8% Nationwide Regular Saver - 13 payments?

PloughmansLunch

Rollinghome said:

So we're all gonna be rich! The 8% NW RS pays another 2.8% over what I'd get in a 5.2% EA account. So if I pay in that extra £200 for the last month, I'll get a whopping extra £5.60/12 = 0.47p (ignoring the few missing days etc.) before the account matures. 

I haven't decided what to spend it on yet.

May I suggest a couple of Freddos. They can only increase in value. 

Stargunner

2010 said:

If I opened one today, can the first £200 be paid today or does the account update overnight.
Also would the payment not be taken by NW until Monday and count as October. (it would be an internal transfer).

I only just received my passnumber in the post today to allow me to activate online banking for the current account that i opened over a week ago. Quite good timing though, because i have just opened a regular saver and funded it with £200 and I will be able to pay in another £200 tomorrow.

ColdIron

MACKEM99 said:

As the interest rate is variable what's to stop them decreasing the rate

Nothing at all, it's a variable rate account

then your funds are stuck at the lower rate till it matures?

Your money is not stuck

• Can I withdraw money?
• Yes, and you can take money out three times during the term without losing interest. If you make four or more withdrawals, you'll get a lower rate for the rest of the term.

https://www.nationwide.co.uk/savings/flex-regular-saver

Rollinghome

ColdIron said:

No, you can get an extra £16. Discussed at length in this thread

How so?  I pay in £200 on the first day of the last month.  I get paid 8.00% on that until just less than a month until the account is closed.  8.00% is 2.80% more than 5.2% I get from the EA account.  2.80% on £200 for a year is £5.60 for a full year.  For the just one month (it would have to be less) before the account matures, is £5.60/12 = 0.47p.

WillPS

Rollinghome said:

ColdIron said:

No, you can get an extra £16. Discussed at length in this thread

How so?  I pay in £200 on the first day of the last month.  I get paid 8.00% on that until just less than a month until the account is closed.  8.00% is 2.80% more than 5.2% I get from the EA account.  2.80% on £200 for a year is £5.60 for a full year.  For the just one month (it would have to be less) before the account matures, is £5.60/12 = 0.47p.

Because, timed correctly, you can make 2 x £200 payments at the beginning of the term. The additional £200 payment is worth (up to) £16 in interest upon maturity. The difference with the Santander Easy Access is £5.60.

Bazzalona13295

surreysaver said:

Bazzalona13295 said:

2010 said:

If I opened one today, can the first £200 be paid today or does the account update overnight.
Also would the payment not be taken by NW until Monday and count as October. (it would be an internal transfer).

Similar question but October related.
I see a lot of you have set up DD's for the 1st.
The 1st being a Sunday if I do an internal transfer does it make a difference if I do it Sun morning or Mon morning? 

SOs. Not DDs

Thanks for answering the question, really appreciated 🙄

MACKEM99

Yes I meant 13.  But main point was to the person who said there is no max ..there is.

MACKEM99

ColdIron said:

MACKEM99 said:

As the interest rate is variable what's to stop them decreasing the rate

Nothing at all, it's a variable rate account

then your funds are stuck at the lower rate till it matures?

Your money is not stuck

• Can I withdraw money?
• Yes, and you can take money out three times during the term without losing interest. If you make four or more withdrawals, you'll get a lower rate for the rest of the term.

https://www.nationwide.co.uk/savings/flex-regular-saver

Sorry my bad for not looking into the details ..never !!!!!!..ume😄

howryoo

Whilst logged in to apply, has everyone else been asked about employment / income details etc?  It's a savings account.  I appreciate they need to ask how the account will be funded.

Apologies for asking in this particular thread.

MACKEM99

With this account would it be worth doing what I intend doing with my Skipton 7.5% monthly saver only funding it in the earlier months.  For example with the Skipton 1st payment attracts 7.5% over a year.  Next payment attracts 11/12ths of 7.5% and so on until it's not worth putting any more in once you get to the sixth month as you can get a better rate from another account.  Is my logic correct?