Nationwide 5.5% (FIXED) Member Bond

Bazzalona13295

I know this borders on 'how long is a piece of string' territory but how long would people guess NW leave this open?

Going to struggle to put much in the next couple of weeks and the Virgin 11/12% takes priority.

Bazzalona13295

john_boyuk said:

I have a variable rate cash ISA which is currently paying 5.1%. Is it worth using £10K of this to deposit into the Nationwide 5.5% fixed rate bond?

I'd say that depends on your tax status. The 5.1% will start to drop soon I would think.

Ocelot

john_boyuk said:

I have a variable rate cash ISA which is currently paying 5.1%. Is it worth using £10K of this to deposit into the Nationwide 5.5% fixed rate bond?

Not if you are a higher rate tax payer, or have many other savings.

jameseonline

Bazzalona13295 said:

I know this borders on 'how long is a piece of string' territory but how long would people guess NW leave this open?

Going to struggle to put much in the next couple of weeks and the Virgin 11/12% takes priority.

I'm going to say at least 1 month but as you say how long is a piece of string 

boingy

happybagger said:

Opened it early this morning, still not recognised by Santander so can't deposit. NW do warn it could take 24hrs to bee recognised.

I transferred the money into a NW current account and then on to the savings bond, although it wasn't part of any grand strategy. It was just me being too lazy to type the new account details into other apps. In fact the money went through three different interim accounts, because of how various accounts are linked and because of existing payees in various places.

Metro Savings -> Metro Current -> Kroo -> Nationwide FlexDirect -> Nationwide savings bond 

It was all done within a few minutes of opening the savings bond. Can you imaging doing that sort of thing before online banking and apps existed? 

 

happybagger

simonsmithsays said:

happybagger said:

Only got start to save 2 which is in its last month

I've emptied all but £50 to be included in the new 18month fixed.

Both are 5.5%

Start 2 Save matures into 'continue to save' for me in a couple of weeks, ie 2.5%
My point was to wheres_my_cashback regarding using it as a transit account into the member bond, this can't be done as S2S has a maximum £50 per month deposit

35har1old

happybagger said:

Opened it early this morning, still not recognised by Santander so can't deposit. NW do warn it could take 24hrs to bee recognised.

If you had a current account or savings account with Nationwide you should have transferred the money to this and then onward to the new account  visible almost immediately 

slinger2

john_boyuk said:

I have a variable rate cash ISA which is currently paying 5.1%. Is it worth using £10K of this to deposit into the Nationwide 5.5% fixed rate bond?

There are major differences between the two. Firstly, one is an ISA, the other isn't. Secondly, one is easy access (I assume), the other ties up your money with no possibility of getting it for 18 months.

35har1old

Bazzalona13295 said:

I know this borders on 'how long is a piece of string' territory but how long would people guess NW leave this open?

Going to struggle to put much in the next couple of weeks and the Virgin 11/12% takes priority.

If you where eligible for the current Nationwide offer you would be better of.
 £200 10 days after switch completes
opposed to tying up £1000  for a year to receive at best £125

Wheres_My_Cashback

happybagger said:

simonsmithsays said:

happybagger said:

Only got start to save 2 which is in its last month

I've emptied all but £50 to be included in the new 18month fixed.

Both are 5.5%

Start 2 Save matures into 'continue to save' for me in a couple of weeks, ie 2.5%
My point was to wheres_my_cashback regarding using it as a transit account into the member bond, this can't be done as S2S has a maximum £50 per month deposit

No, you would have needed a standard savings account or current account. It's been discussed here previously that when opening new NW accounts they don't seem to go into the wider external banking system until overnight, therefore the workaround to deposit immediately is to do it from an internal source.