Nationwide e-savings

TheBanker

friolento said:

dreaming said:

The Flex account which pays 2.5% is still a saver account rather than a current account, and is a reasonable alternative to the e-savings for those who need easy access with no withdrawal penalties (obviously loss of interest). You can then drip feed £200 per month into their Regular Saver for 6.5% which has no penalties for up to 4 withdrawals. It's easy to check all of the rates on their website and compare them to other institutions, so I'm not sure how they are "catching people out".

I would currently not consider 2.5% reasonable for an easy access account as we can still get double this amount elsewhere. 

The Nationwide RS is amongst the better Regular Saver accounts and well worth going for. They also had a relatively decent rate for a fixed term and rate account but this is now NLA. 

The remaining Nationwide savings accounts are easily beaten by offerings from other companies but it is worth checking regularly for the best rates in the market, and moving your funds if appropriate 

I think it depeneds on your priorities. If you are happy to manage your account through an app or online, then yes you can get better. But if you are someone who wants to manage your account through a local branch, then potentially Nationwide is one of the better options. There may be better options from other/local building societies though. 

Section62

TheBanker said:

friolento said:

dreaming said:

The Flex account which pays 2.5% is still a saver account rather than a current account, and is a reasonable alternative to the e-savings for those who need easy access with no withdrawal penalties (obviously loss of interest). You can then drip feed £200 per month into their Regular Saver for 6.5% which has no penalties for up to 4 withdrawals. It's easy to check all of the rates on their website and compare them to other institutions, so I'm not sure how they are "catching people out".

I would currently not consider 2.5% reasonable for an easy access account as we can still get double this amount elsewhere. 

The Nationwide RS is amongst the better Regular Saver accounts and well worth going for. They also had a relatively decent rate for a fixed term and rate account but this is now NLA. 

The remaining Nationwide savings accounts are easily beaten by offerings from other companies but it is worth checking regularly for the best rates in the market, and moving your funds if appropriate 

I think it depeneds on your priorities. If you are happy to manage your account through an app or online, then yes you can get better. But if you are someone who wants to manage your account through a local branch, then potentially Nationwide is one of the better options. There may be better options from other/local building societies though. 

The Nationwide 2.5% Flex Instant Saver is an online-only account.

If you want an instant access branch account with Nationwide, the only option is an Instant Access Saver paying 1.1% / 1.15% / 1.35% depending on balance.

I wouldn't call 1.35% (requiring a balance of £50k+) a "better option".

Baldytyke88

Nationwide did give me £50 in April, as they did for many other Nationwide customers, so maybe I should not be complaining. I will still look around for the best place for my cash.

dreaming

friolento said:

dreaming said:

The Flex account which pays 2.5% is still a saver account rather than a current account, and is a reasonable alternative to the e-savings for those who need easy access with no withdrawal penalties (obviously loss of interest). You can then drip feed £200 per month into their Regular Saver for 6.5% which has no penalties for up to 4 withdrawals. It's easy to check all of the rates on their website and compare them to other institutions, so I'm not sure how they are "catching people out".

I would currently not consider 2.5% reasonable for an easy access account as we can still get double this amount elsewhere. 

I didn't mean that 2.5% was a good rate but as I use Nationwide as one of my current accounts I do keep a buffer in the savings account in case of emergencies - so I think it is a reasonable alternative to the e-savings account. I can easily just transfer cash between accounts without having to rely on faster payments from another institution. I also save into the regular saver, as well as having various savings accounts  in other banks. I agree that you have to regularly check the rates to get the best returns.

friolento

Baldytyke88 said:

Nationwide did give me £50 in April, as they did for many other Nationwide customers, so maybe I should not be complaining. I will still look around for the best place for my cash.

You didn’t need one of their mediocre savings accounts to receive that £50 (or their later £100 Fairer Share payment)

friolento

dreaming said:

friolento said:

dreaming said:

The Flex account which pays 2.5% is still a saver account rather than a current account, and is a reasonable alternative to the e-savings for those who need easy access with no withdrawal penalties (obviously loss of interest). You can then drip feed £200 per month into their Regular Saver for 6.5% which has no penalties for up to 4 withdrawals. It's easy to check all of the rates on their website and compare them to other institutions, so I'm not sure how they are "catching people out".

I would currently not consider 2.5% reasonable for an easy access account as we can still get double this amount elsewhere. 

I didn't mean that 2.5% was a good rate but as I use Nationwide as one of my current accounts I do keep a buffer in the savings account in case of emergencies - so I think it is a reasonable alternative to the e-savings account. I can easily just transfer cash between accounts without having to rely on faster payments from another institution. I also save into the regular saver, as well as having various savings accounts  in other banks. I agree that you have to regularly check the rates to get the best returns.

With Faster Paynents, I do not see the need to keep a safety buffer with my current account provider. I just move money from the likes of Zopa, Chase, Cahoot, Ulster etc etc and it’s in my current account usually instantly. and well before the daily cut off of the current account. Over the years, I have been moving tens of thousands into my current account on an as-needed basis and never experienced any issue doing so. My current account usually has a balance of less than £1, only gets deposits when needed (normally on the 1st of a month, or next working day after 1st). I also have an agreed overdraft on my current account, enough to cover the largest monthly payment amount. If the overdraft gets used, I get notified before 9am, and then have until 8:15 pm to make a balancing deposit, and obviously I can do this from wherever in the world I might be at the time. I definitely do not see the need for  leaving any of my money in accounts with mediocre or zero interest rate accounts. 

feynman33

If you're set on Nationwide the 1y triple access saver is the better option at 3.5%. You can open the 2.5% if you use up your withdrawls.

ranciduk

feynman33 said:

If you're set on Nationwide the 1y triple access saver is the better option at 3.5%. You can open the 2.5% if you use up your withdrawls.

And the latest version is not online only, it can be dealt with in branch too

GibbsRule_No3.

Sorry to jump in on this thread. I am with Nationwide and have a few savings accounts etc with them. I made a mistake last year and opened one where I thought I could put money in when I wanted and also take out so many times 3/4 but then realised it was a one off opening amount. To not make that mistake (and it is not obvious to me!) which account do I need to open, so I can pop spare money into when I have it? I’m not overly worried about a high interest rate on the account, just be nice to get some. I’d really only want Nationwide accounts. Even though with a bit of work on my account I might get better rates. I do the £200 a month saver with them, last £200 went out today so I thought I might have been able to open the next version, seems not, need to wait until 1st February. 1st January and seemed a good time to sort finances.

Beddie

Looking here:

https://www.nationwide.co.uk/savings/instant-access-savings-accounts/

Flex Instant Saver is their best one, assuming you have a current account with them. "Save money and take it out any time"