Nationwide Flex Instant Saver 1 yr

GibbsRule_No3.

I put money into this account last January, so in less than 25 days it matures. Will Nationwide advise me this is about to happen, perhaps even suggest what I do with it next or will I need to take action without the prompt?  Not had this kind of account before, where it only lasts for a year. Interest rates have gone up over the year but happy to lock it away again, as I shouldn’t need the money next year.

ColdIron

GibbsRule_No3. said:

Not had this kind of account before, where it only lasts for a year. Interest rates have gone up over the year but happy to lock it away again, as I shouldn’t need the money next year.

It's not a fixed term account, it's an instant access saver with a poor rate, 3.25%, that pays annually. I would have moved it into a better rate ages ago, I'd even be tempted to move it now

• If you close your account early, we’ll pay your interest on the day it’s closed into another Nationwide current or savings account, or a current account with another UK provider.

According to Nationwide:

• At the end of the term
• After 12 months, we’ll move your money to another instant access savings account with a lower interest rate. We’ll be in touch before this happens to explain your options and next steps.

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

[Deleted User]

Hi,

from MSE newsletter today,

3 Don't accept less than 5.2% interest on your savings.