Nationwide Flex regular saver

Bicycleman22

As a member of Nationwide I have been offered a flex regular saver at a variable interest rate of 8%. Instant access to funds, the maximum deposit of £200 per month deposit but no minimum amount. Seems a no brainer until I read that by opening the account I give up my right to any financial reward from any takeover should it happen in the future....Any thoughts on this ? I decided for now to open the account.

EarthBoy

Unless you joined Nationwide before November 1997 you've already signed away your rights to any takeover reward anyway, so opening the Flex Regular Saver won't make any difference.

If you joined Nationwide before November 1997, that clause doesn't apply to you.

Q: What is the charitable assignment that Nationwide Building Society customers make to the Nationwide Foundation?

A: From 3 November 1997, all new customers of the Society have agreed to assign to the Foundation their rights to any future conversion benefits upon opening an account or mortgage with the Society. Existing members may also choose to assign such rights to the Foundation. Therefore, in the unlikely event of a conversion or take-over of the Society, any windfall benefits, which would otherwise be received by members, would pass to the Foundation under assignment and would form a fund to support future charitable giving.

https://nationwidefoundation.org.uk/about-us/our-relationship-with-nationwide/#:~:text=Charitable assignment,visit the Charitable Assignment page.

Brie

Yeah the financial reward ship has long sailed. 

And I assume that you know that you are better off putting the max amount of £2400 in one lump into a lower interest account than to put £200 a month in for a year to get 8%?  £2400 into an account now at 5% will net you about £120 in interest by the end of 12 months.  £200 a month at 8% will get you about £96.   Of course if you don't have the big lump sum but do have £200 a month spare it's a good deal.  

wmb194

Brie said:

Yeah the financial reward ship has long sailed. 

And I assume that you know that you are better off putting the max amount of £2400 in one lump into a lower interest account than to put £200 a month in for a year to get 8%?  £2400 into an account now at 5% will net you about £120 in interest by the end of 12 months.  £200 a month at 8% will get you about £96.   Of course if you don't have the big lump sum but do have £200 a month spare it's a good deal.  

If you drip feed from the lower paying account into the 8% account overall you'll be better off.

Nationwide says £200pm at 8% will gross £104 after a year.

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

Bicycleman22

Thank you all....Yes I did join before 1997. Given the explanations here I dont think the account is for me.

wmb194

Bicycleman22 said:

Thank you all....Yes I did join before 1997. Given the explanations here I dont think the account is for me.

Why not? It's a good account. If you joined before 1997 then the signing your rights away doesn't apply.

boingy

Bicycleman22 said:

Thank you all....Yes I did join before 1997. Given the explanations here I dont think the account is for me.

If you have a lump sum then put it into something like Metro instant savings at 5.22% then move £200 per month into the Nationwide one at 8%. That beats pretty much any other instant access option available today.