the 8% rate for a full month vs. only 8 days (if application goes through today).

SickGroove

pecunianonolet said:

SickGroove said:

Managed to apply for the switch today...

Can I log into the Nationwide account now or do I need to wait for the switch to complete/paperwork from Nationwide? I've got my new account/sort code details so not sure if I can register for online banking with just those?

I'm looking to set up that linked 8% savings account asap.

Cheers

I would wait with the reg saver opening until end of December, that way you get 13 payments in and the last one earns the 8% rate for a full month vs. only 8 days (if application goes through today).

Thanks for that, very helpful.

So, if I set up a standard order for £200 on 01/01/2024 for 12 payment, what exact date should I set up the account & bank transfer the initial £200 thus making 13 payments in total? 

Also, the bank I'm switching from with a donor current account, has 2 direct debits set up both with gocardless...

They are both showing separately on the current account I'm transferring to Nationwide, as they both have difference references (one set up from littledirectdebits & the other set up with smalldirectdebits) so will they still be classed as two separate direct debits by Nationwide even though they are both gocardless direct debits?

Cheers

pecunianonolet

SickGroove said:

pecunianonolet said:

SickGroove said:

Managed to apply for the switch today...

Can I log into the Nationwide account now or do I need to wait for the switch to complete/paperwork from Nationwide? I've got my new account/sort code details so not sure if I can register for online banking with just those?

I'm looking to set up that linked 8% savings account asap.

Cheers

I would wait with the reg saver opening until end of December, that way you get 13 payments in and the last one earns the 8% rate for a full month vs. only 8 days (if application goes through today).

Thanks for that, very helpful.

So, if I set up a standard order for £200 on 01/01/2024 for 12 payment, what exact date should I set up the account & bank transfer the initial £200 thus making 13 payments in total? 

Also, the bank I'm switching from with a donor current account, has 2 direct debits set up both with gocardless...

They are both showing separately on the current account I'm transferring to Nationwide, as they both have difference references (one set up from littledirectdebits & the other set up with smalldirectdebits) so will they still be classed as two separate direct debits by Nationwide even though they are both gocardless direct debits?

Cheers

Open the reg saver on the 29th or 30th December, should be instantly open in the app. Transfer the £200 in straight away and on the 1st Jan put another £200 in. Set the standing order to start on 1st Feb. The reg saver runs 12 months from day of opening so you can put your 13th payment in on the 1st December 2024 and the reg saver matures on the 29th/30th so you have this in for another month. You also start earning on £400 after 2-3 days instead of only £200. 

As long as the 2 direct debits are set up and are showing on your donor account as 2 DD you are good to go. You can always set up a 3rd one, e.g. credit card or utility as a backup and once the switch is done and reward is paid you can cancel the ones not needed or switch them back to wherever you want.

MikeJXE

I have read a lot about this 13th payment idea and how to set it up.

How much extra interest exactly does one make compared to the 200 in a EA saver ? 

pecunianonolet

MikeJXE said:

I have read a lot about this 13th payment idea and how to set it up.

How much extra interest exactly does one make compared to the 200 in a EA saver ? 

https://forums.moneysavingexpert.com/discussion/6475319/8-nationwide-regular-saver-13-payments/p1

MikeJXE

pecunianonolet said:

MikeJXE said:

I have read a lot about this 13th payment idea and how to set it up.

How much extra interest exactly does one make compared to the 200 in a EA saver ? 

https://forums.moneysavingexpert.com/discussion/6475319/8-nationwide-regular-saver-13-payments/p1

That's what I thought but wondered why it was attracting so many questions, umpteen pages for what. ? 

Obviously the 13th payment can't go in until 12 payments have been deposited so would only be attracting interest in the last month of the deal 

That's pennies and even less pennies if the 200 is taken from an EA saver 

Extraordinary what lengths one goes to for so small reward 

Ed-1

MikeJXE said:

pecunianonolet said:

MikeJXE said:

I have read a lot about this 13th payment idea and how to set it up.

How much extra interest exactly does one make compared to the 200 in a EA saver ? 

https://forums.moneysavingexpert.com/discussion/6475319/8-nationwide-regular-saver-13-payments/p1

That's what I thought but wondered why it was attracting so many questions, umpteen pages for what. ? 

Obviously the 13th payment can't go in until 12 payments have been deposited so would only be attracting interest in the last month of the deal 

That's pennies and even less pennies if the 200 is taken from an EA saver 

Extraordinary what lengths one goes to for so small reward 

The point is the other 12 deposits are earning the higher interest rate for longer, not that you can make a 13th payment.

MACKEM99

Both me and other half have the saver and have paid in each month as early as possible.  Can we open another to run alongside or are we restricted to one? 

Thanks

Lions_89

I got the customer code to register for the app but the account doesn’t show yet. Been a week tomorrow. Had to complete additional check in branch. 

SickGroove

How/when do you get the passcode to register for online banking?