Closing Nationwide Flex Regular saver, will I get any interest?

jacoscar

I open a Nationwide current account around 6 months ago and opened their Flex Regular Saver Issue 2 where I'm depositing £200 per month; interest will be paid after 12 months.
I now want to take advantage of the Santander switch offer (and will open their Santander Edge saving account). If the Nationwide saving account is closed as a result of the switch, would they still pay me the interest matured in these 6 months?

eskbanker

Why not just open a second current account with Nationwide and switch that, after making sure it satisfies any conditions of the Santander switching offer?

Middle_of_the_Road

Yes, you will get interest for the time the account has been open when closing it.

jameseonline

eskbanker said:

Why not just open a second current account with Nationwide and switch that, after making sure it satisfies any conditions of the Santander switching offer?

I agree, I've opened several additional Nationwide current accounts in the past purely for switch offers.

Nationwide might have changed things but I used to have to get paperwork in post, have to sign and post back out, to get the accounts fully open, worth it though.

WillPS

Closed my Flex Regular Saver yesterday online. Interest and balance immediately transferred to nominated Nationwide current account.

Pretty painless although for some reason the service is unavailable after 8pm and on Sundays. 

Londonlisa12

So you are allowed to close a flex regular saver issue 2 before maturity and still receive interest?

WillPS

Londonlisa12 said:

So you are allowed to close a flex regular saver issue 2 before maturity and still receive interest?

Correct. I did exactly this to keep my taxable interest earned below my Personal Savings Allowance next year, and use up a bit more PSA from this year too.

Albermarle

WillPS said:

Londonlisa12 said:

So you are allowed to close a flex regular saver issue 2 before maturity and still receive interest?

Correct. I did exactly this to keep my taxable interest earned below my Personal Savings Allowance next year, and use up a bit more PSA from this year too.

I suppose the trade off is that you are missing getting 8% interest for however many months it had left to run ?

WillPS

Albermarle said:

WillPS said:

Londonlisa12 said:

So you are allowed to close a flex regular saver issue 2 before maturity and still receive interest?

Correct. I did exactly this to keep my taxable interest earned below my Personal Savings Allowance next year, and use up a bit more PSA from this year too.

I suppose the trade off is that you are missing getting 8% interest for however many months it had left to run ?

Yep. Slightly painful decision but it was the right one for me as 100% of 6.5 months worth of interest is better than 60% of 12 months worth had I let it mature. The other option would be for me to reduce the balance on my pair of RBS/Natwest digital regular savers, which have a lower % interest but no set maturity. Also closed regular savers with Monmouthshire and Mansfield, as well as allowing my Club Lloyds one to mature without a fresh application - I might sneak an application for Club Lloyds in and just keep it on minimal funding in case rates plummet.

Bit of a gamble hoping those accounts will remain competitive, but if not there'll always be other things I can do if I'm left with a bit of spare PSA.

Luckily my wife has a lot of spare allowance so she'll be doing most of the regular savers moving forward - so between us we'll have more of a spread of providers but less duplication.

jacoscar

The switch from Nationwide to Santander has just happened. My main Nationwide current account has disappeared from the app and the balance is now in my Santander account.

However the “Flex Regular Saver Issue 2” is still there. Was this expected?
Even my regular £200 standing order has been transferred to Santander.

friolento

I would just sit tight and wait whether they will contact me. On their website, they say

To make things easier for yourself, you could just open another Nationwide current account.